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Understanding Certificates of Deposit

A certificate of deposit, often called a certificate or CD, lets you earn dividends on money you set aside for a specific period, called a term. Before opening a certificate, consider when you’ll need the money, since withdrawing before the term ends may result in an early withdrawal penalty.

What certificate terms and rates are available?

Magnifi Financial offers standard certificate of deposit terms ranging from 3 to 60 months. Standard certificates require a minimum opening deposit of $500. Your rate depends on the term and deposit amount.

Visit our certificate rates page to view available terms, deposit tiers, and annual percentage yields (APYs). Rates offered for new certificates are subject to change.

We also periodically offer promotional certificate rates and terms. Check our certificates product page for available offers and requirements.

How do certificate dividends work?

Dividends are calculated daily. Depending on your certificate, you can have dividends paid monthly into another Magnifi account or leave them in the certificate to compound. Compounding means your dividends remain in the certificate and earn additional dividends.

Magnifi certificates have no monthly or annual service charges. Early withdrawal penalties may apply.

What happens when my certificate matures?

Your maturity date is the date your certificate’s current term ends. At maturity, your certificate automatically renews into a predetermined term unless you make a change.

You have 10 calendar days from the maturity date to:

  • Withdraw your money.

  • Move your money to a Magnifi checking or savings account.

  • Choose a new certificate term.

You can make these changes during this grace period without an early withdrawal penalty. The renewal term may differ from your original term, particularly for promotional certificates. Contact us if you have questions about the term your certificate will renew into.

How do I withdraw or move money from my certificate?

Call Magnifi Financial or visit a branch on the maturity date or within the 10-calendar-day grace period to withdraw or move money from a certificate. This applies both before and at maturity. Our team transfers the money from your certificate into another Magnifi account, typically a savings account. You can then move or use the money from that account.

Can I withdraw money before my certificate matures?

Yes, however, a penalty may apply based on your certificate’s term and account agreement. Our team can explain any applicable penalty before you withdraw.

To request a withdrawal, contact us or visit a branch.

Frequently asked questions

What if I do nothing when my certificate matures?

Your certificate automatically renews into its predetermined renewal term. If you want to withdraw your money or choose a different term without an early withdrawal penalty, contact us during the 10-calendar-day grace period.

Can I transfer money from my certificate through Digital Banking?

No, this is not currently available. To withdraw or transfer money from a certificate, you need to call us or visit a branch. Our team transfers the funds to another Magnifi account, such as a savings or checking account, where you can access them.

Will I receive a notice before my certificate matures?

Magnifi sends a letter approximately 35 days before your certificate matures. Contact us if you have questions about your maturity date or renewal options.