This week, Michigan One Community Credit Union (M1CCU) raised the rates on its two promotional CD Specials: 12-month (1.21% APY) and 18-month (1.46% APY). The minimum opening deposit for either CD Special is $10k, with no stated balance cap.
The 18-month CD Special has been part of M1’s product for more than four years, and this week’s rate increase resulted in the highest APY in the CD’s history. Like the 12-month, the 18-month CD Special’s new APY is the highest in its nearly three year history.
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 You will also forfeit accrued interest on the amount withdrawn.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 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 Barry, Clinton, Eaton, Gratiot, Ionia, and Kent Counties qualify for membership.
Employers and Employees: Any business that is located within 25 miles or Ionia or Carson City (including their employees) is eligible to join.
Relationship: Individuals who are related to anyone (blood or marriage) who is eligible (including non-members) to join, qualify for membership. As M1CCU’s Who Can Join page states, “Relatives come in handy sometimes.”
Joining Michigan One Community Credit Union and/or opening a 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 (NCUA Charter # 62169) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.05% (excellent) based on March 31, 2016 data. In the past year, M1CCU has increased its total assets by $5.33 million, an excellent annual growth rate of 6.22%. Please refer to our financial overview of Michigan One Community Credit Union 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 the current name was adopted. Michigan One Community Credit Union currently has over 14,800 members and assets in excess of $102 million.
How the CDs Compare
When compared to the 149 similar length-of-term CDs tracked by DepositAccounts.com that are available to the individuals in the Credit Union’s FOM, Michigan One Community Credit Union's 18-month CD Special APY currently ranks third, regardless of minimum deposit.
When compared to the 212 similar length-of-term CDs tracked by DepositAccounts.com that are available to the individuals in the Credit Union’s FOM, Michigan One Community Credit Union's 12-month CD Special APY currently ranks in the top 18, regardless of minimum deposit.
The above rates are accurate as of 7/28/2016.