First Community Federal Credit Union is offering several competitive CD and IRA CD rates. The best rates require the Member Advantage Program. One of this blog's readers has CDs with this program, and she informed me that it requires a checking account with direct deposit and a balance of at least $25,000 in checking, savings and/or loans. An ACH transfer of at least $400 per month may also qualify. The following Member-Advantage CD rates are listed in the credit union's deposit rates page as of 8/15/2010:
- 3.50% APY 60-month CD
- 2.90% APY 36-month CD
- 2.35% APY 24-month CD
- 1.75% APY 12-month CD
IRA CD rates are 10 basis points higher. Without the Member Advantage Program, the rates are 50 basis points lower. Another nice feature of these CDs is a low early withdrawal penalty. CDs with terms of 13 months and longer have an early withdrawal penalty of 91 days of interest.
First Community FCU recently acquired Education First Credit Union in a merger. As I reported on Friday, Education First is still operating with their own rates, and these are also very competitive and they don't require a checking relationship.
Membership into the credit union is open to anyone living or working within the following nine (9) southwestern counties of Michigan: Allegan, Barry, Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph, and Van Buren. Please refer to the credit union's membership page for the full details.
Branches are located in the Michigan cities of Parchment, Richland, Kalamazoo, Plainwell, Portage, Battle Creek, Mattawan, Southgate and Brownstown.
The credit union's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial, 4 stars (sound) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our financial overview for First Community FCU). These ratings are based on March 2010 data. The credit union is federally insured by the NCUA (Charter # 62101).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.