Earlier this month, KALSEE Credit Union (KALSEE CU) introduced a limited-time 13-month CD with tiered APYs based on its My Kalsee Perks reward program.
The base APY is 1.15%, with increased APYs for KALSEE Perks Platinum Members (1.25%) and KALSEE Perks VIP Members (1.50%). The minimum deposit for the 13-month CD is $1K, with a maximum deposit of $250K per member.
The 13-month CD is also available as an IRA (Traditional, Roth, and CESA), earning the same stated APYs with the same funding requirements.
To earn the higher APYs, members must "attain and maintain" the requisite My Kalsee Perks status for the length of term of the CD. 200-299 points are required to be a Platinum Member, with 300+ points required to be a VIP Member. Points are automatically scored each month, based on applicable transactions and services, which are broken down into four categories: Loans, Services, Savings, and Deposits. A fifth category, Point Penalties, lists -200 points for Wrong Address, Negative Savings Balance, or Delinquent Loan.
According to CSR, the Early Withdrawal Penalty for the 13-month CD is 90 days interest.
Headquartered in Kalamazoo, KALSEE Credit Union offers membership primarily based on residency, with individuals who live, work, or attend school in the Michigan counties of Allegan, Barry, Branch, Calhoun, Cass, Kalamazoo, St. Joseph, and Van Buren eligible for membership.
Immediate family members of the above mentioned are also eligible for KALSEE CU membership.
If you receive a retirement annuity, pension, social security, or similar retirement payment from private or government sources, and live in, or belong to a retirement organization located in Kalamazoo County or an adjacent county, you are eligible to join.
Joining KALSEE CU and/or opening a CD can be done at any of five Michigan branches located in Kalamazoo (3), Portage, and Springfield. At this time, KALSEE CU's online banking platform, It's Me 247, is dedicated to account management and bill payment services.
Credit Union Overview
KALSEE Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.70% (excellent) based on June 30, 2015 data. In the past year, KALSEE Credit Union has increased its total deposits by $2.9 Million, and excellent annual growth rate of 2.2%. Please refer to our financial overview of KALSEE Credit Union for more details.
KALSEE Credit Union (NCUA Charter # 61219) was established in 1954 as the Lift Line Credit Union for the benefit of National Water Lift employees. In its 60-year history, KALSEE CU has had three names (KALSEE = Kalamazoo South East Employees), has merged with eight other local credit unions, and has expanded its charter three times. Today, KALSEE CU has almost 21,000 members, with assets in excess of $165 Million.
How the CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Michigan residents, KALSEE Credit Union's 13-month CD (Platinum Perks) currently ranks first.
The above rates are accurate as of 11/16/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.