Dedicated to Deposits: Deals, Data, and Discussion

6.00% 4-Month CD at a Michigan CU - Update (Huron River Area).


Huron River Area Credit Union has extended its 6% CD special to January 29, 2007. It's a 6% APY 4-month certificate of deposit. It has a minimum of $5,000. I had reported on this last month.

Anyone is eligible to join the credit union by enrolling in the organization Learn & Earn In addition, the field of membership includes select employer groups and other affiliations in the Washtenaw, Livingston, Wayne, Oakland, and Macomb counties. Please refer to their membership page for more details. Credit union membership requires a minimum $6 deposit into your regular savings account.

When I had contacted the credit union last year, the CSR mailed me the application with detailed instructions. The application includes a line in which you agree to join the Learn & Earn Credit organization for a $1 fee. You must mail in a copy of your driver's license and a notarized signature. Please refer to the credit union's site to request more info.

Branches are located in the Michigan cities of Ann Arbor, Chelsea, Auburn Hills, Centerline, Howell and Brighton.

The credit union is NCUA insured. It's a moderate size credit union with $349 million in assets and over 39,000 members.

Thanks to the reader who noted the extension of the CD special.

[Edit 2/17/07: This 4mo CD special is over. There is a new 6% 12-month CD special. See post.]

  Tags: CD rates

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Comment #1 by Anonymous posted on
How is the 4th month of interest paid if the policy is: "Dividends will be compounded every quarter. Dividends will be credited to your account every quarter". I am new to cd's. So, could someone explain this to me?

Comment #2 by NCN (anonymous) posted on
Hi Bank Deals,
Would you mind updating the link to my site? Please drop the blogspot, the site is not just

Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
anonymous, One thing interesting is that it also has a 6.00% APR in addition to APY. I think this is due to the interest being deposited into your savings account rather than being added back into the principal so there is no compounding.

I think the principal and the last month of interest will be transfered to the savings account at maturity.

ncn, I've updated your link.

Comment #4 by Anonymous posted on
I left the prev. comment and am in the process of opening the CD so I'm interest in making sure that I have the details correct. According to the CSR, this is a special deal so interest wouldn't be credited at all until at the end of the 4th month. Principal+total interest would then be transferred to your savings account automatically. This is not the way that CDs usually work, ie. interest is credited monthly or quarterly and you need to take action at the end of term or else it would automatically renew at the current rate after a certain grace period. CSR also mentioned that you can send a single check for the $6 plus whatever amount is designated for the CD when you mailed the application back.

Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
anonymous, thanks for providing the details. Looks like a good credit union with frequent CD deals.