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
According to CSR, there is no limit on the number of withdrawals, and no minimum or maximum dollar amount that can be withdrawn.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 should fall below any of the APY tier levels, the next lower APY will go into effect; should the balance dip below $500, the CD will be closed.
Arbor Financial is also offering one of the few long-term CDs currently available with an APY above 3.00%. Like the 13-month CD, the 120-month CD has tiered APYs, with the top tier earning 3.04% APY on balances of $125k+. The 120-month CD is also offered as an IRA (Traditional and 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:
Certificate Term of 84 months and greater, 4 years interest on the amount withdrawn.
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 for download, 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 1.16% (excellent) based on June 30, 2017 data. In the past year, Arbor Financial has increased its total deposits by $48.73 million, an excellent annual growth rate of 13.65%. 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. Four 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 25th largest credit union in Michigan, serving more than 37,600 members.
How the Certificates Compare
When compared to the 278 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Arbor Financial Credit Union's 13-month No Penalty Certificate Special top APY currently ranks third, regardless of minimum deposit. The “No Penalty” feature only adds to its competitiveness.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Arbor Financial Credit Union's 120-month Certificate APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 12/6/2017.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table.