A term savings certificate is a fixed-term deposit account that offers a guaranteed interest rate over a specified period of time, usually between 3.00% and 4.65% over 3 to 60 months, that provides predictable, risk-free returns on your savings.

Yes. Golden 1 requires a minimum opening deposit of $500 for term savings certificates.

Your certificate will automatically renew on the maturity date at the dividend rate currently in effect. There’s no need to take action. However, Golden 1 allows you a fourteen (14) calendar-day grace period after the maturity date to make changes for your certificate without incurring any penalty. Simply use our self-service digital option with Online Banking to make any changes. 

Withdrawing from your Golden 1 Term Savings Certificate before it matures may result in penalties, which can reduce the interest you earn or even the principal amount, depending on the terms of your particular account.

Interest on your term savings certificate compounds monthly and is payable once your account matures (at the end of its term). Dividends you earn each month can be added to the certificate balance or transferred to a different account without penalties, but additional deposits to the account are not permitted after you open the account.

Golden 1 offers various term lengths for term savings certificates — anywhere from 3 to 60 months. Typically, longer terms offer higher interest rates, meaning that you can maximize your return on investment over the longest term lengths.

Great news, your certificate will automatically renew on the maturity date at the legacy (renewal) dividend rate and Annual Percentage Yield (APY), so no action is necessary.

However, if you would like to make a change to your certificate, you will have a fourteen (14) calendar-day grace period after the maturity date to do so, penalty free. By using our self-service digital option within Online Banking, you can initiate the process and will receive a confirmation email once it is completed.

Here's how:

1. Log into Online Banking: Access your account using your credentials.
2. Access Certificate Management: Once logged in, click the "Open Account/Manage Certificates" link from the right-hand menu. Then select "Certificates Management."
3. Select the Certificate: Term Savings Certificates eligible for action within the fourteen (14) calendar-day grace period will be featured at the top of the page, highlighted, with a bolded border for easy identification; clicking on them will populate the required information needed to complete your request.