ELGA Credit Union (ELGA) recently added a 15-month Promotional CD, which offers five APYs between 2.25% and 2.45%, tiered in increments of 5 bps. Like all of ELGA CDs, the 15-month Promotional APYs are based on deposit levels of $1k, $30k, $100k, $250k, and $500k.
The 15-month Promotional CD is also available as an IRA (Traditional and Roth), earning the same tiered APYs with the same deposit levels.
As stated in the Rates and Service Charges document, the Early Withdrawal Penalty reads as follows:
The amount of the early withdrawal penalty is 90 days dividends
calculated on the principal amount or $25, whichever is greater.
ELGA added the Kasasa brand to its product line a few years ago and currently offers a competitive Kasasa Cash checking account (3.04% APY up to $15k) and a Kasasa Saver with a very large balance cap (1.50% APY up to $250k). While the rates on both Kasasa products have increased since I last wrote about them, the qualifying requirements and other account details have remained the same. For a more detailed look at the Kasasa Cash and Kasasa Saver accounts, please refer to my July 2017 blog post.
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, or Shiawassee, eligible to join.
Employees/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 for membership.
The last bullet on the Join the ELGA Family page 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.” While this easy membership requirement effectively excludes out-of-state applicants (unless you happen to be visiting mid-Michigan), residents of Michigan counties who can visit a branch location have a fairly easy route to membership.
Joining ELGA and/or opening a Promotional CD can be done online, or in person at any of 13 Michigan branches, located in Burton, Clio, Davison (2), Fenton, Flint (2), Flushing, Goodrich, Holly, Lapeer, Linden, and Saginaw.
If you join ELGA through the online application, an upload of both the front and back of a valid government ID is required. 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 and ATM Networks. 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.
ELGA Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.53% (excellent), based on September 30, 2019 data. In the past year, ELGA has increased its total non-brokered deposits by $72 million, an excellent annual growth rate of 14.65%. 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 more than 77,600 members and assets in excess of $759 million.
How the Promotional CD Compares
When compared to 202 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, ELGA Credit Union’s 15-month Promotional CD APYs currently rank at the top, regardless of minimum deposit requirements.
The above rates are accurate as of 2/26/2020.
To look for the best CD rates, both nationwide and state specific, please refer to DA’s CD Rates Table page.