Deal Summary: 40-Month CD Special, 1.91% APY, $500 new money minimum; 30-Month IRA CD Special, 1.76% APY, $1k new money minimum.
Last week, Glass City Federal Credit Union (Glass City FCU) added a 40-Month CD Special (1.91% APY) and 30-Month IRA CD Special (1.76% APY) to its product line. While both Specials require new money “for the full deposit amount,” the 40-Month CD Special requires only a $500 minimum deposit, as compared to the $1k minimum deposit for the 30-Month IRA CD Special.
As stated in the “Rate Schedule” document, the Early Withdrawal Penalty reads as follows:
Penalty for early withdrawal for a term of 18 months to 5 years is the forfeiture of dividends earned since date of issuance or 180-days’ dividends, whichever is smaller.
The IRA CD EWP also states,
The forfeiture of dividends does not apply if the early withdrawal is made following the member’s disability or attainment of not less than 59 ½ years of age.
Headquartered in Maumee, Ohio, Glass City Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the Ohio counties of Fulton, Lucas, Ottawa, or Wood eligible to join.
Immediate family members of eligible individuals may be eligible for membership.
Joining Glass City FCU can be done at any of five Ohio full-service branches located in Bowling Green, Maumee, and Toledo (3). Glass City FCU’s Membership Application and be downloaded to expedite the process.
Credit Union Overview
Glass City Federal Credit Union (NCUA Charter # 5495) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.94% (excellent) based on September 30, 2016 data. In the past year, Glass City FCU increased its total non-brokered deposits by $14.54 million, an excellent annual growth rate of 8.71%. Please refer to our financial overview of Glass City Federal Credit Union for more details.
Established in 1947, Glass City Federal Credit Union is currently one of northwest Ohio’s largest credit unions, with more than 25,200 members and assets in excess of $204.8 million. The City of Toledo became known as “Glass City” when the New England Glass Works (now Libbey Glass Company) moved from Massachusetts to Ohio in 1888. While the Glass City name might suggest an industry-affiliated FOM, the Credit Union has always maintained a community FOM, although in late 2015, the Libbey (as in Libbey Glass) Federal Credit Union merged with Glass City FCU.
How the Specials Compare
When compared to the 240 similar length-of-term CDs tracked by DepositAccounts.com, with similar minimum deposit requirements and available within the FOM, Glass City Federal Credit Union’s 40-month Certificate APY currently ranks first.
When compared to the 183 similar length-of-term IRAs tracked by DepositAccounts.com, with similar minimum deposit requirements and available within the FOM, Glass City Federal Credit Union’s 30-month IRA CD APY currently ranks third.
The above rates are accurate as of 1/28/2017.