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ELGA Credit Union


Overview / Commentary
www.elgacu.com
810-715-3542
2303 S Center Rd
Burton, MI 48519

ELGA Credit Union is headquartered in Burton and is the 21st largest credit union in the state of Michigan. It is also the 397th largest credit union in the nation. It was established in 1968 and as of March of 2020, it had grown to 217 employees and 74,048 members at 14 locations. ELGA Credit Union's money market rates are 36% higher than the national average, and it has an A health rating.

Field of Membership Restrictions

ELGA Credit Union of Michigan is open to individuals who live, work, worship, volunteer, or attend school in the Michigan counties of Genesee, Lapeer, Livingston, Oakland, Saginaw, and Shiawassee. Membership eligibility also extends to include the employees and retirees of many employer groups, including State of Michigan Government agencies, Building Trades AFL-CIO, and Consumers Energy Company. Individuals who donate $25 to the Salvation Army Bed & Bread Program also qualify for membership, as do immediate family members of current ELGA members.
See current membership details

Related Posts

ELGA Credit Union (MI) Adds Competitive 15-Month CD Special - 2/26/2020

ELGA Credit Union (MI) has added a 15-month Promotional CD, which earns tiered APYs between 2.25%-2.45% based on five deposit tiers ($1k, $30k, $100k, $250k, and $500k).

Move Your Money 12-Month CD, 6.00% APY - 11/4/2019

Offer valid on money not currently on deposit at ELGA Credit Union. One account per social security number. CD value is $1,000.00 only. CD must be opened at the Linden branch at 8017 Silver Lake Rd, Linden, MI 48451 or Holly branch at 15223 N. Holly Road, Holly, MI 48442. Penalty for early withdrawal. Promotion ends 11/29/2019. Field of membership includes residents of Genesee, Lapeer, Livingston, Oakland, Saginaw, and Shiawassee Counties in Michigan. Anyone who can come into a branch can join by making a $25.00 donation to the Salvation Army Bed and Bread Program.

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Health
A

Data as of Q1 2020

Learn why bank health matters

Health Grade Components

Overall
NCUA #61797
Year Chartered1968
Employees217
Primary Regulator
Profit Margin
Return on Assets - YTD1.34%
Return on Equity - YTD9.59%
Annual Interest Income$9.6MM
Assets and Liabilities
AssetsQ1 2020vs Q1 2019$839.5MM$703.8MM
LoansQ1 2020vs Q1 2019$689.9MM$619.2MM
DepositsQ1 2020vs Q1 2019$696.7MM$580.4MM
Equity CapitalQ1 2020vs Q1 2019$113.8MM$99.8MM
Loan Loss AllowanceQ1 2020vs Q1 2019$5.0MM$4.5MM
Unbacked Noncurrent LoansQ1 2020vs Q1 2019$7.1MM$7.1MM
Real Estate OwnedQ1 2020vs Q1 2019$521.00K$261.00K
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

ELGA Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.51%*$10k*-HSA Savings
OTHER TIERS: 0.75% → $200 - $1k | 1.25% → $1k - $10k
1.51%*$500k*-IRA Tiered Savings
OTHER TIERS: 0.50% → Up to $10k | 0.75% → $10k - $50k | 1.00% → $50k - $200k | 1.25% → $200k - $500k
0.75%*-$250kKasasa Saver
OTHER TIERS: 0.25% → $250k+
0.15%$200-Christmas Club
0.15%$200-Regular Savings
0.15%$200-Membership Share
0.15%$200-Vibe Savings
0.15%$200-Business Membership Share
0.15%$200-Any Moment Savings
0.15%--Super Saver Club

ELGA Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.10%*$250k*-BAMM! Account
OTHER TIERS: 1.00% → $25k - $100k | 1.05% → $100k - $250k
0.60%*$500k*-ELGA Elite Money Market
OTHER TIERS: 0.15% → $1k - $5k | 0.20% → $5k - $10k | 0.25% → $10k - $50k | 0.35% → $50k - $100k | 0.45% → $100k - $250k | 0.55% → $250k - $500k

ELGA Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.04%-$15kKasasa Cash
0.10%$10k-Business Checking
0.10%$10k-Community/Non-Profit Checking
0.10%$500-Vibe Checking
0.10%$10k-Basic Cash

ELGA Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.35%*$500k*-60 Month CD
OTHER TIERS: 1.15% → $1k - $30k | 1.20% → $30k - $100k | 1.25% → $100k - $250k | 1.30% → $250k - $500k
1.35%*$500k*-72 Month CD
OTHER TIERS: 1.15% → $1k - $30k | 1.20% → $30k - $100k | 1.25% → $100k - $250k | 1.30% → $250k - $500k
1.25%*$500k*-48 Month CD
OTHER TIERS: 1.05% → $1k - $30k | 1.10% → $30k - $100k | 1.15% → $100k - $250k | 1.20% → $250k - $500k
1.10%*$500k*-36 Month CD
OTHER TIERS: 0.90% → $1k - $30k | 0.95% → $30k - $100k | 1.00% → $100k - $250k | 1.05% → $250k - $500k
0.95%*$500k*-24 Month CD
OTHER TIERS: 0.75% → $1k - $30k | 0.80% → $30k - $100k | 0.85% → $100k - $250k | 0.90% → $250k - $500k
0.85%*$500k*-12 Month CD
OTHER TIERS: 0.65% → $1k - $30k | 0.70% → $30k - $100k | 0.75% → $100k - $250k | 0.80% → $250k - $500k
0.75%--12 Month Save To Win CD
0.70%$250-24 Month Learn2Save CD
0.60%$250-12 Month Learn2Save CD

ELGA Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.35%*$500k*-60 Month IRA
OTHER TIERS: 1.15% → $1k - $30k | 1.20% → $30k - $100k | 1.25% → $100k - $250k | 1.30% → $250k - $500k
1.35%*$500k*-72 Month IRA
OTHER TIERS: 1.15% → $1k - $30k | 1.20% → $30k - $100k | 1.25% → $100k - $250k | 1.30% → $250k - $500k
1.25%*$500k*-48 Month IRA
OTHER TIERS: 1.05% → $1k - $30k | 1.10% → $30k - $100k | 1.15% → $100k - $250k | 1.20% → $250k - $500k
1.10%*$500k*-36 Month IRA
OTHER TIERS: 0.90% → $1k - $30k | 0.95% → $30k - $100k | 1.00% → $100k - $250k | 1.05% → $250k - $500k
0.95%*$500k*-24 Month IRA
OTHER TIERS: 0.75% → $1k - $30k | 0.80% → $30k - $100k | 0.85% → $100k - $250k | 0.90% → $250k - $500k
0.85%*$500k*-12 Month IRA
OTHER TIERS: 0.65% → $1k - $30k | 0.70% → $30k - $100k | 0.75% → $100k - $250k | 0.80% → $250k - $500k
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