Following my July 2020 blog post about the 60-month CD offered by Christian Financial Credit Union (CFCU), the long-term CD lost 65 bps in eight months. CFCU improved the 60-month CD rate earlier this month by adding 15 bps. Currently earning 1.25% APY, the 60-month CD can be opened with a minimum $1k deposit; there is no stated balance cap.
The rest of the CDs in the CFCU product line didn’t fare as well as the 60-month CD, with across-the-board rate decreases of 5 bps.
|3.50%||$1k||-||Christian Financial Credit Union||60 Month CD|
|3.50%||$1k||-||Christian Financial Credit Union||60 Month IRA Certificate|
The CD is also 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 on the Rates page, the Early Withdrawal Penalty reads as follows:
CDs with a maturity of 60 months or more:
the penalty will be one year of interest (whether earned or not).
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 community-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 12 Michigan branches located in Center Line, Chesterfield, Clinton Township, Detroit, Harper Woods, Livonia, Novi, Roseville (2), Saint Clair Shores, Shelby Township, and Sterling Heights. Appointments are available and can be scheduled online.
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 0.91% (excellent) based on June 30, 2021 data. In the past year, CFCU has increased its total non-brokered deposits by $116.1 million, an excellent annual growth rate of 19.55%. 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 experienced five mergers, the most recent with Motor City Credit Union in early 2020. Christian Financial Credit Union is currently the 28th largest credit union in Michigan, with more than 59,000 members and assets in excess of $793 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 third.
The above rates are accurate as of 10/21/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.