Earlier this week, Honor Credit Union (Honor CU) raised the rates on its 60-month CD Relationship Special (2.35% APY) and 60-month CD Special (2.15% APY). The minimum opening deposit of $500 and there is no maximum balance cap.
This is the first rate increase for both CD Specials, which were added to Honor CU's product line in the Fall of 2014.
|1.65%||$500||-||Honor Credit Union||60 Months CD Special w/ Checking Account|
|1.45%||$500||-||Honor Credit Union||60 Months CD Special|
According to CSR, the Early Withdrawal Penalty is formula based, using the variables of the amount being withdrawn and the time left until maturity as determinants. CSR also stated, "I can tell you that typically the penalty is not huge, but unfortunately I cannot tell you a more accurate amount up front."
The 60-month CD Relationship Special requires an active checking account (more than eight debit card transactions per month) to qualify for the stated 2.35% APY. Honor CU currently has two checking accounts, Benefits Checking and FreeChoice Checking, from which to choose.
- No minimum balance requirement.
- 12 or more signature debit cards transactions per month.
- Receive E-statements
- Monthly direct deposit.
- Earns 5.00% APY on qualifying balances up to $5K; 1.00% APY on qualifying balances up to $10K.
- Qualifying balances over $10K (and all non-qualifying balances) earn 0.01% APY.
- No minimum balance requirement.
- No monthly fee.
- No per check fee.
Complete details for either the FreeChoice Checking or Benefits Checking account can be found here.
Headquartered in Saint Joseph, Michigan, Honor Credit Union's field of membership is residency based, with individuals who live, work, worship, or attend school anywhere in Michigan eligible to join.
Joining Honor CU and/or opening a CD can completed at any of 15 Michigan branches located in Benton Harbor, Berrien Springs, Coldwater, Coloma, Dowagiac, Gwinn, Kalamazoo, Marquette, Negaunee, Niles, Paw Paw, Plainwell, Saint Joseph, South Haven, and Stevensville.
The application process can be initiated online and you will be contacted by Customer Service with 24 hours of application submission to complete the process.
Credit Union Overview
Honor Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.93% (excellent) based on March 31, 2015 data. In the past year, Honor CU has increased its total deposits by $82.61 Million, an excellent annual growth rate of 18.73%. Please refer to our financial overview of Honor Credit Union for more details.
Honor Credit Union (NCUA Charter # 63004) was founded in 1934 as the Berrien Teachers Credit Union. In its 80-year history, the Honor CU has grown from a one-county, restricted field of membership credit union into an institution offering membership to the entire state of Michigan. A merger in 2013 with the SIR Federal Credit Union expanded Honor CU’s footprint to Michigan’s Upper Peninsula. Currently, Honor has almost 57,000 members and assets in excess of $618 Million.
How the CDs Compare
When compared to the 232 similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Michigan residents, Honor Credit Union’s 60-month CD Relationship Special currently ranks second. The 60-month CD Special currently ranks 12th.
The above rates are accurate as of 7/31/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.