Community Financial Credit Union (MI) Has Rate-Leading 13-Month CD

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Deal Summary: Share Certificate Specials – 13-month (5.00% APY) and 29-month (5.10% APY), $1k minimum deposit, one-time rate bump.

Availability: All Michigan counties

Five years ago this week, I wrote about the Community Financial Credit Union (CFCU) 13-month Share Certificate Special (SCS), which earned 1.85% APY (a top rate at the time). CFCU has brought back the 13-month SCS with a vastly improved 5.00% APY and has also added a 29-month SCS earning 5.10% APY. In addition to the competitive rates, both SCS offer a one-time rate bump. The minimum opening deposit for either SCS is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.50%$1k-Community Financial Credit Union (MI)13 Month Share Certificate Special
4.50%$500-Community Financial Credit Union (MI)13 Month IRA Certificate Special (Traditional, Roth, CESA)
Rates as of April 12, 2024.

Both SCS are also available as IRA SCS (Traditional, Roth, CESA), earning the same APYs, but only requiring a $500 minimum opening deposit.

Member Reward Bonuses (up to an additional 0.20% bonus rate) do not apply to either SCS.

As stated in the Truth-in-Savings document, the Early Withdrawal Penalty reads as follows:

If your certificate has a term of 183 days or more, you will forfeit
180 days of dividends, whether the dividend is earned or unearned.

CSR stated that partial withdrawals are not allowed: a Share Certificate Special can only be closed early.

High Yield Savings

If you’re thinking of joining CFCU, you might consider opening a High Yield Savings account, which offers 10% APY on balances up to $1k. This fee-free savings account can be opened with a $5 minimum deposit. Without any other requirements or limitations, a $1k balance in a High Yield Savings account would result in an easy $100 in a year.

APYMINMAXINSTITUTIONPRODUCTDETAILS
14.00*%-$10kCommunity Financial Credit Union (MI)High Yield Savings Special
OTHER TIERS: 0.10% $1k+
Rates as of April 12, 2024.

Excess Share Insurance

Since 2003, deposits at CFCU are insured by the NCUA and the Excess Share Insurance Corporation (ESI).

Depending upon how your account relationship with Community Financial Credit Union is structured, accounts are federally insured up to $250,000 by the National Credit Union Share Insurance Fund (“NCUSIF”). In addition, Community Financial Credit Union insures these accounts up to an additional $100,000 by ESI which means the combined total coverage for your accounts could be up to $350,000.

Availability

Headquartered in Plymouth, Michigan, Community Financial Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, or attend school anywhere in Michigan eligible to join.

Immediate family members (spouse, parent, child, sibling, grandparent) of anyone who lives in Michigan also qualify for membership. Household members of current CFCU members are also welcome to join.

Account Opening

Joining CFCU and/or opening a Share Certificate Special can be done online, or in person at any of the ten Detroit area branches located in Canton (2), Livonia (2), Northville, Novi (2), Plymouth, Westland, or Wixom, or the five northern Michigan branches located in Atlanta, Gaylord (2), Hillman, and Lewiston. Appointments are available and can be scheduled online.

There are no membership fees, but you must keep at least $5 in any account to maintain your Community Financial membership. Membership includes a Basic Savings Account which you may or may not elect to use.

Funding and Other Details

The following information is from the CFCU website and a conversation with CSR.

  • Funding – ACH, wire* ($15 fee), check, or credit/debit card (no limit imposed by CFCU).
  • CO-OP Shared Branch Participant – No.
  • Dividends – Compounded/credited quarterly; automatic transfer of dividends to a CFCU savings/checking account can set up when opening a CD.
  • Maturing Funds – Wire* ($30 fee), cashier’s check to address on file, or internal transfer.
  • Beneficiaries – Unlimited, equal shares, Social Security numbers required.
  • Grace Period – 7 calendar days before automatic renewal.
  • Credit Check – Hard pull when joining.

*As stated on the Certificates of Deposit page, “Wire transfer fees up to $50 will be waived” on the two Share Certificate Specials.

