In mid-December, Members Exchange Credit Union (Members Exchange) added two limited-time Jumbo CD Specials, both earning 3.30% APY. The 30-month and 54-month Jumbo CD Specials both require a minimum $100k opening deposit to earn the stated APY. The fine print on the landing page specifically states, “Existing funds on deposit are eligible” – no need for new money.
In a Live Chat, CSR stated the Early Withdrawal Penalty (EWP) for CDs with terms longer than 12 months is 180 days of interest on the amount being withdrawn. This relatively mild EWP could be useful if rates should start trending upward in the next four years. Using DA’s Early Withdrawal Penalty Calculator, you can see what the effective yields on the 54-month Jumbo CD Special would be on a month-by-month basis. For example,
- 2.24% APY – closed at 18 months
- 2.51% APY – closed at 2 years
- 2.79% APY – closed at 3 years
- 2.93% APY – closed at 4 years
Headquartered in Ridgeland, Mississippi, Members Exchange Credit Union’s field of membership (FOM) includes individuals who live, work, worship, attend school, or volunteer in the Capital Region counties of Copiah, Hinds, Madison, Rankin, or Simpson.
Employees of more than 600 Select Employee Groups in central and northern Mississippi also qualify for membership.
Immediate family members (spouse, parents, siblings, children, grandparents, and grandchildren) of current Members Exchange members are also eligible to join.
Opening a Jumbo CD Special can only be done at any of the above mentioned branches.
All you need to join MECU is a minimum $1.00 deposit in a share savings account.
In addition to participating in the CO-OP Shared Branch network, Members Exchange,
belongs to CULIANCE ATM Network (previously CU24), which provides access to thousands of ATMs nationwide. Please note that Members Exchange does not participate in the Allpoint ATM Network.
Credit Union Overview
Members Exchange Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.86% (excellent) based on September 30, 2019 data. MECU has an excellent capitalization level (19.55%), the result of holding $111.75 million in assets with $21.84 million in equity. Please refer to our financial overview of Members Exchange Credit Union (NCUA Charter # 60598) for more details.
Established in 1954, Members Exchange Credit Union’s original FOM was exclusive to the employees of Presto Manufacturing Company in Jackson. (Presto is the maker of many small kitchen appliances, e.g., crock pots, electric skillets, air fryers.) Members Exchange is currently the eleventh largest credit union in Mississippi, with more than 15,500 member and assets in excess of $111 million.
How the Jumbo CD Specials Compare
When compared to 228 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Members Exchange Credit Union’s 30-month Jumbo CD Special APY currently ranks first, regardless of minimum deposit.
When compared to 203 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Members Exchange Credit Union’s 54-month Jumbo CD Special APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 1/6/2020.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.