Glass City Federal Credit Union (OH) Has New Competitive 9-Month CD
As its 75the anniversary year draws to a close, Glass City Federal Credit Union (Glass City FCU) has added a competitive 9-Month CD Special to its product line. While this limited-time CD Special can be opened with a $500 minimum deposit, “new money is required for the full deposit amount.”
As stated in the “Rate Schedule” document, the Early Withdrawal Penalty reads as follows:
Penalty for early withdrawal/closing of the account for term of 6 months to 1 year is the forfeiture of dividends earned since date of issuance or 90-days’ dividends, whichever is smaller.
Excess Share Insurance
Glass City FCU offers Excess Share Insurance.
Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government, National Credit Union Administration, a U.S Government Agency. Additional insurance up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.
Availability and Account Opening
Headquartered in Maumee, Ohio, Glass City Federal Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, or attend school in the northwest 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). Appointments are available and can be scheduled by calling 419.887.1000. The Membership Application is available upon request through a “Contact Us” form.
Glass City membership requires a $25 minimum balance in a Primary Share Savings account.
Funding and Other Details
The following information is from a recent conversation with CSR.
- Funding – ACH, wire, or check.
- CO-OP Shared Branch Participant – No.
- Dividends – Compounded/credited quarterly; dividends can be paid out or transferred to another Glass City FCU account.
- Maturing Funds – Cashier’s check to address on file or internal transfer.
- Beneficiaries – Unlimited, equal shares, Social Security number required.
- Grace Period – 7 calendar days before automatic renewal as a 12-month CD.
- Credit Check – Soft pull when joining.
Credit Union Overview
Glass City Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 1.70% (excellent) based on September 30, 2022 data. In the past year, Glass City FCU increased its total non-brokered deposits by $9.35 million, an excellent annual growth rate of 3.73%. Please refer to our financial overview of Glass City Federal Credit Union (NCUA Charter # 5495) for more details.
Established in 1947, Glass City Federal Credit Union is currently one of northwest Ohio’s largest credit unions with more than 26,600 members and assets in excess of $297 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 9-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Glass City Federal Credit Union 9-month CD Special. The following table compares the 9-month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 12/30/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
