5.50% 9-Month CD at a Michigan CU and a 7% $500-Max Checking (Community West)

Community West Credit Union is offering a 40th Anniversary special 9-month certificate of deposit with a yield of 5.50% APY. The minimum deposit is $500.

The credit union is also offering a 7% checking account. However, it only pays 7% on the first $500 of your balance, and the balance must be at least $500 to earn interest. It also requires two direct deposits per month totaling at least $200.

Field of membership includes those who reside, are employed, attend school or worship in Kent, Ottawa, Ionia, Barry or Allegan County. See site for details. Membership requires a $5 minimum deposit into your account.

Branches are located in Hudsonville, Kentwood and Wyoming, Michigan. The credit union is federally insured by the NCUA (Charter # 61677). It has $90.6 million in assets and 12,105 members.

Thanks to the reader who emailed me info on these deals.

Tags: Michigan, Community West Credit Union, CD rates, checking account