Marine Credit Union Offers Competitive 60-Month Jumbo CD

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Deal Summary: 60-month Jumbo CD, 2.07% APY, $100k minimum deposit.

Availability: Residents of 38 Wisconsin counties, ten eastern Iowa counties, four southeast Minnesota counties, and one northwestern Illinois county.

Wisconsin-based Marine Credit Union (Marine CU) currently has several competitive Jumbo CDs in its product line, all of which require a minimum $100k opening deposit.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.21%$100k-Marine Credit Union60 Month Jumbo CD
1.05%$100k-Marine Credit Union48 Month Jumbo CD
0.95%$100k-Marine Credit Union36 Month Jumbo CD
0.75%$100k-Marine Credit Union30 Month Jumbo CD
0.65%$100k-Marine Credit Union24 Month Jumbo CD
0.55%$100k-Marine Credit Union18 Month Jumbo CD
0.46%$100k-Marine Credit Union12 Month Jumbo CD
Rates as of October 24, 2020.

These Jumbo CD rates are higher than the rates offered on any similar length-of-term nationally available CD. On the other hand, the non-Jumbo CD rates ($1k minimum) are dismal, with APYs about 75 bps lower.

The Jumbo CDs are also available as Jumbo IRA CDs (Traditional, Roth, CESA), earning APYs 10 bps higher with the same deposit requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.31%$100k-Marine Credit Union60 Month Jumbo IRA (Traditional, Roth, CESA)
1.16%$100k-Marine Credit Union48 Month Jumbo IRA (Traditional, Roth, CESA)
1.05%$100k-Marine Credit Union36 Month Jumbo IRA (Traditional, Roth, CESA)
0.85%$100k-Marine Credit Union30 Month Jumbo IRA (Traditional, Roth, CESA)
0.75%$100k-Marine Credit Union24 Month Jumbo IRA (Traditional, Roth, CESA)
0.65%$100k-Marine Credit Union18 Month Jumbo IRA (Traditional, Roth, CESA)
0.55%$100k-Marine Credit Union12 Month Jumbo IRA (Traditional, Roth, CESA)
Rates as of October 24, 2020.

I was told in a Live Chat that only early closures are allowed; no partial withdrawals are permitted. CSR also stated that “when you close a CD early, you lose the accrued interest to that point.”

Funding a Jumbo CD can be done through ACH transfer, wire transfer, check, or a CO-OP Shared Branch transaction. According to CSR, maturing funds can be distributed,

via check, wire, direct transfer to an account with us, CO-OP withdrawal, or via online bill pay, or at one of our drive throughs or smart ATMs.

Availability

Headquartered in La Crosse, Wisconsin, Marine Credit Union’s field of membership (FOM) is residency based, with individuals who live or work in 38 Wisconsin counties, ten eastern Iowa counties, four southeast Minnesota counties, or one northwestern Illinois county eligible for membership.

Wisconsin counties: Brown, Calumet, Chippewa, Clark, Columbia, Crawford, Dane, Dodge, Dunn, Eau Claire, Fond du Lac, Grant, Green, Green Lake, Iowa, Jefferson, Kenosha, La Crosse, Lafayette, Manitowoc, Marquette, Milwaukee, Monroe, Outagamie, Ozaukee, Racine, Richland, Rock, Sauk, Sheboygan, Taylor, Trempealeau, Vernon, Walworth, Washington, Waushara ,Waukesha, and Winnebago.

Iowa counties: Allamakee, Cedar, Clayton, Clinton, Dallas, Fayette, Muscatine, Polk, Scott, and Winneshiek.

Minnesota counties: Fillmore, Houston, Olmsted, and Winona.

Illinois county: Rock Island.

Joining Marine Credit Union and/or opening a Jumbo CD can be done online, or at any of the 17 Wisconsin branches located in Chippewa Falls, Dodgeville, Eau Claire, Fond du Lac (2), La Crosse (2), Lancaster, Milwaukee, Monroe, Onalaska, Platteville, Prairie du Chien, Racine, Sheboygan, Stanley, and Waupun. Marine CU also has three Iowa branches located in Davenport, Decorah, and West Des Moines.

According to CSR, CDs can also be opened through secured email.

You can request this by phone or through the secure messaging system in digital banking.

Opening a Share Savings Account with a minimum $5 deposit establishes a Marine CU membership.

Marine CU participates in the CO-OP Shared Branch network, as well as the AllianceOne and the SHAZAM Privileged ATM networks.

Credit Union Overview

Marine Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 19.66% (above average) based on March 31, 2020 data. Marine CU has an excellent capitalization level (11.51%), the result of holding assets of $903.91 million with $104.03 million in equity. Please refer to our financial overview of Marine Credit Union (NCUA Charter # 66752) for more details.

Chartered in 1949, Marine Credit Union was established for the benefit of the employees of Mercury Marine, a Fond du Lac (WI) manufacturer of outboard motors. Marine CU’s commitment to the local community led to the formation of the Marine Credit Union Foundation in 2014. In six years, the Foundation has raised over $800,000 and contributed to over 950 charitable causes. Marine Credit Union is currently the 14th largest credit union headquartered in Wisconsin, with more than 77,000 members and assets in excess of $903 million.

How the Jumbo CD Compares

Considering Marine CU’s FOM includes several states, a comparison to nationally available CDs is appropriate. When compared to 193 similar length-of-term CDs tracked by DepositAccounts.com, that are available nationwide, Marine Credit Union's 60-month Jumbo CD APY* currently ranks first, regardless of minimum deposit requirements.

These rates are accurate as of 7/23/2020.

To look for the best CD rates, both nationwide and state-specific, please refer to our CD Rates Table page.

*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.

Related Pages: Milwaukee CD rates, Cedar Rapids CD rates, Green Bay CD rates, Madison CD rates, Des Moines CD rates, Davenport CD rates, La Crosse CD rates, 1-year CD rates, 5-year CD rates, IRA CD rates

Comments
NYCDoug
  |     |   Comment #1
Still offering jumbo/non-jumbo 48~60-month CDs at 2.02% APY (for Philadelphia and vicinity, including some NYC counties) is Asian Bank -- which seems to have fallen off the radar screen here!
retirednc
  |     |   Comment #2
ASIAN BANK: Eligibility
Per an application I located online, residence is required within certain counties in Pennsylvania, New Jersey, New York and Delaware.

15 month / 1.68% APY - $10k minimum
48-60 month / 2.02% APY - $1.000 min.
24-47 months / 1.38% APY - $1000 minimum
Savings Account .80 % APY
Personal Money Market .80% $10k minimum


https://www.theasianbank.com/pdf/Asian%20Bank%20Consumer%20Account%20Application%20and%20Instructions%20-%20Online.pdf

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