Now through November 30, 2018, Great Lakes Credit Union (GLCU) is offering a 7-month “7-7-7” Share Certificate, with an outstanding 7.00% APY. The minimum deposit is $1k, with a balance cap of $7k.
This limited-time offer is only available through November 30, 2018 and there is a limit of one certificate per member. GLCU’s President’s Club bonus rates do not apply to the 7-7-7 Share Certificate.
As stated in the Fee Schedule, the Early Withdrawal Penalty reads as follows:
Terms up to 1 year – 90-day loss of dividend for early withdrawal
These types of CD promotions often have balance caps of only $1k or $2k. Compared to the typical promotions, this one with a $7k cap isn’t bad. Of course, the $7k balance cap prevents a member from earning a large amount on this promo, but you can still earn a fair amount that equals a nice checking account bonus. I have more details on the amount of the earnings in the comparison section below.
Thanks to DA reader, gnarlycow, for the Forum post on this great short-term deal.
Headquartered in North Chicago, Great Lakes Credit Union’s field of membership (FOM) provides a way for almost any US citizen or alien resident a way to join.
Easy Membership: The very last answer to the online application question, "Which best describes your affiliation with GLCU?" is "Not listed – let us help." By selecting that answer, you qualify for membership in GLCU.
Residency: Anyone who lives or works in the Illinois counties of Cook (west of Route 83), Dupage, Kane, Kendall, Lake, McHenry, and Will, as well as in Kenosha County, Wisconsin, is eligible to join.
Employment: Federal government employees, including active and retired military members, and employees of the Tinley Forest School Districts 113, 142, 145, 146, and 160, qualify for membership.
Affiliation: Members of Teamster Local 705 and the NIBA are also eligible.
Relationship: Relatives of any membership-eligible individuals also qualify.
Joining GLCU and/or opening a 7-7-7 Share Certificate can be done online or at any of 14 Illinois branches located in Antioch, Bolingbrook, Chicago, Country Club Hills, Crystal Lake, Gurnee, Naperville, North Chicago, Oak Lawn, Round Lake Beach, Waukegan, Willow Springs, Woodstock, and Zion.
GLCU is a member of the Co-Op Shared Branch organization, which gives GLCU members access to over 5,000 Credit Union Service Centers across the country.
Through this convenient network, you can perform many of your financial transactions and obtain services at other credit unions and service center locations belonging to the network.
Shared branching can make it easy to deposit money to fund new accounts, like Share Certificates. Simply make a deposit into the savings account at a local shared branch and then ask to fund the new Share Certificate from the savings account.
Credit Union Overview
Great Lakes Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 8.36% (excellent) based on June 30, 2018 data. In the past year, GLCU has increased its total non-brokered deposits by $5.96 million, an above average annual growth rate of 0.9%. Please refer to our financial overview of Great Lakes Credit Union (NCUA Charter # 60238) for more details.
Organized in 1938, Great Lakes Credit Union was established for the benefit of the members of Local 167 of the National Federation of Federal Employees. At that time, there was no local financial institution and civil servants were paid in cash. Every payday, GLCU’s Treasurer would set up a desk at the end of the Disbursing Officer’s pay line, collecting deposits and loan payments from members, which in turn were placed in a tin cash box. Eighty years later, through expansion, charter changes, and mergers, GLCU has more than 82,300 members and assets in excess of $819 million.
How the 7-7-7 Share Certificate Compares
Obviously, the 7% APY beats any rate currently offered on any CD, but the $7k balance cap makes for an apples-to-oranges comparison. A better way of understanding this rate is to compare the CD's maximum earnings to the earnings of a top savings account over seven months. You can see if the extra earnings in this CD over the savings account would make the CD worth your time. The earnings listed below are approximate and based on a $7k balance, with the assumption the savings rate remains constant for seven months.
The 7-7-7 Share Certificate will return about $190 more than the current top savings account.
The above rates are accurate as of 11/20/2018.