In mid-July, Firelands Federal Credit Union (Firelands FCU) offered a promotional 3.00% APY on a 9-month Share Certificate. Like all hot deals, it was short-lived, lasting about three weeks. In the past few years, Firelands FCU has had one really good deal every year, and I assumed the 9-month would be it. I was wrong. Firelands FCU raised that rates on several of its Share Certificates yesterday, with the 36-, 48-, and 60-month the most competitive. The minimum opening deposit is only $500, with no stated balance cap.
The Share Certificates are also available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements.
Since the beginning of the year, Firelands FCU has raised its Share Certificates rates five times, adding a total of 180 bps to the 36- and 48-month Certificates and 130 bps to the 60-month Certificate. As of this morning, the 60-month has the highest APY of the more than 3,600 5-year CDs tracked by DA.
As stated in Disclosure B for Certificates, the Early Withdrawal Penalty reads as follows:
25 – 48 months, 150 days loss of dividends
49 months and longer, 210 days loss of dividends
Headquartered in Bellevue, Ohio, Firelands Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in Huron or Crawford County eligible to join. Residents of the portions of Erie, Sandusky, and Seneca Counties that abut on Huron County also qualify for membership.
Immediate family members (defined as spouse, child, sibling, parent, grandparent, or grandchild, including step-relations and adoptions) of current members are eligible for membership.
Complete details about membership eligibility (including a map of the areas included in the FOM) can be found on Membership page.
Joining Firelands FCU and/or opening a Share Certificate must be done in person at any of six Ohio branches located in Bellevue, Bucyrus, Galion, Monroeville, and Norwalk (2). While the Credit Union does offer online banking, it’s limited to account management and bill payment services.
Firelands FCU participates in the Co-Op Shared Branch network, allowing members to use branches (5,000+ locations) of other network credit unions to conduct basic teller transactions.
Credit Union Overview
Firelands Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.08% (excellent) based on March 31, 2018 data. In the past year, Firelands FCU increased its total non-brokered deposits by $16.04 million, an excellent annual growth rate of 6.74%. Please refer to our financial overview of Firelands Federal Credit Union (NCUA Charter # 11674) for more details.
Originally established in 1955 to serve Nickle Plate Railroad employees, membership in Firelands FCU was expanded in 1970 to anyone who lived or worked in the community. Today, the Credit Union has more than 32,000 members and assets in excess of $283 million.
The Firelands area derives its name from Revolutionary War times, when the resale of the land was intended as financial restitution for Connecticut residents whose homes were burnt in 1779 and 1781 by British forces. At that time, this part of north central Ohio was actually at the western end of the Connecticut Western Reserve, a distance of more than 550 miles from Connecticut’s modern-day western border.
How the Share Certificates Compare
When compared to 269 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Firelands Federal Credit Union's 36-Month Share Certificate APY currently ranks first.
When compared to 269 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Firelands Federal Credit Union's 48-Month Share Certificate APY currently ranks first.
When compared to 236 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Firelands Federal Credit Union's 60-Month Share Certificate APY currently ranks first.
The above rates are accurate as of 8/23/2018.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.