• Consumer Savings & Certificate FAQ

    • How do I open a Certificate account?

      You can open a Certificate account if you qualify for membership with Kitsap Credit Union online on our website or by visiting a local branch.

      Certificate accounts are available with various term lengths and help you earn competitive dividends while your funds remain on deposit for a fixed period.


       

    • How do Traditional Certificates work?

      Traditional Certificates offer fixed terms and earnings. The longer the term, the higher the return you can expect.

      A Traditional Certificate is a savings account with a fixed dividend rate and fixed term. Your money remains on deposit for the selected term, earning dividends until the certificate reaches maturity.

    • Is there a penalty for withdrawing funds early?

      Yes. Early withdrawals from a Certificate before the maturity date may result in an early withdrawal penalty. The penalty amount depends on the certificate term and can be found on our Rate and Fee Schedule

    • What are the current share (savings) rates?

      Current savings account and share rates vary by account type. Rates are updated periodically and reflect current dividend offerings.

      To view our current share (savings) rates, please refer to our Rate and Fee Schedule.

    • Do you offer children's savings accounts?

      Yes! Kitsap Credit Union offers youth savings accounts designed to help children build healthy saving habits while learning basic financial skills. Youth savings options include Kids Club accounts and additional savings products for younger members.

      Kid's Club is a special savings account to help kids through age 12 learn that saving money is important and can be fun!

      There's no minimum opening balance and all Kid's Club members receive a special gift (as available) when they open their account. 

      Bring your child's social security number to one of our convenient branch locations and open the account today!

      We also offer great savings options for ages 13 - 17:

       

    • Do you offer Health Savings Accounts?

      Kitsap Credit Union does not currently offer Health Savings Accounts (HSAs). However, members can choose from several personal savings options, including regular savings accounts, money market accounts, holiday savings accounts, and certificate accounts.

       

    • How do I change a beneficiary on my share account?

      To change a beneficiary on your account we will need an updated signature card notating the new beneficiary. This form will need to be signed by the existing account holders. You can also sign electronically if you are not able to visit a branch. Just contact us and we will start the process for you!

       

    • How do I open a Kids Club Account?

      Kids Club Accounts can be opened at any of our branch locations. The child does not need to be present for you to open the account on their behalf.

      The account can be opened by a parent, guardian, or other responsible adult as a joint member on the Kids Club Account.

      You will need the Social Security number for all account owners and all adult owners will need to present their government issued photo ID to open the account.

      Bring your child's social security number to one of our convenient branch locations and open the account today!

       

    • What are the current certificate rates?

      Current certificate rates can be found on our Rate and Fee Schedule.

      Kitsap Credit Union Certificates are accounts where funds remain on deposit for a predetermined amount of time. This allows members to benefit from compounding interest while earning a higher rate of return than that of a savings account. Learn more by visiting our certificates page.

       

    • What happens when a Certificate matures?

      When a Certificate matures, you can choose to withdraw your funds, renew it at the current rate, or reinvest in another Certificate.

    • What is a Bump & Add-On Certificate?

      A Bump Certificate allows a one-time rate increase if rates go up. An Add-On Certificate lets you deposit more funds after opening the account.

      A Bump Certificate is a type of certificate that gives you the option to increase your dividend rate one time during your term if rates go up. Unlike a regular certificate, where your rate stays fixed for the whole term, a Bump Certificate lets you take advantage of rising rates without opening a brand new certificate.

      You'll want to monitor rates during your term, and if a higher rate becomes available, you can request the adjustment on your certificate. This can be done by contacting us. An adjustment or "bump" is available once per term.

    • What is a Certificate account?

      A Certificate account is a savings option where funds are held for a fixed period, earning a higher return compared to a standard savings account.

      A Certificate account is a savings account that earns a fixed dividend rate for a specified term. Because funds remain on deposit until maturity, Certificates often earn higher dividends than traditional savings accounts.

    • What is a Holiday Savings Account?

      Our Holiday Savings Account is a special savings account that allows members to save funds for year-end and holiday expenses. We can help you set up automatic transfers into your Holiday Savings account to save all year.

      The balance of the account is automatically transferred to your designated checking account on November 1st. You will also receive a special gift in December, while supplies last!

      Open your Holiday Savings Account today online today!

    • What is a Jumbo Certificate?

      Jumbo Certificates require a higher minimum deposit but offer more competitive earnings than standard Certificates.

    • What is certificate laddering?

      Certificate laddering is a strategy where you open multiple Certificates with different maturity dates, allowing access to funds periodically while still earning higher returns.

    • What is the difference between a savings account and a Certificate?

      A savings account allows you to deposit and withdraw money as needed while earning dividends. A Certificate typically offers a higher dividend rate in exchange for keeping your money on deposit for a fixed term.

    • What types of Certificates does Kitsap Credit Union offer?

      Kitsap Credit Union offers Traditional, Bump & Add-On, and Jumbo Certificates, each with different benefits and requirements.

      Kitsap Credit Union offers several Certificate options, including Traditional Certificates, Youth Saver Certificate, Bump & Add-On Certificates, and Jumbo Certificates. Each Certificate type offers unique features designed to help members achieve their savings goals.

    • Can I add money to my Certificate after opening it?

      Most Traditional Certificates do not allow additional deposits after opening. However, Add-On Certificates are specifically designed to accept additional deposits during the certificate term.

    • Are Certificate dividends taxable?

      Certificate dividends are generally considered taxable income. Members should consult a qualified tax professional regarding their individual tax situation.

    • Are Certificates federally insured?

      Yes. Certificates at Kitsap Credit Union are federally insured by the National Credit Union Administration (NCUA) up to applicable federal insurance limits, helping protect your savings and providing peace of mind.