Hot deal alert: Firelands Federal Credit Union (Firelands FCU) is currently offering a 9-month Certificate Promotional Rate earning 3.00% APY. The minimum opening deposit is $5k of new money, which is defined as funds “not on deposit at Firelands FCU for the past 90 days.” There is also a $250k maximum balance to earn the stated APY.
|3.00%||$5k||$250k||Firelands Federal Credit Union||9 Month Share Certificate Special (New Money Only)|
For the past five years, the 9-month Certificate had a lackluster 1.25% APY. By adding 175 bps, the promotional rate for the 9-month Promotional Certificate now equals that of Firelands FCU’s 60-month Promotional Certificate.
As stated on the Disclosure Z for Promotional 9-month Certificates, the Early Withdrawal Penalty reads as follows:
For Certificates with terms 12 months or less, 60 days loss of dividends.
The Disclosure also states,
Certificate is non-renewable and will transfer to savings account upon maturity.
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’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 Promotional Certificate Compares
When compared to 237 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 9-Month Promotional Certificate APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.00% APY||9-Month Promotional Certificate||Firelands Federal Credit Union|
|2.75% APY||9-Month Certificate Special||Andrews Federal Credit Union|
|2.20% APY||9-Month Share Certificate Special||Service Credit Union|
The above rates are accurate as of 7/13/2018.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.