For more than five years, BMI Federal Credit Union (BMI) has been offering limited-time CD Specials with quite competitive rates. BMI recently raised all the CD Special rates, with the 37-month once again having the best rate – 5.50% APY. While the BMI regular CDs can be opened with $500 minimum deposit, the minimum deposit for a CD Special is $5k.
|5.50%||$5k||-||BMI Federal Credit Union||37 Month CD Special|
|5.00%||$5k||-||BMI Federal Credit Union||61 Month CD Special|
The BMI CD Special rates were boosted by 50 bps this week, with the shorter-term CD Specials (13-, 19-, 25-, 31-, and 37-month) currently offering 5.50% APY and the longer-term CD Specials (43-, 49-, 55- and 61-month) earning 5.00% APY.
As stated in the fine print on the Certificate and IRA page, CD Special “rates cannot be combined with loyalty rewards.” (BMI’s Loyalty Rewards program is based on members’ “account relationship with BMI FCU and the balances they keep,” and can add an additional 0.10% and 0.25% increase on Certificates and IRAs.)
Early Withdrawal Penalty
According to CSR, the Early Withdrawal Penalty (EWP) for the CD Specials is the “last two months of earned dividends,” which is one of the more unique EWPs I’ve seen. Partial withdrawals are allowed, as long as a $5k minimum balance is maintained.
$200 Cash Bonus
If you’re joining BMI and opening a CD Special, you might consider opening a Free Checking account.
Right now, new members can earn a $200 cash bonus for opening a new free checking account at BMI Federal Credit Union! Mention the code NEWCHK23, or enter it when opening an account online.
The details on the $200 bonus are available on the Free Checking landing page, including the following:
- Enter promo code NEWCHK23 when applying online or mention when applying in person.
- Cash bonus of $200 will be deposited in the member’s savings account within 10 business days after all qualifications have been met.
- The following requirements must be met in the first 90 days after the account is opened: 1) Open and deposit $20.00 into a new free checking account. 2) Make a minimum of 30 Visa debit card transactions of at least $5 each in the first 90 days. 3) Sign up for electronic statements.
- Checking account must remain open for a minimum of 6 months or the bonus will be debited from the account at closing.
- Offer ends December 31, 2023.
Excess Share Insurance
In addition to the NCUA insurance coverage on funds up to $250k, BMI offers Excess Share Insurance, which offers coverage on funds up to an additional $250k.
Headquartered in Dublin, Ohio, BMI Federal Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, or attend school in the Ohio counties of Delaware, Fairfield, Franklin, Licking, Madison, Morrow, Pickaway, or Union eligible to join.
Immediate family members of current BMI members also qualify for membership. BMI defines immediate family as spouse, child, sibling, parent, grandparent, and grandchild, including step and adoptive relations.
Joining BMI Federal Credit Union can be done online or at any of five Ohio branches located in Columbus (3), Dublin, and Westerville. (Note: access to the Battelle branch in Columbus is limited and not open to the general public.)
The regular share savings account is your primary account and only requires $5.00 to open.
While a portion of the BMI product line can be opened online, a Share Certificate Special must be opened either in-branch or by phone (614.707.4000).
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire (no fee), check, internal transfer, or shared branch transaction.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded daily/credited monthly. Dividends can be withdrawn without penalty.
- Maturing Funds – ACH, wire ($15), cashier’s check to address on file, or internal transfer.
- Beneficiaries – Unlimited with equal shares, Social Security numbers are not required.
- Grace Period – 10 calendar days before automatic renewal as a “near term” regular CD.
- Credit Check – ChexSystems.
Credit Union Overview
BMI Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.83% (excellent) based on March 31, 2023 data. In the past year, BMI has increased its total non-brokered deposits by 19.99 million, an excellent annual growth rate of 3.68%. Please refer to our financial overview of BMI Federal Credit Union (NCUA Charter # 1199) for more details.
BMI Federal Credit Union was founded in 1936 by a small group of Battelle Memorial Institute employees. (Headquartered in Columbus, Ohio, Battelle Memorial Institute is a private nonprofit applied science and technology development company.) In 2012, BMI expanded its FOM to cover the Columbus Metropolitan Statistical Area, an eight-county area with a population of about 1.8 million. Prior to this expansion, the FOM included more than 350 SEGs, exclusively. BMI is currently the eleventh largest Ohio credit union, with more than 43,000 members and assets in $674 million.
How the 37-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the BMI Federal Credit Union 37-Month CD Special. The following table compares the 37-Month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
How the 61-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the BMI Federal Credit Union 61-Month CD Special. The following table compares the 61-Month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 8/25/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.