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.

3.25%$5k-ELGA Credit Union65 Month CD Special
3.10%$5k-ELGA Credit Union55 Month CD Special
Rates as of March 21, 2019.

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.

A 90-day penalty is a very mild EWP, 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,

  • 2.92% APY – closed at 4 years
  • 2.86% APY – closed at 3 years
  • 2.72% APY – closed at 2 years
  • 2.60% APY – closed at 18 months
  • 2.33% 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 Who Can Join page.

As I was reading through the list of the various ways to join ELGA, the last line caught my eye.

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

Unfortunately, the next line reads, “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 Promotional CD can be done online, or in person at any of nine Michigan branches, located in Burton, Clio, Davison (2), Fenton, Flint, Flushing, Lapeer, and Saginaw.

Credit Overview

ELGA Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.64% (excellent), based on September 30, 2017 data. In the past year, ELGA has increased its total non-brokered deposits by $61.43 million, an excellent annual growth rate of 15.39%. Please refer to our financial overview of ELGA Credit Union (NCUA Charter # 61797) for more details.

Founded in 1968, ELGA Credit Union is currently Michigan’s 22nd largest credit union, with more than 68,200 members and assets in excess of $554 million. ELGA assumed the assets, shares, and loans of the NCUA liquidated Valley State Credit Union in April 2017, in addition to giving VSCU’s 2,715 members a new home. In October, ELGA was named a “Crystal Performance Award” winner by Raddon, a Fiserv company and provider of research, analysis and strategic guidance to financial institutions. According to a Credit Union Times article,

The winners, according to press release represent the top three percent of more than 500 credit unions analyzed by Raddon over the past year.

Award recipients announced at the Raddon CEO Forum, received their selections based on an in-depth analysis of financial statements, sales figures, service metrics and member relationship data. The awards divided into two categories based on asset size.

How the Promotional CDs Compare

When compared to 214 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, ELGA Credit Union’s 65-month and 55-month Promotional CD APYs currently rank first and third, respectively.

The above rates are accurate as of 3/6/2018.

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

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

Slime   |     |   Comment #1
Wish I was eligible to join. Awesome EWP of only 90 days got my attention.
Robb   |     |   Comment #2
Definitely a decent deal for those eligible. One of the best EWP's I've seen.
Nothing   |     |   Comment #3
EWP on the entire principal notwithstanding amount withdrawn...take it all!
xxx   |     |   Comment #4
who the heck are they? i dont like cu with no name associated with the letters
Reader   |     |   Comment #5
From the CU's website:

"ELGA got its name from a contest that was held in 1959 to rename the credit union in order to replace the previous name of Flint Division Power Company Federal Credit Union. The new name incorporated the first two letters of each of the words Electrical and Gas."
xxx   |     |   Comment #6
ha ha right there. thanks
why i looked at disclosures?
spentcattle   |     |   Comment #7
Not sure I understand your point that they penalize on the entire amount of the CD isnt that the case everywhere
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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