Firelands Federal Credit Union (Firelands FCU) has started the month by adding three Promotional Rate Certificates, but only the 36-month (2.06% APY) is truly competitive. The minimum opening deposit is $500 of new money, which is defined as funds “not on deposit at Firelands FCU for the past 30 days.” There is also a $100k maximum deposit per member.
The promotional rate for the 36-month Certificate is 66 bps higher than Firelands FCU’s regular rate 36-month Share Certificate.
As stated on Firelands FCU’s Disclosure B for Certificates, the Early Withdrawal Penalty reads as follows:
For Certificates with terms between 25 and 48 months, 150 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 Promotional 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 is limited to account management and bill payment services.
Firelands FCU participates in the Co-Op Shared Branch network that allows credit union members to use branches (5,000+ locations) of other network credit unions to conduct basic teller transactions.
Credit Union Overview
Firelands Federal Credit Unionhas an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.30% (excellent) based on March 31, 2017 data. In the past year, Firelands FCU increased its total non-brokered deposits by $13.28 million, an excellent annual growth rate of 5.91%. 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 31,000 members and assets in excess of $264 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 Promotional Certificate Compares
When compared to 235 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 Promotional Certificate APY currently ranks second.
The above rates are accurate as of 9/6/2017.