When you see a new branch at a bank or credit union, you may want to check to see if they're offering any promotions. Sometimes you can get a good CD deal. That's the case for Michigan State University Federal Credit Union which is having a grand opening special that is scheduled to last until April 30, 2012. One part of the special is an additional 25 basis points when you open a new 3-, 4-, or 5-year certificate or IRA certificate. The credit union also rewards Jumbo CDs with an additional 25 basis points. This results in some very competitive rates. These include a 2.36% APY 5-year CD, a 2.01% APY 4-year CD and a 1.71% APY 3-year CD. These are promotional rates for Jumbo CDs with a minimum deposit of $100,000. The rates are 25 basis points lower for a $500 minimum deposit. These rates are listed in the credit union certificate rates page as of 4/4/2012. The rate table states that these rates should be valid through 4/6/2012.
It wasn't clear if these promo rates would require a visit to the new branch. I used the credit union's online chat to ask the credit union CSR. According to the CSR, "you can open the certificate online or at any other branch you choose." So you should be able to qualify for these promo rates without a branch visit.
The credit union provides a few certificate details in its Checking & Savings Accounts page. According to this page, the early withdrawal penalty for certificates for terms of more than one year is "equal to 180 days dividends based on amount withdrawn."
Credit Union Membership
In addition to students and staff of Michigan State University and Oakland University, members of MSU Alumni Association and members of Michigan United Conservation Clubs (MUCC) are eligible to join the credit union. Anyone may join these two associations. Please refer to the credit union's Who Can Join page for the full details.
MSU Alumni Association charges $45 for an annual single membership, and Michigan United Conservation Club charges $30 for a 1-year standard individual membership. Once your credit union account is opened, you are not required to maintain membership in these associations. So you don't have to keep paying association membership fees after the first year.
Credit Union Overview
Michigan State University FCU branches are located in Lansing, East Lansing, Okemos and Auburn Hills. The credit union is also part the CU Service Centers which allows members to perform many basic transactions at shared branches throughout the nation.
It's a large credit union with over $2 billion in assets. The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 7.27% (excellent) based on December 2011 data. Please refer to our financial overview of Michigan State University Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 23279).
How These CD Rates Compare
The best 5-year CD rate that's nationally available is 2.27% APY at Melrose Credit Union. If you have a military connection, you may be able to qualify for Air Academy Federal Credit Union which has a 2.45% APY 5-year CD for a $10K minimum deposit.
Melrose Credit Union also has the best rates for 3- and 4-year terms (1.86% APY and 2.07% APY).
These rates are accurate as of 4/04/2012.
Searching for Top CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.