Credit Union Overview

Community Financial Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.50% (excellent) based on September 30, 2022 data. In the past year, CFCU has increased its total non-brokered deposits by $65.17 million, an excellent annual growth rate of 6.11%. Please refer to our financial overview of Community Financial Credit Union (NCUA Charter # 68631) for more details.

Chartered in 1951 as the Daisy Employees Federal Credit Union, Community Financial Credit Union’s originally served the employees of Daisy Air Rifle Company, the principal employer in Plymouth from the 1930s through the 1950s. When Daisy moved its operations to Arkansas in 1958, the Credit Union was granted a community charter and renamed as the Plymouth Community Federal Credit Union. Two FOM expansions in 1968 and 1977 expanded the membership base and resulted in another new name: Community Federal Credit Union. The 1983 merger with Montsego Credit Union extended CFCU’s footprint into northern Michigan. Rebranded as the Community Financial Credit Union in 2003, CFCU is currently the 17th largest credit union headquartered in Michigan, with more than 87,000 members and assets in excess of $1.4 billion.

How the 13-Month Share Certificate Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Community Financial Credit Union 13-Month Share Certificate Special. The following table compares the 13-Month Share Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 29-Month Share Certificate Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Community Financial Credit Union 29-Month Share Certificate Special. The following table compares the 29-Month Share Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above rates are accurate as of 1/6/2023.

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

Related Pages: Detroit savings accounts, Traverse City savings accounts, savings accounts, 1-year CD rates, 5-year CD rates, IRA CD rates

Comments
Dandy
  |     |   Comment #1
Is this soft or hard pull? Thanks.
Sparr
  |     |   Comment #3
As a Georgia resident, what is my workaround for this (from that credit union's website): "Community Financial is a state-chartered credit union, serving members who reside, work, attend school, or worship in Michigan")? Am I missing something? Normally, Ken, you present a "field of membership" passage.
blazer9
  |     |   Comment #5
You're embarrassing Georgia
SouthernGirl
  |     |   Comment #8
Blazer9,
Hey. Not necessarily is Sparr embarrassing Georgia. If Community Financial CU will allow worshipping and/or volunteering online, then Sparr might be approved for membership. Also, Sparr could visit one time and either worship or volunteer and meet the criteria that is listed in the drop down box of choices on the application for membership. 
Sparr
  |     |   Comment #4
Did I miss the "Field of Membership" section here? How does a non-Michigan resident join? This is from that credit union's website: "Community Financial is a state-chartered credit union, serving members who reside, work, attend school, or worship in Michigan."
Cdbob
  |     |   Comment #10
Ken, The 10% high yield savings rate is only on the first $1000 max, Not $10,000 max.
agletdave
  |     |   Comment #11
These rates of course dropped the minute my wasted wired funds arrived. Also beware, they say they waive the wire fee - not true. They waive THEIR incoming wire fee, not your outgoing banks.
Community Financial CU (MI) Ups 13-Month CD Special
Deal Summary: 13-month Share Certificate Special, 2.10% APY, $1k minimum deposit

Availability: Residents of Michigan

In November, Community Financial Credit Union (CFCU) added a 13-month Share Certificate Special (1.85% APY). Yesterday, CFCU added 25 bps, raising the rate to 2.10% APY. (The addition of 25 bps just happens to mirror the latest rise in the federal funds rate.) The minimum opening deposit is $1k, with no stated balance cap.

The 13-month Share Certificate Special is also available as an IRA (Traditional, Roth, CESA), earning the...

Continue Reading
Community Financial CU (MI) Adds 13-Month CD Special
Deal Summary: 13-month Share Certificate Special, 1.85% APY, $1k minimum deposit

Availability: Residents of Michigan

Community Financial Credit Union (CFCU) has added a 13-month Share Certificate Special offering an impressive 1.85% APY. The minimum opening deposit is $1k, with no stated balance cap. Member Reward Bonuses (up to an additional 0.20% bonus rate) do not apply to this special rate certificate.

The 13-month Share Certificate Special is also available as an IRA (Traditional, Roth, CESA), earning the same APY, but only requiring a $500 minimum opening...

Continue Reading


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