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 same APY, but only requiring a $500 minimum opening deposit.
Member Reward Bonuses (up to an additional 0.20% bonus rate) do not apply to this special rate certificate.
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.
Headquartered in Plymouth, Michigan, Community Financial Credit Union’s field of membership (FOM) is residency 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.
Joining CFCU and/or opening a Share Certificate Special can be done online, or in person at any of the six Detroit area branches located in Canton (2), Livonia, Northville, Novi, and Plymouth, or the five northern Michigan branches located in Atlanta, Gaylord (2), Hillman, and Lewiston.
Credit Union Overview
Community Financial Credit Union
has an overall health grade of "A" at Deposit Accounts.com, with a Texas Ratio of 8.06% (excellent) based on September 30, 2017 data. In the past year, CFCU has increased its total non-brokered deposits by $52.7 million, an excellent annual growth rate of 8.88%. 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 Michigan’s 14th largest credit union, with more than 68,200 members and assets in excess of $827 million.
How the Share Certificate Special Compares
When compared to the 399 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Community Financial Credit Union's 13-month Share Certificate Special APY currently ranks first.
The above rates are accurate as of 1/4/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.