Deal Summary: “Lucky 7” 7-month CD/IRA Special, 1.27% APY ($25k min), 1.07% APY ($500 min)
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 180 days
interest on the amount withdrawn subject to penalty.
62-month CD Special
Earlier this month, I wrote about Arbor Financial’s 62-month CD Special, which at the time, was earn 2.75% APY ($25k min) and 2.50% APY ($500 min). While the 62-month CD Special is still available the rates had dropped: 2.53% APY ($25k min) and 2.27% APY ($500 min).
Headquartered in Kalamazoo, Michigan, Arbor Financial Credit Union’s field of membership 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 2.48% (excellent) based on September 30, 2016 data. In the past year, Arbor Financial has increased its total non-brokered deposits by $25.82 million, an excellent annual growth rate of 7.74%. 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 (in the 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 to “better reflect the idea that it caters to more than just educators.”
How the CD Specials Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the field of membership, Arbor Financial Credit Union's “Lucky 7” 7-month CD Special APYs currently rank first and third, regardless of minimum deposit.
While the rate on the 62-month CD Special has fallen since I first wrote about it, when compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the field of membership, Arbor Financial Credit Union's 62-month CD Special top APY currently ranks second, regardless of minimum deposit.
*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.
The above rates are accurate as of 2/24/2017.