Members First Credit Union (MFCU) recently raised the rates on its 27-month (3.26% APY) and 15-month (3.01% APY) CD Specials, with the 27-month having the more competitive rate. Either CD Special can be opened with a $1k minimum deposit, with no stated balance cap. Members who have an MFCU Premier Checking Account are eligible for an additional .10% APY bonus.
The CD Specials are also offered as IRAs (Traditional, Roth, and CESA), earning the same APYs with the same funding requirements.
In the past year, the 27-month CD Special gained 205 bps in ten rate increases, with the 15-month CD Special added 211 bps.
As stated on the Deposit Options page, the Early Withdrawal Penalty for CDs with terms of 12 months or greater is 180 days interest. According to CSR, partial withdrawals are permitted.
Headquartered in Midland, Michigan, Members First Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, worship, or attend school in any county in Michigan eligible to join.
Immediate family members of current MFCU members also qualify for membership.
Joining MFCU and/or opening a CD Special can be done at any of 11 Michigan branches, located in Clare, Evart, Gladwin, Grand Rapids (2), Harrison, Jenison, Midland (2), and Mt. Pleasant, or by calling 855.835.6328.
Credit Union Overview
Members First Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.24% (excellent) based on September 30, 2018 data. In the past year, MFCU has increased its total non-brokered deposits by $7.62 million, an above average annual growth rate of 1.83%. Please refer to our financial overview of Members First Credit Union (NCUA Charter # 62076) for more details.
Members First Credit Union was founded in 1936 as the Midland County Teachers Credit Union. During the school year, the Credit Union’s “office” was in a classroom in the junior high school; during the summer months, the office was located in a teacher’s basement. The Members First rebrand occurred in 1997, as the FOM began an expansion that recently culminated in state-wide eligibility.
According to a November CU Times article, MFCU was chosen to be part of the newly formed,
Credit Union Trust, a special purpose bank that will allow a group of seven credit unions to provide investment and trust services directly to members.
While credit unions routinely provide a range of wealth management services for their members, they were unable to directly provide fiduciary services such as trusts until a 2016 change in Michigan law allowed the creation of this new type of limited purpose financial institution.
When it opens late in the 2019’s first quarter, it will be the first such entity in the state.
How the CD Special Compares
When compared to 414 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Members First Credit Union's 27-month CD Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.26% APY||27-Month CD Special||Members First Credit Union|
|3.20% APY||2-Year Senior Citizen CD||State Bank of Indial (IL)|
|3.15% APY||29-Month CD Special||Kellogg Community Credit Union|
The above rates are accurate as of 2/2/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.