Who says you have to go to the mall to get a good deal on Black Friday? Michigan Schools and Government Credit Union (MSGCU) began the Thanksgiving holiday by raising the rate on its 18-month CD (1.85% APY). The minimum opening deposit is $500, with no stated balance cap.
The 18-month CD is also being offered as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.
Added to the product line more than 20 months ago, the 18-month CD is MSGCU’s newest CD. In the past five months, the CD has had three rate increases, adding a total of 60 bps.
According to CSR, the Early Withdrawal Penalty for the 18-month CD is 180 days interest.
Headquartered in Clinton Township, Michigan Schools and Government Credit Union’s field of membership (FOM) offers a way for most Michigan residents to join:
Residency - Individuals who live, work, worship, or attend school in any county in Michigan’s Lower Peninsula qualify for membership.
Education Affiliation - Employees, students, alumni, and retirees of educational institutions in Genesee, Lapeer, Livingston, Macomb, Oakland, St. Clair, Washtenaw, and Wayne Counties are eligible to join. (This includes anyone that went to school in any of these counties or is related to someone that does/did.)
Government Affiliation - Elected or appointed officials, employees, and retirees of any federal, state, county, or local governmental department or agency located in Genesee, Lapeer, Livingston, Macomb, Oakland, St. Clair, Washtenaw, and Wayne Counties qualify for membership.
A complete list of all the various ways to join can be found MSGCU’s website.
Joining MSGCU and/or opening a CD can be done online, or in person at any of 13 Michigan branches located in Chesterfield (2), Clinton Township, Livonia, Madison Heights, Royal Oak, Saint Clair Shores, Shelby Township (2), Sterling Heights (2), Troy, and Warren.
Credit Union Overview
Michigan Schools and Government Credit Union
has an overall health grade of "A+" at Deposit Accounts.com, with a Texas Ratio of 2.04% (excellent) based on June 30, 2017 data. In the past year, MSGCU has increased its total non-brokered deposits by $148.89 million, an excellent annual growth rate of 10.57%. Please refer to our financial overview of Michigan Schools and Government Credit Union (NCUA Charter # 62049) for more details.
Michigan Schools and Government Credit Union was founded in 1954 by a group of Macomb County school teachers, and was known as the Macomb Schools and Government Credit Union. Sixty-three years later, MSGCU is Michigan’s seventh largest credit union, with more than 114,800 members and assets in excess of $1.7 billion. In the past nine years, the Credit Union has increased its membership by more than 85%. In 2014, MSGCU added more than 20,000 new members, a result of focusing on indirect lending. According to a CUTimes.com article,
To put the growth in perspective, more than 50 new members joined every day, day in and day out, including weekends, during the period tracked.
Over the past few years, growth has been fueled largely by indirect lending. Half to three-quarters of the credit union's membership growth came through that loan channel. Several years ago, MSGCU hired in-house indirect lending expertise, anticipating indirect lending would be a significant growth driver.
How the CD Compares
When compared to the 270 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Michigan Schools and Government Credit Union's 18-month CD currently ranks first.
The above rates are accurate as of 11/24/2017.