Innovative CD allows for penalty-free withdrawals

<p>ST. PAUL, Minn. – Affinity Plus Federal Credit Union recently unveiled its Encore certificate, an investment option that offers tiered rates and the convenience of penalty-free withdrawals. The first of its kind in Minnesota, investors can earn high rates of interests and withdraw their investments every six months with no penalty, said Kyle Markland, Affinity’s CEO. The Encore certificate has a minimum balance of $5,000 and a term of 36 months. “The uncertainty of the stock market offers traditional financial institutions an opportunity to attract consumer investments,” Markland said. “The Encore certificate is different because its flexibility and tiered rate structure allows investors to earn competitive returns without locking up their investment for a long period of time. Consumers know a good thing when they see it – the initial response has been very positive.” Indeed, since the product was launched the first week in April, more than $9 million has been invested in Encore, Markland said.</p>