Christian Financial Credit Union (CFCU) currently has three very competitive long-term CDs in its product line: 24-month (2.50% APY), 36-month (2.75% APY), and 48-month CD (2.85% APY). The minimum opening deposit is $1k, with no stated balance cap.
The CDs are available as IRAs (Traditional), earning the same APYs with the same funding requirements.
While funding a new account can be done through electronic transfer from another financial institution, there is a limit of $1,500. Funding can also be done by credit or debit card, but is limited to a low $250.
As stated in the Disclosure document, the Early Withdrawal Penalty reads as follows:
The penalty for early withdrawal on the 18-month, two, three
and four year certificate will be 180 days interest on your deposit.
Headquartered in Roseville, Michigan, Christian Financial Credit Union’s name might suggest a field of membership (FOM) that is exclusively religious-affiliated. Instead, the current FOM is primarily residency-based, with individuals who live, work, worship, or attend school in the southeast Michigan counties of Macomb, Oakland, St. Clair, and Wayne, eligible to join.
According to CFCU’s online application,
You may also be eligible if you have an immediate family member who belongs to CFCU or are 55 years or older, receive a recurring monthly benefit (such as a pension or Social Security), and live within 25 miles of any CFCU office.
Joining CFCU and/or opening a CD can be done online, or in person at any of ten Michigan branches located in Center Line, Chesterfield, Harper Woods, Livonia, Madison Heights, Novi, Roseville, Saint Clair, Shelby Township, and Sterling Heights.
All CFCU accounts come with a Membership Share account. With $5, you purchase a "share" in the credit union.
All new members are subject to a $10 new member fee.
CFCU participates in both the CO-OP Shared Branch and ATM networks.
Credit Union Overview
Christian Financial Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.55% (excellent) based on September 30, 2019 data. In the past year, CFCU has increased its total non-brokered deposits by $11.24 million, an excellent annual growth rate of 3.27%. Please refer to our financial overview of Christian Financial Credit Union (NCUA Charter # 63805) for more details.
Christian Financial Credit Union was originally established in 1950 as St. Jude’s Parish Credit Union, serving the parishioners of St. Jude’s Church in Detroit. Beginning in 1998, the Credit Union has experienced four mergers, the most recent being with ARC Credit Union in October 2013. Christian Financial Credit Union is currently the 39th largest credit union in Michigan, with nearly 44,000 members and assets in excess of $414 million.
How the CDs Compare
When compared to 236 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available in within the FOM, Christian Financial Credit Union’s 48-Month CD APY currently ranks first.
When compared to 278 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available in within the FOM, Christian Financial Credit Union’s 36-Month CD APY currently ranks first.
When compared to 286 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available in within the FOM, Christian Financial Credit Union’s 24-Month CD APY currently ranks first.
The above rates are accurate as of 12/23/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.