Last week, Michigan-based Credit Union ONE raised the rates on its four limited-time promotional CDs. Of those four CDs, the 36-month CD (1.76% APY) has the most competitive rate. When the 36-month CD was originally introduced in late December 2014, the APY was 1.51%.
The minimum opening deposit is $2.5K and there is no maximum balance cap.
As stated on Credit Union ONE’s Rates & Disclosures page, the Early Withdrawal Penalty reads as follows:
Loss of 180 days interest for CDs with a term greater than 12 months.
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 a CD can be done online, or at any of 17 Michigan branches located in Berkley, Detroit (2), Farmington, Ferndale, Grand Rapids, Macomb, Pontiac, Royal Oak, Saint Clair Shores, Shelby Township, Sterling Heights, Traverse City, Troy, Waterford, West Bloomfield, and Westland.
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).
Credit Union Overview
Credit Union ONE has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 8.69% (excellent) based on March 31, 2015 data. In the past year, Credit Union ONE has increased its total deposits by $47.34 Million, an excellent annual growth rate of 6.34%. Please refer to our financial overview of Credit Union ONE for more details.
More than 75 years ago, Credit Union ONE (NCUA Charter # 62562) 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 name was changed to Credit Union ONE in 1984 to announce its presence as a statewide financial institution. Today, Credit Union ONE has over 128,000 members and assets in excess of $890 Million.
How the CD Compares
When compared to the 315 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 36-Month CD currently shares the top spot with a 36-month CD from Good Shepherd Credit Union (another Detroit area credit union).
The above rates are accurate as of 8/13/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.