Consumers Credit Union (Consumers CU) has a new branch location in Grand Rapids. Chances are there are trick-or-treat goodies being given away at the new office, but the real treat is the 3.00% APY 19-month Grand Opening CD. The minimum deposit is $1k of new money, with a maximum deposit $250k per household.
The penalty for early withdrawal of a CD with a term of 1 year or less is 90 days loss
of interest, and a CD with a term of greater than 1 year is 180 days loss of interest.
Note: this Consumers CU is located in Michigan and should not be confused with the Consumers Credit Union headquartered in Gurnee, Illinois. The Illinois-based Consumers Credit Union is probably more familiar to DA readers, because of its easy membership requirements and its Free Rewards Checking account.
Over two years ago, Consumers Credit Union expanded their field of membership (FOM), which previously only included eleven west Michigan counties. Now U.S. Citizens, 18 years or older with a valid Social Security number, who live, work, worship, or are enrolled in a post-high school educational institution in Michigan’s Lower Peninsula are eligible to join.
Immediate family members of current Consumers CU members, or individuals who live in the same household as current members, also qualify.
Since I last wrote about Consumers CU, an online membership application has been added to the website. Unfortunately, the Grand Opening CD cannot be opened online. The promotion page has its own Contact Me form to start the application process.
Consumers CU also has 17 full-service branches located in Coldwater, Grand Rapids (3), Grandville, Holland (2), Kalamazoo (6), Lawton, Mattawan, Portage (2), and South Haven. And don’t forget about the new Grand Rapids branch (Breton Village).
Consumers CU is a member of the CO-OP Network that gives Credit Union members access to more than 30,000 free ATMs nationwide.
Credit Union Overview
Consumers Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.07% (excellent) based on June 30, 2018 data. In the past year, Consumers CU increased its total non-brokered deposits by $74.84 million, an excellent growth rate of 10.28%. Please refer to our financial overview of Consumers Credit Union (NCUA Charter # 62172) for more details.
Headquartered in Kalamazoo, Consumers Credit Union is Michigan’s 12th largest credit union, with more 89,200 members $1.04 billion in assets. After five years of planning, CCU opened its new corporate headquarters in early 2018. According to CCU’s Chief Marketing Officer, the 92,000 square foot corporate campus,
brings our non-retail member service professionals together in one building -- operations, lending, IT, marketing, training, member service center, digital service representatives, card services, mortgage operations, executives.
How the Grand Opening CD Special Compares
When compared to 290 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the FOM, Consumers Credit Union’s 19-month Grand Opening CD Special APY currently ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.04% APY||19-Month Online CD||MutualOne Bank|
|3.00% APY||19-Month Grand Opening CD Special||Consumers Credit Union|
|2.85% APY||19-Month Share Certificate Special||Veridian Credit Union|
The above rates are accurate as of 10/29/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table.