I wrote about the long-term CDs offered by Christian Financial Credit Union (CFCU) in December. While the rates on the 24-, 36-, and 48-month CDs have dropped to decidedly mediocre levels, the 60-month (1.75% APY) has remained competitive. The minimum opening deposit is $1k, with no stated balance cap.
|1.10%||$1k||-||Christian Financial Credit Union||60 Month CD|
|1.10%||$1k||-||Christian Financial Credit Union||60 Month IRA Certificate|
The CD is available as an IRA CD (Traditional), earning the same APY with the same deposit 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 five-year certificate will be equal to one (1) year interest on your deposit. If the early withdrawal reduces the principal below the minimum balance required to open this account, the certificate will be canceled.
Headquartered in Sterling Heights, 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, or 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 at any of the 11 Michigan branches located in Center Line, Chesterfield, Harper Woods, Livonia, Madison Heights, Novi, Roseville, Saint Clair, Shelby Township, Sterling Heights, and Warren.
Over the last several months we have been closely monitoring the situation surrounding the Coronavirus (COVID-19) and have taken guidance from the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), regional, state and local authorities. I am pleased to let our valued members know that all branch services in our lobbies and drive thrus are now fully operational.
A Membership Share ($5 minimum deposit) is required to establish membership and all new members are subject of 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 1.25% (excellent) based on March 31, 2020 data. In the past year, CFCU has increased its total non-brokered deposits by $42.79 million, an excellent annual growth rate of 12.17%. 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 five mergers, the most recent with Motor City Credit Union earlier this year. Christian Financial Credit Union is currently the 37th largest credit union in Michigan, with nearly 44,000 members and assets in excess of $455 million.
How the CD Compares
When compared to 239 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 60-Month CD APY currently ranks first.
The above rates are accurate as of 7/15/2020.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.