Earlier this week, Financial Plus Credit Union (Financial Plus) added two Share Certificate (CD) Specials to its product line: 15-month Share Certificate Special (1.30% APY) and 29-month Share Certificate Special (1.77% APY).
Both CD Specials require a minimum opening deposit of $1K new money, with a balance cap of $100K.
The 15-month CD Special requires a Financial Plus checking relationship, with at least one monthly payroll direct deposit. This offering is valid through February 8, 2016.
The 29-month CD Special does not require a checking relationship, and is also available as an IRA (Traditional, Roth, and CESA) at the same AYP, with the same funding requirements. This offering expires on December 4, 2015.
As stated in Financial Plus’ Truth In Savings document, the Early Withdrawal Penalty reads as follows:
If an early withdrawal reduces the principal balance below the original certificate amount or below the certificate amount of a subsequent renewal, the certificate will be canceled, and a forfeiture will be imposed equal to the value of ninety (90) days dividends on the entire amount evidenced by the certificate if the current term is one year or less, or the value of one hundred eighty (180) days dividends on that amount if the current term is more than one year.
Membership in Financial Plus Credit Union is residency based, with individuals who live, work, worship, or attend school in the following 34 Michigan counties eligible to join:
Alcona, Alpena, Antrim, Arenac, Bay, Benzie, Charlevoix, Cheboygan, Clare, Crawford, Emmet, Genesee, Gladwin, Grand Traverse, Gratiot, Ingham, Iosco, Isabella, Kalkaska, Lapeer, Leelanau, Livingston, Macomb, Midland, Montmorency, Oakland, Ogemaw, Oscoda, Otsego, Presque Isle, Roscommon, Saginaw, Shiawassee, and Tuscola Counties.
Joining Financial Plus can be done online or at any of seven Michigan branches located in Fenton, Flint (2), Grand Blanc, Howell, Saginaw, and Swartz Creek. The membership application is also available for download.
Opening a Share Certificate Special can be done by phone or at any of the above mentioned seven branch locations.
Credit Union Overview
Financial Plus Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.83% (excellent) based on June 30, 2015 data. In the past year, First Federal has increased its total deposits by $5.5 Million, an above average annual growth rate of 1.49%. Please refer to our financial overview of Financial Plus Credit Union for more details.
Headquartered in Flint, Financial Plus Credit Union (NCUA Certificate # 68646) was formed in 1952 as the Cheve-Flint Federal Credit Union by employees of Chevrolet. In 1965, the name was changed to West Side Auto Employees Federal Credit Union to better reflect a charter expansion that included other General Motors plants. 37 years later, another charter change resulted in Financial Plus Credit Union serving the residents of four Michigan counties. In 2014, Financial Plus converted to a state-chartered credit union to expand into 34 Michigan counties. Today, Financial Plus has over 49,000 members and assets in excess of $441 Million.
How the CDs Compare
When compared to the 217 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available to Michigan residents, Financial Plus Credit Union's 15-month Share Certificate Special currently ranks third.
When compared to the 314 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available to Michigan residents, Financial Plus Credit Union's 29-month Share Certificate Special currently ranks first.
The above rates are accurate as of 10/16/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.