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.
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.
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.
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.