Seven months ago, I wrote about the “limited time” Certificate Specials offered by First United Credit Union (First United). The two Certificate Specials still available and have significantly improved APYs. Following a recent addition of 25 bps, the base APY for the 18-month Certificate Special is 1.30% and 1.50% for the 24-month Certificate Special. The minimum opening deposit is $500, with a maximum deposit of $250k.
Both Certificate Specials have a 0.25% bonus rate option for having a checking relationship. As stated on the Certificates of Deposit page,
To receive the .25% bonus rate, the member must have an active Checking Account which includes a minimum of $250 ACH Direct Deposit monthly, an active Debit Card, and Online Banking with eStatements/eNotices.
All the requirements must be met during the entire term of the Certificate Specials to receive the 0.25% bonus rate. These requirements are some of the monthly qualifying requirements for First United’s Rewards Checking account, which I’ve written about in the past year.
As stated in the Important Disclosure brochure, the Early Withdrawal Penalty reads as follows:
For all certificate accounts, the amount of early withdrawal
penalty is 180 days dividends earned for terms over 12 months.
Headquartered in Grandville, Michigan, First United Credit Union’s field of membership (FOM) is community based, with individuals who live, work, worship, or attend school anywhere in the state of Michigan eligible to join.
A share savings account is the first account you’ll open to be part of the First United family. The only requirement is maintaining a $5 deposit. This enables you to take part in our full line of financial services.
Opening a CD Special can be done at the Grandville branch or by phone. According to CSR, after a new membership application has been approved, a CD can be opened over the phone. Funding a CD can done by ACH, wire transfer, check, or internal transfer, with maturing funds distributed through the same four methods.
First United is a member of the CO-OP ATM network and the Xtend Shared Branch network.
Xtend Shared Branches offer you the convenience of a
network with hundreds of locations throughout Michigan.
Credit Union Overview
First United Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.74% (excellent) based on December 31, 2021 data. In the past year, First United has increased its total non-brokered deposits by $7.91 million, an excellent annual growth rate of 20.56%. Please refer to our financial overview of First United Credit Union (NCUA Charter # 68640) for more details.
Established in 1937, First United Credit Union’s original FOM included the employees of the Leonard Refrigerator Plant exclusively. (While not a well-known name today, the Leonard Refrigerator Plant had a payroll of $4 million and more than 2,800 employees in 1937.) Following the acquisition of the Leonard plant by the Kelvinator Company, the credit union became known as the Kelvinator Employees Credit Union.
About nine years ago, the First United rebrand occurred, following a change to a state charter and an FOM expansion from one Michigan county to 23 Michigan counties. While the 2013 FOM expansion was substantial, First United began offering membership in all 83 Michigan counties three years ago.
How the 24-Month Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available to all Michigan residents and have minimum deposit requirements of $10k or less, no banks or credit unions currently have a higher rate than offered on the First United Credit Union 24-month Certificate Special (base rate). The following table compares the 24-month Certificate Special base rate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
How the 18-Month Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available to all Michigan residents and have minimum deposit requirements of $10k or less, only one credit union currently has a higher rate than offered on the First United Credit Union 18-month Certificate Special (base rate). The following table compares the 18-month Certificate Special base rate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 3/10/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.