Firelands Federal Credit Union (Firelands FCU) raised the rate on its 60-month Share Certificate (2.30% APY) by 45 basis points earlier this week. The minimum opening deposit is $500, with no stated balance cap.
|2.60%||$500||-||Firelands Federal Credit Union||60 Month Share Certificate|
|2.60%||$500||-||Firelands Federal Credit Union||60 Month IRA Share Certificate (Traditional, Roth, CESA)|
This is the highest APY for the 60-month Share Certificate in more than six years that includes 24 rate changes.
The Share Certificate is also available as an IRA (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.
As stated on Firelands FCU’s Disclosure B for Certificates, the Early Withdrawal Penalty reads as follows:
For Certificates with terms of 49 months and longer, 210 days loss of dividends.
Headquartered in Bellevue, Ohio, Firelands Federal Credit Union’s field of membership is residency based, with individuals who live, work, worship, or attend school in Huron and Crawford Counties eligible to join. Residents of 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 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 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 Union (NCUA Charter # 11674) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 9.94% (excellent) based on September 30, 2016 data. In the past year, Firelands FCU increased its total non-brokered deposits by $14.92 million, an excellent annual growth rate of 7%. Please refer to our financial overview of Firelands Federal Credit Union 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 30,400 members and assets in excess of $254 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 Certificate Compares
When compared to 209 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available with the FOM, Firelands Federal Credit Union's 60-Month Share Certificate APY currently ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.32% APY||5-Year Share Certificate||Melrose Credit Union|
|2.30% APY||60-Month Share Certificate Special||Firelands Federal Credit Union|
|2.22% APY||60-Month Share Certificate||Fremont Federal Credit Union|
The above rates are accurate as of 1/26/2017.