Earlier this week, Marion Community Credit Union (MCCU) raised the rate on its 55-month Share Certificate Special w/Relationship (2.52% APY) and 55-month Share Certificate Special (2.32% APY). Both were added to the product line in early January at competitive rates, but then plummeted to 0.20% APY (w/relationship) and 0.15% APY (sans relationship) in May.
The minimum deposit is $10K and there is no maximum balance cap. The required relationship to earn the higher APY is any active MCCU checking account.
Both versions of the 55-month Share Certificate Special are available as IRAs (Traditional, Roth, and CESA), earning the same APYs, with the same funding and checking relationship requirements.
According to CSR, the Early Withdrawal Penalty is a rather punitive all dividends earned.
Marion Community Credit Union offers membership to individuals who live, work, worship, or attend school (full-time students only) in Marion County or Marrow County, Ohio.
More than 60 local employers and organizations are MCCU SEGs, providing membership eligibility to their employees and members.
In addition, immediate family members of current MCCU members are eligible to join.
Joining MCCU and/or opening a Share Certificate requires an in-person visit to either of the two branches located in Marion. Like many smaller credit unions, MCCU’s online banking capability is currently limited to account management and bill payment services.
Credit Union Overview
Marion Community Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 2.47% (excellent) based on March 31, 2015 data. In the past year, MCCU increased its total deposits by $531K, an above average annual growth rate of 1.02%. Please refer to our financial overview of Marion Community Credit Union for more details.
Located in North Central Ohio, Marion Community Credit Union (NCUA Charter # 61324) was founded in 1960. In May 2015, MCCU was named the second-place recipient of the "Louise Herring Philosophy-in-Action Member Service Award." The award is presented each year to a credit union "whose efforts to improve members’ lives is exemplary." According to the Marion Star,
MCCU was cited for its involvement and support of Marion Matters and its work to help under-banked individuals find ways to get out of a predatory lending cycle and move into a mainstream credit and banking through education and encouragement. Several of the MCCU staff have volunteered to help with this project since its inception in 2011.
Interesting piece of trivia: President Warren G. Harding, a former owner of the Marion Star, was a resident of Marion for much of his adult life.
How the CDs Compare
When compared to the 378 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Ohio residents, Marion Community Credit Union's 55-month Share Certificate Special currently ranks in the top three, regardless of checking account relationship.
The above rates are accurate as of 7/24/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.