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

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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 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interest on the amount withdrawn subject to penalty.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).

Availability

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.

Joining Arbor Financial and/or opening a CD 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 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.

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


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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
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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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