Michigan State University Federal Credit Union has promotional rates on its 5-year and 4-year CDs and IRA CDs. The Jumbo 5-year CD is an especially good deal with a 2.11% APY. The Jumbo 4-year CD has a 1.76% APY. Minimum deposit is $100,000. The non-Jumbo yields for these two CDs are 26 basis points lower. These require a $500 minimum deposit. For this promotion, the credit union is adding an additional 25 basis points to these CD rates. That is scheduled to end on November 30, 2013. Please refer to the credit union’s promotions page for more details. Thanks to the reader who emailed me news of this promo.
According to the credit union’s certificates disclosure, certificates with terms of more than one year have an early withdrawal penalty equal to 180-days dividends based on the amount withdrawn. One potential issue I found in the disclosure is the following clause:
MSUFCU reserves the right under its bylaws to require up to 60 days notice for withdrawal from Certificates.
Credit Union Membership
In addition to students and staff of Michigan State University and Oakland University, members of MSU Alumni Association and members of Michigan United Conservation Clubs (MUCC) are eligible to join the credit union. Anyone may join these two associations. Please refer to the credit union's Who Can Join page for the full details.
MSU Alumni Association charges $45 for an annual single membership, and Michigan United Conservation Club charges $30 for a 1-year standard individual membership. Once your credit union account is opened, you are not required to maintain membership in these associations. So you don't have to keep paying association membership fees after the first year.
Credit Union Overview
Michigan State University FCU branches are located in Lansing, East Lansing, Okemos and Auburn Hills. The credit union is also part the CU Service Centers which allows members to perform many basic transactions at shared branches throughout the nation.
It's a large credit union with $2.5 billion in assets. The credit union has an overall health grade at DepositAccounts.com of an A+ with a Texas Ratio of 5.37% (excellent) based on June 2013 data. Please refer to our financial overview of Michigan State University Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 23279).
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