As DA reader, rockies, noted in a Forum post earlier in the week, Michigan State University Federal Credit Union (MSUFCU) is currently offering very competitive rates on its 7-year Jumbo Certificate (3.76% APY, $100k minimum) and 7-year Certificate (3.50% APY, $2,500 minimum). With impressive rate increases of 151 bps and 75 bps respectively, the 7-year Jumbo Certificate and 7-year Certificate APYs are the highest they have been in several years.
For those who think rates may be nearing their peak levels, these long-term Certificates might be the safe harbor you’ve been looking/hoping for.
The 7-year Certificate and Jumbo Certificate are also available as an IRA Certificate and IRA Jumbo Certificate (Traditional, Roth, CESA, SEP), earning the same APYs with the same deposit requirements.
As stated on the Rates page, the Early Withdrawal Penalty reads as follows:
Certificates of more than five years: Results in penalty
equal to 365 days dividends based on amount withdrawn.
If the dividend is not sufficient to cover the penalty, the principal amount will be reduced to cover this amount.
Funding and Maturing Funds
According to CSR, the easiest way to fund a CD is through an internal transfer from an existing MSUFCU savings or checking account. MSUFCU participates in the CO-OP Shared Branch network, which makes transferring funds relatively easy. Maturing funds can be distributed by check or wire transfer, or deposited in a MSUFCU savings or checking account.
Earned dividends can be deposited into a share account each month or a check can mailed to the address on file monthly.
The Beneficiary Designation form is available as a PDF and can be downloaded. Up to six beneficiaries can be designated on this form with percentages assigned. Social Security numbers are required for all named beneficiaries.
Headquartered in East Lansing, Michigan State University Federal Credit Union’s field of membership (FOM) offers a way for almost any US citizen/resident alien to join.
Easy Membership: A $10 donation to the Desk Drawer Fund qualifies for MSUFCU membership.
Residency: Individuals who live, work, worship, attends school, or owns a business in the Michigan counties of Genesee, Lapeer, Livingston, Macomb, or Oakland are eligible to join.
University Relationship: MSU Faculty and staff who regularly work on campus qualify for membership. Alumni, donors, graduates, international students, and individuals currently enrolled at MSU (and their immediate family members) are all eligible for membership.
Employment: Employees of more than 530 SEGs (including State of Michigan employees) are eligible to join.
Family Relationship: Immediate family members (spouse, parent, sibling, grandparent, or child) and household members of current MSUFCU members are also welcome to apply.
Joining MSUFCU and/or opening a Jumbo Certificate can be done online (there is an “Open an Account” button at the top every page of the MSUFCU website) or at any of 21 Michigan branches located in Auburn Hills, Berkley, Charlotte, Clarkston, East Lansing (4), Grand Rapids, Haslett, Holt, Lansing (4), Mason, Okemos (2), Ortonville, Rochester, and Traverse City. Appointments can be scheduled online for any branch location.
The New Account Application is also available as a download and can be returned by snail mail.
A $5.00 minimum deposit into your Spartan Saver is required to open your account.
MSUFCU participates in the CO-OP Shared Branch and ATM networks giving members access to more 5,600 shared branches and nearly 30,000 surcharge-free ATMs located throughout the country.
Credit Union Overview
Michigan State University Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.76% (excellent) based on March 31, 2022 data. In the past year, MSUFCU increased its total non-brokered deposits by $602.81 million, an excellent annual growth rate of 11.47%. Please refer to our financial overview of Michigan State University Federal Union (NCUA Charter # 23279) for more details.
Michigan State University Federal Credit Union is the largest university-based credit union in the world, with more than 325,000 members and assets in excess of $6.8 billion. Established in 1937 by eight Michigan State College faculty and staff members, the fledgling MSC Employees Credit Union’s first “office” was a founding member’s desk drawer. (Founded in 1855 as the Agricultural College of the State of Michigan, the college was one of the country's first institutions of higher education to teach scientific agriculture.) In 85 years of operation, the credit union has re-branded twice (reflective of the school’s name changes), merged with two other Michigan credit unions, and was named Federal Credit Union of the Year (2014) by the National Association of Federal Credit Unions.
How the 7-Year Jumbo Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, no banks or credit unions have a higher rate than currently offered on the Michigan State University Federal Credit Union 7-Year Jumbo Certificate, regardless of minimum deposit requirements. The following table compares the 7-Year Jumbo Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 8/26/2022.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.