Now through December 31, 2019, Credit Union ONE is offering a 10-month Add-On CD Special, which earns 2.53% APY. Minimum opening deposit is $200 of new money, with no stated balance cap. Unlimited additional deposits in any amount are allowed throughout the term.
As stated on Credit Union ONE’s Certificate of Deposit Rates page, the Early Withdrawal Penalty reads as follows:
Loss of 90 days interest for CDs with a term greater than 6 months or equal to 12 months.
All that information can be found on Credit Union ONE’s website, but the checking relationship requirement isn’t mentioned. I only discovered the checking requirement when I was looking at the online application, which lists a 2.02% APY for the 10-month Add-On CD Special. In a fairly lengthy phone conversation, a CSR Supervisor explained the 2.53% APY is only available to members who already have a checking account or new members who open a checking account.
For joining members, this means a two-step process: 1) completing the online application, and opening/funding a checking account; 2) following application approval and establishment of the checking account, submitting another online application to open and fund the Add-On CD Special. A possible workaround would be to apply online and open a checking account, and then call Credit Union ONE’s Call Center (800.451.4292) to open the Add-On CD Special on the phone.
Credit Union ONE has two checking accounts to choose from: Cash Back Checking and Basic Checking, a non-interest bearing account.
Headquartered in Ferndale, Michigan, Credit Union ONE offers membership to anyone who lives, works, worships, or attends school in the State of Michigan.
Joining Credit Union ONE and/or opening an Add-On CD Special can be done online,* or at any of 20 Michigan branches located in Berkley, Detroit (2), Farmington, Ferndale, Grand Rapids, Lincoln Park, Macomb Township, Pontiac, Royal Oak, St. Clair Shores, Shelby Township, Sterling Heights (2), Traverse City, Troy, Waterford, West Bloomfield, Westland, and Woodhaven.
*According to the online application,
Funding a new account can be accomplished with funds from a U.S. checking or savings account ($26k limit) or by credit or debit card ($600 limit).
According to CSR, opening a CD online is limited to a $26k deposit, which is an inconvenience but not necessarily a problem for the Add-On CD Special, as you can make additional deposits at any time. There are no funding limits if a CD is opened in-branch.
There is no membership fee to join, and Credit Union One takes care of the cost of purchasing a share.
To become a Member, you must own a $1.00 share in the credit union, which we provide for you when you open an account.
Credit Union One participates in the CO-OP Share Branching and ATM networks.
Even when you travel beyond Michigan, you can take care of financial matters in-branch by visiting one of our 5,600 partner credit unions, and nearly 30,000 ATMs in the CO-OP network.
Credit Union Overview
Credit Union ONE has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.52% (excellent) based on June 30, 2019 data. In the past year, Credit Union ONE has increased its total deposits by $233.09 million, an excellent annual growth rate of 22.08%. Please refer to our financial overview of Credit Union ONE (NCUA Charter # 62562) for more details.
More than 80 years ago, Credit Union ONE began its journey when 15 neighbors pooled $158 to form the Ferndale Co-Op Credit Union, whose first home was in a local church basement. Membership grew slowly in the beginning (only 1,500 in the 1940s), but by the early 1960s, the burgeoning membership made it one of Michigan’s ten largest credit unions. The Credit Union ONE rebrand occurred in 1984, when the FOM expanded to include the entire state. Credit Union ONE is currently Michigan’s tenth largest credit union, with more than 136,000 members and assets in excess of $1.4 billion.
How the Add-On CD Compares
When compared to 411 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Michigan residents, Credit Union ONE's 10-Month Add-On CD Special APY currently ranks second.
The above rates are accurate as of 9/19/2019.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.