1st MidAmerica Credit Union (1st MidAmerica) recently raised the rate on its 35-month CD to 3.39% APY. Added to the product line in late November, the 35-month CD originally earned 3.03% APY. A minimum $1k opening deposit is required, with no stated balance cap.
The 35-month CD is also available as an IRA (Traditional, Roth, and CESA), earning the same APY with the same funding requirements.
In a Live Chat, CSR stated that the Early Withdrawal Penalty is “about 6 months worth of interest”, with only early closures allowed; no partial withdrawals are permitted.
Excess Share Insurance
Large deposits at 1st MidAmerica are protected by Excess Share Insurance (ESI).
Deposits are insured to at least $250,000 through the National Credit Union Administration, a federal agency. Deposits are insured up to an additional $250,000 through ESI, a private insurer.
Headquartered in Bethalto, Illinois, 1stMidAmerica Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, or “maintain an address” in Jackson County, Missouri, or in any of the following 21 southern Illinois counties eligible to join.
Illinois Counties - Bond, Calhoun, Christian, Clinton, Fayette, Greene, Jefferson, Jersey, Macon, Macoupin, Madison, Marion, Morgan, Monroe, Montgomery, Pike, Randolph, St. Clair, Sangamon, Scott, and Washington.
Employees of more than 95 SEGs (including several union locals, school districts, and local government agencies) also qualify for membership.
Individuals who are related “by blood, marriage, or adoption” to current 1stMidAmerica members are welcome to apply.
Joining 1stMidAmerica and/or opening a CD can be done at any of 11 Illinois branches located in Alton (2), Bethalto, Decatur, East Alton, Edwardsville, Godfrey, Granite City (2), Jerseyville, and Wood River. There is also a full-service branch in Independence, Missouri, located on East Valley View Parkway.
Credit Union Overview
1st MidAmerica Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.00% (excellent) based on September 30, 2018 data. In the past year, 1st MidAmerica has increased its total non-brokered deposits by $19.28 million, an excellent annual growth rate of 3.4%. Please refer to our financial overview of 1st MidAmerica Credit Union (NCUA Charter # 63932) for more details.
1st MidAmerica Credit Union is currently the 13th largest credit union in Illinois, with more than 67,000 members and assets in excess of $739 million. Established in 1934 as the Olin Employees Credit Union, the original FOM included the employees of the Olin Brass company in East Alton, Illinois. Starting in the 1980s, the Credit Union began to expand its FOM and merged with a few credit unions, which lead to two re-brands: first as the Olin Community Credit Union and finally, as 1st MidAmerica Credit Union
How the CD Compares
When compared to 310 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, 1stMidAmerica Credit Union's 35-month CD APY currently ranks first.
The above rates are accurate as of 12/10/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.