Top Long-Term CD Rates at Education First Credit Union in Michigan - Local Only


Education First Credit Union is offering several competitive CD and IRA CD rates. These include a 3.30% APY for a 4- and 5-year term, 3.00% APY for a 3-year term and a 2.45% APY for a 2-year term. The IRA CD rates are 10 basis points higher. These rates are listed in the credit union's deposit rates page as of 8/13/2010.

According to the credit union's field of membership page, the field of membership includes "All retired persons". I have a feeling they mistakenly made this too broad. The other part of the FOM includes the employees and students of the school districts in Wayne and Monroe counties. So it may only be retirees of these school districts who can qualify. Please refer to the FOM page for the full details.

Branches are located in the Michigan cities of Southgate, Brownstown and Grosse Ile.

Merged into First Community FCU

One important note about this credit union is that it's being merged into First Community FCU. This credit union has lower CD rates (see them here), and I was worried if the above rates were still valid. I contacted the credit union yesterday, and I was informed that the listed rates are still available.

The advantage of this merger is that First Community FCU is in much better shape financially. Its ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial, 4 stars (sound) at and an overall health score of 4 out of 5 at (see our financial overview for First Community FCU). These ratings are based on March 2010 data. The credit union is federally insured by the NCUA (Charter # 62101).

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Anonymous   |     |   Comment #1
" There will be a 90-day penalty fee for any 1, 2, 3, 4, and 5-year CD that is cashed in early." This according to their rate page. Wow!!!