Illinois-based Great Lakes Credit Union’s (GLCU) contribution to the various holiday specials being offered this month is a limited-time 15-month Share Certificate (1.50% APY) .
The minimum deposit is $1K of new money and there is no balance cap. (GLCU’s President’s Club bonus rates do not apply to the 15-month Share Certificate.)
Many thanks to DA reader, marcal, who posted this deal in the Forum.
Headquartered in North Chicago, Great Lakes Credit Union offers membership through a variety of methods.
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, Kendal, Lake, McHenry, Will, and Kenosha County, Wisconsin, is eligible.
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 the above mentioned groups also qualify.
Joining GLCU and/or opening a CD can be done online or at any of 15 Illinois branches located in Antioch, Bannockburn, Bolingbrook, Country Club Hills, Crystal Lake, Gurnee, McHenry, Naperville, North Chicago, Oak Lawn, Round Lake Beach, Waukegan, Willow Springs, Woodstock, and Zion, or the Milwaukee, Wisconsin branch.
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 CDs. Simply make a deposit into the savings account at a local shared branch and then ask to fund the new CD from the savings account. While the "new money" requirement can complicate this strategy, shared branch funding is quite convenient.
Credit Union Overview
Great Lakes Credit Union (NCUA Charter # 60238) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 9.19% (excellent) based on September 30, 2015 data. In the past year, GLCU has increased its total deposits by $57.68 Million, an excellent annual growth rate of 10.71%. Please refer to our financial overview of Great Lakes Credit Union for more details.
Organized in 1938 by, 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 location 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. Nearly 80 years later, GLCU, through expansion, charter changes, and mergers, has almost 70,000 members and assets in excess of $690 Million.
How the CD Compares
When compared to the 96 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Great Lakes Credit Union's 15-month Share Certificate currently ranks second.
The above rates are accurate as of 12/11/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.