Fixed, Callable Share Certificate
These certificates have a fixed rate for the entire term but may be
called to mature prior to the stated final maturity date. This early
prepayment would typically occur if market interest rates declined
after the certificate's issue date. A callable certificate
offers a yield in excess of U.S. Treasury securities with the same final
maturity date. The increased yield is considered compensation for
the prepayment risk.
Step-Up Share Certificate
This certificate allows a one-time, or more, extension of the maturity
date with a higher interest rate. Step-Up Certificates offer yields
above equivalent treasuries and are issued at par. No minimum or maximum investment is required.
Amortizing Certificate Program (ACP)
The ACP Certificate is designed to provide competitive market rates
while minimizing many of the risks and record-keeping burdens commonly
associated with amortizing securities such as Collateralized Mortgage
Obligations (CMOs). Principal is returned over the life of the Amortizing
Certificate.