NOTE: All cetificates will compound and renew automatically.
COMPOUNDING INTEREST. IS IT REALLY BENEFICIAL?
Norfolk Fire Department Federal Credit Union does not compound interest on Share Certificates or Money Market Accounts. We pay higher dividends which are sent to your Prime Share account each month. Then, your Prime Share account earns dividends on those funds each quarter.
Other institutions may compound interest, but they are paying a lower rate. Our current rate pays out the same as if you were compounding.
If you want your Money Market account to compound, you can transfer the dividends back each month through ARU or Account Access.
