Frankenmuth Credit Union (MI) Offers Competitive Jumbo CD Rates

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Deal Summary: Jumbo CDs, $100k minimum – 12-month (2.08% APY), 18-month (2.15% APY), 2-year (2.36% APY), 3-year (2.50% APY), and 4-year (2.60% APY).

Availability: All Michigan residents.

Frankenmuth Credit Union (FCU) is currently offering very competitive rates on most of its Jumbo CDs ($100k+). These Jumbo CDs are also available as IRAs, earning the same APYs and with the same funding requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.60*%$100k-Frankenmuth Credit Union4 Year CD
OTHER TIERS: 1.65% $500 - $100k
2.50*%$100k-Frankenmuth Credit Union3 Year CD
OTHER TIERS: 1.21% $500 - $100k
2.36*%$100k-Frankenmuth Credit Union2 Year CD
OTHER TIERS: 1.15% $500 - $100k
2.15*%$100k-Frankenmuth Credit Union18 Month CD
OTHER TIERS: 1.10% $500 - $100k
2.08*%$100k-Frankenmuth Credit Union12 Month CD
OTHER TIERS: 1.08% $500 - $100k
Accounts mentioned in this post. Rates as of February 21, 2018.

I find it interesting that the difference between the Jumbo CD APYs and the regular CD APYs (less than $100k) is large, ranging between 100 and 129 bps. And I’m a bit surprised that FCU has three CD Specials (13-month, 1.65% APY; 21-month, 1.75% APY; and 37-month, 1.86% APY) that offer rates well below the Jumbo CD rates.

In a Live Chat, CSR stated that the Early Withdrawal Penalty is a substantial "1/2 of the original term’s projected dividends whether earned or not. Balance or principal may be invaded."

Kasasa Cash and Kasasa Saver

In March 2016, I wrote about FCU’s Kasasa Cash (2.50% APY, now up to $15k) and Kasasa Saver (1.25% APY, up to $100k); those rates are still in effect. Complete details about these two Kasasa products can be found in my March 2016 blog post.

Availability

Headquartered in Frankenmuth, Michigan, Frankenmuth Credit Union’s field of membership includes “Anyone that lives, works, worships or is educated in the state of Michigan.”

In addition, relatives of a current FCU member also qualify for membership.

Joining FCU and/or opening a Jumbo CD at can be done online or at any of 18 full-service Michigan branches, located in Bay City, Birch Run (2), Caro, Cass City, Elkton, Essexville, Frankenmuth (2), Freeland, Millington, Otisville, Reese, Rockford, Saginaw (2), and Vassar (2).

In addition to the full-service branches, this community-oriented credit union sponsors "Baby" Credit Unions in four local high schools, with services specifically for students and school staff.

FCU has joined the CO-OP network, which gives members access to more than 5,000 branches and nearly 30,000 surcharge-free ATMs nationwide.

Credit Union Overview

Frankenmuth Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 12.66% (above average) based on September 30, 2017 data. In the past year, FCU has increased its total non-brokered deposits by $51.86 million, an excellent annual growth rate of 13.82%. Please refer to our financial overview of Frankenmuth Credit Union (NCUA Charter # 61755) for more details.

Frankenmuth Credit Union was founded in 1964 by employees of Carling Brewery, with only the brewers and millers of Carling Brewery, Zeilinger Beverage, Geyer's Brewery, and Star of the West Milling, eligible for membership.

It wasn't uncommon in those early days when someone wanted a loan, if the credit union didn't have enough in savings, for staff from the credit union to walk around the brewery asking for additional deposits. People helping people!

With its change to a community charter in 1969, FCU began to grow and today is Michigan’s 23rd largest credit union, with more than 40,600 members and assets in excess of $541 million.

How the Jumbo CDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available to Michigan residents, Frankenmuth Credit Union’s 12-month Jumbo CD APY currently ranks second.

Interest RateCD Length of TermCredit Union/Bank
2.10% APY1-Year CD ($2.5k min)Live Oak Bank
2.08% APY12-Month Jumbo CD ($100k min)Frankenmuth Credit Union
2.05% APY12-Month eCD ($10k min)VirtualBank

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available to Michigan residents, Frankenmuth Credit Union’s 2-year Jumbo CD APY currently shares the top spot with VIrtualBank’s 24-month eCD APY.

Interest RateCD Length of TermCredit Union/Bank
2.36% APY2-Year Jumbo CD ($100k min)Frankenmuth Credit Union
2.35% APY2-Year CD ($2.5k min)Live Oak Bank
2.32% APY24-Month CD ($500 min)MutualOne Bank

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available to Michigan residents, Frankenmuth Credit Union’s 3-year Jumbo CD APY currently ranks first.

Interest RateCD Length of TermCredit Union/Bank
2.50% APY3-Year Jumbo CD ($100k min)Frankenmuth Credit Union
2.40% APY3-Year CD ($500 min)KS StateBank
2.36% APY36-Month Online Promo CD ($5k min)M.Y. Safra Bank

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available to Michigan residents, Frankenmuth Credit Union’s 4-year Jumbo CD APY currently ranks first.

Interest RateCD Length of TermCredit Union/Bank
2.60% APY4-Year Jumbo CD ($100k min)Frankenmuth Credit Union
2.53% APY48-Month Personal CD ($500 min)ConnectOne Bank
2.51% APY48-Month CD ($500 min)Northern Bank Direct

The above rates are accurate as of 2/8/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Flint CD rates, Grand Rapids CD rates, 1-year CD rates, 5-year CD rates

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