Dedicated to Deposits: Deals, Data, and Discussion

4.99% 7-Month CD ($5K Max) at Kellogg Community FCU in Michigan - Local Only


Kellogg Community Federal Credit Union
Kellogg Community FCU is having a grand opening special with a 4.99% APY 7-month certificate. Minimum deposit is $500, and the maximum is $4,999. It requires that you also open a checking account with direct deposit of at least $100. It's scheduled to last through this week but it could end at anytime. This special is not listed at the credit union's website. A reader emailed me info on this, and I just called for additional details.

The CSR said that this special is only available at their two new branches in Portage and in Marshall, Michigan.

The maximum deposit along with the checking and direct deposit requirements make this deal more like a checking account bonus than a CD. This rate is about 3% higher than a competitive 6-month CD. Earning 4.99% on $5K for 7 months results in about $87 more in interest than the $5K would earn in a 2% 7-month CD.

The credit union also offers fairly competitive regular certificates including a 2.25% APY 12-month CD. This rate is listed in the credit union's rate table as of 6/22/09.

Membership is open to those who live, work, worship or attend school in Allegan County, Barry County, Berrien County, Branch County, Calhoun County, Cass County, Kalamazoo County, St. Joseph County and Van Buren County, Michigan. Refer to the credit union's membership page for the full details. Membership requires a balance of $5 in the share savings account.

The credit union is federally insured by the NCUA (Charter # 4702).

Thanks to the reader who emailed me news of this special

Other High Certificate of Deposit Rates

There are a few special low-max CDs like this one that are available nationwide. I reviewed these in this April post. The two best deals include Patelco Credit Union's 7% 12-month $1K-Max CD for new members and Wachovia's 5% Way2Save account. I've opened both of these accounts, and they were easy to open and manage.

If you see CDs being advertised in your newspaper with very high rates, they're likely not much of a deal. I just did this post which describes the issues with these CDs.

For high-interest CDs without maximum deposit limits, please refer to these other resources:

  Tags: Kellogg Community Federal Credit Union, Michigan, CD rates

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