Arbor Financial Credit Union Adds 18-Month No Penalty CD

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Deal Summary: 18-month No Penalty Certificate Special, 2.25% APY ($125k min), 2.02% APY ($70k min), 1.51% APY ($30k min), and 1.26% APY ($500 min).

Availability: Residents of 21 southwest Michigan counties.

Over the last 18 months, Arbor Financial Credit Union’s (Arbor Financial) has been offering a 13 month No-Penalty CD on a fairly regular basis. A new Certificate was recently added to the product line, and while Arbor Financial simply calls its “18-month Certificate Special,” it has the same no penalty features offered in the past.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.27*%$125k-Arbor Financial Credit Union18 Month CD Special
OTHER TIERS: 1.26% $500 - $30k | 1.51% $30k - $70k | 2.02% $70k - $125k
Rates as of September 23, 2018.

The new No-Penalty Certificate has four APY/deposit tiers:

  • 2.25% APY - $125k minimum
  • 2.02% APY - $70k minimum
  • 1.51% APY - $30k minimum
  • 1.26% APY - $500 minimum

In a Live Chat, CSR stated there is no limit on the number of withdrawals, and no minimum or maximum dollar amount per withdrawal. If the Certificate Special’s balance should fall below any of the deposit tiers however, the next lower APY will go into effect. The Certificate Special will be closed if a withdrawal results in the balance falling below $500.

Availability

Headquartered in Kalamazoo, Michigan, Arbor Financial Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, or worship in the following Michigan southwest counties eligible to join:

Allegan, Barry, Berrien, Branch, Calhoun, Cass, Clinton, Eaton, Gratiot, Hillsdale, Ionia, Ingham, Jackson, Kalamazoo, Kent, Montcalm, Muskegon, Newaygo, Ottawa, St. Joseph, and Van Buren.

Joining Arbor Financial and/or opening a Certificate can be done online, or at any of eight Michigan branches located in Kalamazoo (3), Lawrence, Paw Paw, Plainwell, Portage, and Three Rivers.

The Membership Application is also available in PDF format, and can be returned either in person or by mail.

Credit Union Overview

Arbor Financial Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.85% (excellent) based on March 31, 2018 data. In the past year, Arbor Financial has increased its total non-brokered deposits by $34.37 million, an excellent annual growth rate of 8.56%. Please refer to our financial overview of Arbor Financial Credit Union (NCUA Charter # 61708) for more details.

Arbor Financial Credit Union was originally chartered in 1935 as the Educational Community Federal Credit Union, better known as ECCU. As the ECCU name suggests, the Credit Union exclusively served school employees (Kalamazoo school system), but grew to eventually include the residents of Kalamazoo County and three adjacent counties. Five years ago, the FOM expanded to cover 21 southwest Michigan counties, and in August 2016, the name was changed to Arbor Financial Credit Union to “better reflect the idea that it caters to more than just educators.” Arbor Financial is currently the 24th largest credit union in Michigan, with more than 38,500 members.

How the No-Penalty Certificate Special Compares

The 2.25% APY isn’t the 18-month Certificate Special’s calling card – it’s the unlimited No-Penalty feature. When compared the 213 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Arbor Financial Credit Union's 18-month Certificate Special APY does not fare that well: there are more than 50 other CDs offering a higher rate, but not one of those CDs has a no-penalty option.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Grand Rapids CD rates, 1-year CD rates

Comments
Earn Up To 1.76% On Arbor Financial CU (MI) 13-Month No Penalty CD
Deal Summary: 13-month No Penalty Certificate Special, 1.76% APY ($125k min), 1.51% APY ($70k min).

Availability: Residents of 21 southwest Michigan counties.

When I wrote about Arbor Financial Credit Union’s (Arbor Financial) 13-month No Penalty CD a year ago, it had only two APY tier levels – 1.26% ($25k+) and 1.00% (less than $25k). A year later, there are four tier levels with some competitive APYs.

  • 1.76% APY - $125k minimum
  • 1.51% APY - $70k minimum
  • 1.26% APY - $30k minimum
  • 1.00% APY - $500 minimum

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Arbor Financial Credit Union (MI) Has "Lucky 7" 7-Month CD Special

Deal Summary: “Lucky 7” 7-month CD/IRA Special, 1.27% APY ($25k min), 1.07% APY ($500 min)

Availability: Residents of 21 southwest Michigan counties.

Arbor Financial Credit Union (Arbor Financial) has added a “Lucky 7” 7-month CD Special (1.27% APY, $25k min; 1.07% APY, $500 min).

The 7-month CD Special is also offered as an IRA (Traditional, Roth) earning the same tiered APYs, with the same funding requirements.

As stated in the Truth in Savings Addendum, the Early Withdrawal Penalty reads as follows:

The penalty we may impose will equal...

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Arbor Financial CU (MI) Adds 62-Month CD Special

Deal Summary: 62-month CD/IRA Special, 2.75% APY ($25k min), 2.50% APY ($500 min)

Availability: Residents of 21 southwest Michigan counties.

February can be a dreary month in Michigan, but Arbor Financial Credit Union (Arbor Financial) is making the best of it with its 62-month CD Special (2.75% APY, $25k min; 2.50% APY, $500 min).

The 62-month CD Special is also offered as an IRA (Traditional, Roth) earning the same tiered APYs, with the same funding requirements.

As stated in the Truth in Savings Addendum, the Early Withdrawal Penalty reads as follows:

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New Momentum Checking At Arbor Financial CU (MI)
Availability: Residents of 21 southwest Michigan counties.

Earlier this week, I wrote about Arbor Financial Credit Union’s (Arbor Financial) 13-month CD Special (1.26% APY, $25k+; 1.00% APY, <$25k). While researching the 13-month CD Special, I discovered that Arbor Financial added a rewards checking account in August. The Momentum Checking account can earn 1%, 2%, or 4% on qualifying balances up to $15k, based on three levels of debit card purchase activity.

Qualifications

  • Monthly Direct Deposit of at least $500
  • Enrolled in eStatements
  • Monthly debit card purchases (MDCP)
    • 1% for 10-19 MDCP

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Arbor Financial CU Has No Penalty 13-Month CD Special
Availability: Residents of 21 southwest Michigan counties.

Arbor Financial Credit Union (Arbor Financial) is offering a 13-month CD Special with tiered APYs: 1.26% for deposits of $25k+ and 1.00% for deposits below $25k. While these rates may not be the most competitive, what makes this CD Special stands out is the no early withdrawal penalty feature.

According to CSR, there is no limit on the number of withdrawals and no minimum or maximum dollar amount that can be withdrawn. If the balance falls below $25k, the 1.00% APY...

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