Over the weekend, Christian Financial Credit Union (CFCU) raised the rate on its 48-month CD (2.00% APY). This 60 basis point increase is the first rate change for the 48-month CD in more than five years. The minimum opening deposit is $1k, with no stated balance cap.
|2.00%||$1k||-||Christian Financial Credit Union||48 Month CD|
|2.00*%||$1k||-||Christian Financial Credit Union||4 Year IRA Certificate|
The 48-month CD is available as an IRA (Traditional) earning the same APY, 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.
While its name might suggest a religious-affiliate field of membership (FOM), Christian Financial Credit Union’s current FOM is primarily residency based, with individuals who live, work, worship, or attend school in the Michigan counties of Macomb, Oakland, St. Clair, and Wayne eligible to join.
Joining CFCU and/or opening a CD can be done online, or in person at any of eleven Michigan branches located in Center Line, Chesterfield, Harper Woods, Livonia, Madison Heights, Novi, Roseville, Saint Clair, Shelby Township, Sterling Heights, and Warren.
Credit Union Overview
Christian Financial Credit Union (NCUA Charter # 63805) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 7.77% (excellent) based on June 30, 2016 data. In the past year, CFCU has increased its total deposits by $9.29 million, an excellent annual growth rate of 3.07%. Please refer to our financial overview of Christian Financial Credit Union 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 38th largest credit union in Michigan, with nearly 40,000 members and assets in excess of $351 million.
How the CD Compares
When compared to the 235 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available in southeast Michigan, Christian Financial Credit Union’s 48-Month CD APY currently shares the top spot with NASA FCU’s 49-month Share Certificate Special and Bay State Savings Bank’s 48-month CD.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.00% APY||48-Month CD||Christian Financial Credit Union|
|1.81% APY||4-Year Share Certificate||Melrose Credit Union|
|1.80% APY||48-Month CD||Capital One 360|
The above rates are accurate as of 11/16/2016.