Chicago Muni Employees Credit Union Has Competitive CD Specials

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Deal Summary: Share Certificate Specials – 36-month (5.80% APY) and 18-month (5.60% APY), $5k minimum deposit, new money.

Availability: Residents of most of Cook County, Illinois (Chicago); employees/retirees of the City of Chicago and its sister agencies.

Chicago Municipal Employees Credit Union (CMECU) is currently offering two Share Certificate Specials (SCS) with excellent rates: 36-month (5.80% APY) and 18-month (5.60% APY). The minimum opening deposit for either SCS is $5k of new money. As stated on the CMECU home page, new money is funds from “Other Financial Institution, No Exceptions.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.80%$5k-Chicago Municipal Employees Credit Union36 Month Share Certificate Special - New Money
5.60%$5k-Chicago Municipal Employees Credit Union18 Month Share Certificate Special - New Money
Rates as of March 20, 2024.

Note: CMECU also has a Special Money Market Promo (5.25% APY, $5k minimum). I haven’t included the Special Money Market Promo in this blog post because it is scheduled to end in five days. CSR stated there’s always a possibility the offer may be extended. If the promo continues into February, I will update this blog post.

Early Withdrawal Penalty

As stated in the Certificate Rate Schedule disclosure the Early Withdrawal Penalty reads as follows:

Terms of more than 1 year – 180 days’ dividends.

CSR confirmed that partial withdrawals are allowed, but any withdrawal made within 180 days of account opening will reduce the principal.

Availability

As its name suggests, Chicago Municipal Employees Credit Union’s field of membership (FOM) includes the employees/retirees of the City of Chicago and its sister agencies, which includes Chicago Housing Authority (CHA), Chicago Park District, Public Building Commission, Chicago Public Schools (CPS), City Colleges of Chicago (CCC), Chicago Police Department (CPD), Chicago Fire Department (CFD), Chicago Public Libraries, and Chicago Transit Authority (CTA).

Employees, retirees, and members of Metra (commuter rail system), the Municipal Employees’ Annuity and Benefit Fund of Chicago, or the Laborers and Retirement Board also qualify for membership.

Individuals who live or work in most of Cook County are eligible to join. CMECU’s online application lists the boundaries as follows:

North Boundary: Central Street (Evanston, Skokie, Des Plaines, Morton Grove) going west following Central Road.

East Boundary: Lake Michigan, following the Indiana border to Cook County line.

South Boundary: Cook County border (Richton Park).

West Boundary: Cook County/Will County/Dupage County intersection, then following the Cook County border straight north intersecting with Central Road.

Family members and domestic partners of current CMECU members are welcome to apply for membership.

Account Opening

Joining CMECU and/or opening a Share Certificate can be done online or at any of the three Chicago branches.

To join the credit union, open a Share Savings account with a deposit of at least $25.

The Membership Enrollment form is available as a download and a completed form can be returned to any branch location.

To join, complete the attached Member Service form, and submit it to CMECU along with a check or money order for $35.00, which represents the value of one share (a $25.00 minimum deposit) plus a onetime $10.00 processing fee. You also may join CMECU by authorizing Direct Deposit of your paycheck, Social Security, pension or other recurring payments (like Payroll Deductions) to your credit union account. A Direct Deposit / Payroll Deduction authorization form is enclosed for your convenience.

CMECU participates in the Allpoint ATM networks, giving members access to 55,000 surcharge-free ATMs worldwide.

Funding and Other Details

The following information was obtained from the Truth-in-Savings disclosure and a phone conversation with CSR.

  • Funding – ACH, wire, or check.
  • Ownership – Individual, joint, or trust.
  • CO-OP Shared Branch Participant – No.
  • Dividends – Compounded/credited quarterly, but cannot be withdrawn without penalty.
  • Maturing Funds – Cashier’s check to address on file or internal transfer.
  • Beneficiaries – Unlimited, with percentages assigned; Social Security numbers required.
  • Grace Period – 10 calendar days before automatic renewal.
  • Credit Check – Hard pull through Transunion when joining.

Credit Union Overview

Chicago Municipal Employees Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 5.12% (excellent), based on September 30, 2023 data. In the past year, CMECU’s total non-brokered deposits decreased by -$6.36 million, a poor annual growth rate of -12.46%. Please refer to our financial overview of Chicago Municipal Employees Credit Union (NCUA Charter # 65932) for more details.

Founded in 1926, Chicago Municipal Employees Credit Union is the oldest active credit union in Illinois and was the sixth Illinois credit union to be chartered. In the 1920s,

banks catered exclusively to the wealthy and weren’t interested in providing financial services to average individuals. If a working person needed a loan, the only options were often unscrupulous individuals charging unreasonable rates. Employees of the City of Chicago had steady work, but they were still vulnerable to these loan sharks. Then, members of the Municipal Employees Society got the idea to form a credit union.

CMECU’s first office was located in Room 207 of Chicago’s City Hall, where it remained for 20 years. Since 1946, CMECU headquarters had relocated four times in response to organic growth. CMECU assumed operation of the Austin/West Garfield Federal Credit Union in 2004, opening its first branch location as a result of the acquisition. The Chicago Police Commanding Officers and Sergeants Credit Union and The Health Care Associations Federal Credit Union both merged with CMECU in 2013. CMECU is currently the 69th largest credit union headquartered in Illinois, with more than 11,000 members.

How the 36-Month Share Certificate Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Chicago Municipal Employees Credit Union 36-Month Share Certificate Special. The following table compares the 36-Month Share Certificate Special to the four highest-rate CDs from other banks/credit unions within the market area.

How the 18-Month Share Certificate Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the Chicago Municipal Employees Credit Union 18-Month Share Certificate Special. The following table compares the 18-Month Share Certificate Special to the four highest-rate CDs from other banks/credit unions within the market area.

The above information and rates are accurate as of 1/26/2024.

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

Related Pages: Chicago CD rates, 1-year CD rates, 5-year CD rates

Comments
gmohan123
  |     |   Comment #1
I was able to open new acct and CD but some notes for future if someone trying. Even if you open an account online you have to still sign and send back. Can be scanned and e-mailed. CD cannot be opened online but they can mail the form. No shared branch or EFT. I just drove gave the check and got it completed!!
8228603
  |     |   Comment #2
Which location did you drive and give the check at? Do you know if the Austin/West Garfield branch located at 6612 West North Avenue a retail branch? Trying to find it on google map for their locations listed on their website https://www.cmecuonline.org/locations-and-hours but could not even see the bank sign for this location on google map and it indicated this place may be closed. Also, can you share your experiences you had with the bank representatives?
Chicago Municipal Employees Credit Union Ups Money Market Rates
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Availability: Employees/retirees of the City of Chicago and its sister agencies; residents of portions of Cook County, Illinois.

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Deal Summary: 48-month Share Certificate, 1.91% APY ($25k), 1.70% APY ($10k), 1.50% APY ($1k).

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