Charlotte Metro Credit Union (CMCU) has raised the rates on all four of its 18-month Share Certificates to 3.00% APY. Each of the four 18-month Share Certificates require a different minimum deposit: Share Certificate ($2k), Senior Share Certificate ($5k), Jumbo Share Certificate ($50k) and Jumbo Senior Share Certificate ($100k). While the Senior Share and Jumbo Share Certificates are only available to members age 50 years or older, members of any age can open the non-Senior Certificates.
The current APY is the highest rate for the 18-month Share Certificates since DA began tracking CMCU rates in late 2011.
CMCU has been offering 3.00% APY on its 3-year Jumbo Certificate since July 2018. The minimum opening deposit is $50k, with no stated balance cap.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
The amount of the early withdrawal penalty is based on the term of your account.
The penalty schedule is as follows:
365 days or less – 1% of principal; more than 365 days – 2% of principal.
Headquartered in Charlotte, North Carolina, Charlotte Metro Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in seven North Carolina and three South Carolina counties (Charlotte metropolitan area) eligible for membership.
North Carolina counties: Cabarrus, Gaston, Iredell, Lincoln, Mecklenburg, Rowan, and Union.
South Carolina counties: Chester, Lancaster, and York.
Joining CMCU and/or opening any type of Share Certificate can be done online, or at any of nine North Carolina branches located in Belmont, Charlotte (6), Huntersville, and Matthew, or at the sole South Carolina branch in Rock Hill.
You will be required to make your initial minimum deposit of $25.00 to secure a share savings account.
Credit Union Overview
Charlotte Metro Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.98% (excellent) based on June 30, 2019 data. In the past year, CMCU has increased its total non-brokered deposits by $31.31 million, an excellent annual growth rate of 7.84%. Please refer to our financial overview of Charlotte Metro Credit Union (NCUA Charter # 24808) for more details.
Established in 1962, Charlotte Metro Credit Union was initially known as the Charlotte City Employees Credit Union. Not surprisingly, the original FOM was exclusive to the City of Charlotte employees. Twenty years later, the FOM was expanded to include Charlotte Transit and Housing Authority employees and a new name was selected: Charlotte City Credit Union. The Charlotte Metro Credit Union rebrand occurred in 1986, after the employees of two Charlotte hospitals were added to the FOM and the merger with Mecklenburg County Credit Union was finalized. The latest FOM expansion took place in 2015, when six North Carolina and three South Carolina counties were added. Charlotte Metro Credit Union is currently the ninth largest credit union headquartered in North Carolina, with nearly 60,000 members and assets in excess of $548 million.
How the Share Certificate Compares
When compared to 182 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, Charlotte Metro Credit Union's 18-month Share Certificate APY currently ranks first.
How the Jumbo Share Certificate Compares
When compared to 250 similar length-of-term CDs tracked by DepositAccounts.com, which are available within the FOM, Charlotte Metro Credit Union's 3-year Jumbo Share Certificate APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 12/5/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.