For the past few years, Frankenmuth Credit Union (FCU) has run a series of summer CD Specials. This year is no different, with three “Summer Sizzler” CD Specials being offered, but only the 13-month CD Special (1.60% APY) has sizzle; the other two (21-month, 1.35% APY and 37-month, 1.50% APY) are more fizzle than sizzle.
The limited-time 13-month CD Special requires new money, simply defined as “not currently on deposit with FCU."
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; principal balance may be invaded."
FCU is also offering some very competitive rates on CDs with deposits between $100,000 and $999,999.
Kasasa Cash and Kasasa Saver
In March 2016, I wrote about FCU’s Kasasa Cash (2.50% APY, up to $10k) 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.
Headquartered in Frankenmuth, Michigan, Frankenmuth Credit Union’s field of membership (FOM) includes “Anyone that lives, works, worships or is educated in the state of Michigan.”
When I last wrote about FCU in March 2016, the FOM’s wording was slightly different, using the words, “was educated in the state of Michigan." I initially thought “was educated” was a typo, but I confirmed that anyone who attended any school (elementary, high school, university, etc.) in Michigan at any time was eligible for membership. Sometime in the past year, the school requirement was changed from “was” to “is,” so only those who are currently enrolled in a Michigan school qualify.
In addition, relatives of a current FCU member also qualify for membership.
Joining FCU and/or opening a CD Special at can be done online or at any of 19 full-service Michigan branches, located in Bay City, Birch Run (2), Caro, Cass City, Elkton, Essexville, Frankenmuth (2), Freeland, Millington, Otisville, Reese, Richville, 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 11.76% (above average) based on March 31, 2017 data. In the past year, FCU has increased its total non-brokered deposits by $49.54 million, an excellent annual growth rate of 13.84%. 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 28th largest credit union, with more than 38,000 members and assets in excess of $493 million.
How the Summer Sizzler CD Special Compares
When compared to the 397 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available in Michigan, Frankenmuth Credit Union’s 13-month CD Special APY currently ranks second.
The above rates are accurate as of 7/18/2017.