Dedicated to Deposits: Deals, Data, and Discussion

6.25% 61-Month CD at a Michigan CU - Open To All (Telcom)

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Telcom Credit Union is offering a 6.25% APY 61-month certificate. The minimum deposit is $2.5K. This 6.25% rate requires a checking account and direct deposit. You can still get 6% without the checking account and direct deposit. The 0.25% bonus rate is available on all of the CDs with a checking account and direct deposit. The CD is also available on IRA accounts. The early withdrawal penalty equals 180 days of interest.

The field of membership is open to everyone by virture of a $2 donation to the Salvation Army Bed and Bread Program.

Branches are located in Novi, Southfield and Canton, Michigan.

The credit union is NCUA insured. It has $372 million in assets and almost 29K members.

Thanks to the reader who mentioned this special CD in the finding deals post.



Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
The site said CD special was open only to Michigan residents

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Comment #2 by Anonymous posted on
Anonymous
I believe what the previous commenter is talking about is in reference to the CD BONUS RATE:

CD Bonus Rate is a limited time offer valid for Michigan residents who are eligible for a Telcom Credit Union checking account.

I have yet to call this credit union and try to open a cd (I am out of state), but I plan on doing so this week and will try to give you an update about how things go.

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Any info of your experiences with this credit union would be appreciated.

I do see where they do list this restriction on their home page:

CD Bonus Rate is a limited time offer valid for Michigan residents who are eligible for a Telcom Credit Union checking account.

Hopefully, the non-bonus 6.00% APY 61-month CD would still be available to everyone.

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Comment #4 by Anonymous posted on
Anonymous
I checked on with them 10/30/06, AM and this offer is no longer available.

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