ELGA Credit Union (MI) Ups 27-Month CD Special - EXPIRED


UPDATE 9/26/19: The 27-month CD Special has expired and is no longer available.

Deal Summary: 27-month CD Special, 3.10% APY, $25k min deposit, at least 50% of new money.

Availability: Six mid-Michigan counties; several SEGs including State of Michigan government agencies; easy membership requirement for those who can come into a branch.

ELGA Credit Union (ELGA) recently raised the rate on its 27-month CD Special to 3.10% APY. This CD Special requires a $25k minimum deposit, with a “minimum of 50% new money required to open.”

The 27-month CD Special is also available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.

As stated in the Rates and Service Charges document, the Early Withdrawal Penalty (EWP) reads as follows:

The amount of the early withdrawal penalty is 90 days dividends
calculated on the principal amount or $25, whichever is greater.

65-month CD Special

A year ago, I wrote about ELGA’s 65-month CD Special, which earned 3.10% APY at the time. About six weeks ago, the rate was raised to 3.25% APY. Like the 27-month, the 65-month CD Special requires a $25k minimum deposit, but new money is not required.

A 90-day penalty is a very mild EWP for a long-term CD, making the 65-month Promotional CD even more attractive. Using DA’s Early Withdrawal Penalty Calculator, you can see what the effective yields would be on a month-by-month basis. For example,

  • 3.07% APY – closed at 4 years
  • 3.00% APY – closed at 3 years
  • 2.86% APY – closed at 2 years
  • 2.73% APY – closed at 18 months
  • 2.45% APY – closed at 1 year


Headquartered in Burton, Michigan, ELGA Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, volunteer, or attend school in the Michigan counties of Genesee, Lapeer, Livingston, Oakland, Saginaw, and Shiawassee eligible to join.

Employees and retirees of several companies and organizations (including State of Michigan government agencies) also qualify for membership.

Immediate family members of current ELGA members are also eligible. Complete membership details are available on the Join the ELGA Family page.

The last bullet point under Who Can Join reads,

Any person making a $25.00 donation to the Salvation Army Bed and Bread Program.

Unfortunately, it’s followed by, “this option not available for online account opening.” So, while this easy membership requirement excludes out-of-state applicants, residents of nearby counties have a fairly easy route to membership.

Joining ELGA and opening a CD Special can be done online, or in person at any of ten Michigan branches, located in Burton, Clio, Davison (2), Fenton, Flint, Flushing, Goodrich, Lapeer, and Saginaw.

The online application requires an upload of both the front and back of a valid government ID. A credit or debit card, or a U.S. checking account is required to fund an account online. The Membership Share account,

is your key to enjoying all of ELGA Credit Union’s many products and services. The first $5.00 of your deposits is designated as your membership share of ELGA and opens the door to financial independence. Please note that an additional $5.00 Membership Fee will be assessed to all brand-new membership requests.

ELGA participates in the CO-OP Shared Branching Network. ELGA members can,

Use the Co-Op ATM Finder page to find a Fee-Free ATM or Shared Branch close to you. Nearly 30,000 ATMs and 5,000 Shared Branches Nationwide.

Credit Overview

ELGA Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.07% (excellent), based on December 31, 2018 data. In the past year, ELGA has increased its total non-brokered deposits by $24.12 million, an excellent annual growth rate of 5.15%. Please refer to our financial overview of ELGA Credit Union (NCUA Charter # 61797) for more details.

ELGA Credit Union was founded in 1951 as the Flint Division Consumers Power Company Federal Credit Union for the benefit of Consumers Energy employees. The ELGA name, which incorporates the first two letters of “ELectric” and “GAs”, was selected in 1959 following a contest to rename the Credit Union. Currently Michigan’s 21st largest credit union, ELGA has nearly 74,000 members and assets in excess of $660 million.

How the CD Special Compares

When compared to 254 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, ELGA Credit Union’s 27-month CD Special APY currently ranks third, regardless of minimum deposit requirement.

The above rates are accurate as of 4/30/2019.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Detroit CD rates, Flint CD rates, 5-year CD rates


Bob   |     |   Comment #2
This has already ended.
ELGA Credit Union (MI) Unveils 65-month Promo CD
Deal Summary: Promotional CDs – 65-month, (3.10% APY), 55-month (2.90% APY), $5k minimum deposit.

Availability: Six mid-Michigan counties; several SEGs including State of Michigan government agencies

At the beginning of the month, ELGA Credit Union (ELGA) unveiled four Promotional CDs, two of which are competitive: 65-month (3.10% APY) and 55-month (2.90% APY). All the Promotional CDs require a $5k minimum deposit, with no stated balance cap.

As stated in the Rates and Service Charges document, the Early Withdrawal Penalty (EWP) reads as follows:

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ELGA CU (MI) Adds Kasasa Saver
Deal Summary: Kasasa Cash, 2.02% APY, up to $15k; Kasasa Saver, 1.35% APY, up to $100k.

Availability: Six mid-Michigan counties; several SEGs including State of Michigan government agencies

ELGA Credit Union’s (ELGA) Kasasa Cash account currently earns 2.02% APY on qualifying balances up to $15k. Qualifying balances of $15k+ earn 0.25% APY, with non-qualifying balances earning 0.05% APY.

While this Kasasa Cash account may not have the most impressive rate or balance cap, the companion Kasasa Saver (just introduced in April) currently earns 1.35% APY on balances...

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3.04% Reward Checking Account at ELGA Credit Union in Michigan
Update 9/19/09: The balance cap is scheduled to fall to $50,000 effective October 1, 2009. Refer to the bottom of the post for the rate history.

ELGA Credit Union is offering a reward checking account called e.Rewards Checking which pays 3.04% APY on balances up to $50,000 (1.0% for above) and refunds ATM fees up to $25 per cycle if the following monthly requirements are met:
  • 10 signature-based check card purchases
  • one direct deposit
  • access online banking
  • receive electronic statements
If these are not met, the rate falls to 0.20%. There is no minimum balance requirement...

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