Michigan One Community Credit Union (M1) began the month by promoting its series of Special CDs, of which the 12-month (1.50% APY) and 48-month (2.02% APY) are the most competitive. The minimum opening deposit for any of Special CDs is $10k, with no stated balance cap.
The 12-month Special CD has been part of M1’s product line for more than three years, and last week’s 40 bps increase resulted in its highest APY ever. The 48-month Special CD is the newest of the Special CDs, having been introduced just five months ago.
As stated in M1’s Truth In Savings Account Disclosure, the Early Withdrawal Penalty reads as follows:
If you make a withdrawal from a Certificate of Deposit prior to maturity, or more than 10 calendar days after maturity, we will assess an early withdrawal penalty equal to 180 days interest, or $50, whichever is greater. You will also forfeit accrued interest on the amount withdrawn.
Headquartered in Ionia, Michigan One Community Credit Union’s field of membership (FOM) is primarily residency based.
Residency: Individuals who live, work, worship, or attend school in the Michigan counties of Barry, Clinton, Eaton, Gratiot, Ionia, Kent, and Montcalm are eligible to join.
Retirees: Individuals, age 55 or older, who receive retirement income from a private or government source, and live in Barry, Clinton, Eaton, Gratiot, Ionia, and Kent Counties qualify for membership.
Employers and Employees: Any business (and its employees) that is located within 25 miles or Ionia or Carson City is eligible to join.
Relationship: Individuals who are related by blood or marriage to membership-eligible individuals also qualify. As M1’s Who Can Join page states, “Relatives come in handy sometimes.”
Joining Michigan One Community Credit Union and/or opening a Special CD requires an in-person visit to any of four Michigan branches located in Carson City, Greenville, and Ionia (2).
Credit Union Overview
Michigan One Community Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.52% (excellent) based on March 31, 2016 data. In the past year, M1CCU has increased its total assets by $6.9 million, an excellent annual growth rate of 5.57%. Please refer to our financial overview of Michigan One Community Credit Union (NCUA Charter # 62169) for more details.
While many credit unions claim to come from humble beginnings, M1CCU’s first home was truly lowly: the basement in the Credit Union Manager’s home. Originally established in 1954 as Ionia Public Employees Credit Union, M1CCU’s FOM wasn’t changed to a community charter until 2005, at which time its present name was adopted. Michigan One Community Credit Union currently has more than 15,300 members and assets in excess of $104 million.
How the CD Compares
When compared to the 266 similar length-of-term CDs tracked by DepositAccounts.com that required a similar minimum deposit and are available within the FOM, Michigan One Community Credit Union's 12-month Special CD APY currently shares the top spot with Connexus Credit Union’s 12-month Certificate.
The above rates are accurate as of 6/5/2017.