Over the weekend, Michigan State University Federal Credit Union (MSUFCU) raised the rates on several of its Certificates, with the 5-year Jumbo Certificate (2.38% APY) the most competitive.
The minimum deposit for MSUFCU’s Jumbo Certificates is $100k, with no stated balance cap; the regular Certificates require a minimum of $500, and have rates a uniform 25 bps lower.
The Jumbo Certificate is also available as an IRA (Traditional, Roth, CESA, SEP) earning the same 2.38% APY, with the same funding requirements.
As stated on the Rates page, the Early Withdrawal Penalty reads as follows:
1-5 Year Certificates: Results in penalty equal to 180 days dividends on amount withdrawn.
The mild 180 days EWP increases the 5-year Jumbo Certificate’s competitiveness. DA’s Early Withdrawal Penalty Calculator, shows what the effective yields would be, with yields available on a month-to-month basis. For example, closing the 5-year Jumbo Certificate at 20 months would result in an effective yield of 1.68% APY.
Headquartered in East Lansing, Michigan State University Federal Credit Union’s field of membership (FOM) is diverse, offering a way for almost anyone to join.
Easy Membership: Individuals who join the Michigan United Conservation Clubs ($25 for a 1-year membership) qualify for MSUFCU membership.
University Relationship: Faculty, staff, and students of Michigan State University (MSU) or Oakland University (OU); members of MSU or OU Alumni Association; MSU Alumni Association Legacy Program members; and “those who regularly work on the MSU or OU campus who are under the control of the MSU Board of Trustees or the governing body of OU” are eligible for membership.
Employment: Employees of more than 425 SEGs are eligible to join.
Family Relationship: Immediate family members (spouse, parent, sibling, grandparent, or child) and household members of membership-eligible individuals are also eligible for membership.
Complete details are available on MSUFCU’s Who Can Join page.
Joining MSUFCU and/or opening a Jumbo Certificate can be done online, or at any of 16 Michigan branches located in Auburn Hills, Charlotte, Clarkston, East Lansing (4), Haslett, Lansing (4), Okemos (2), Ortonville, and Rochester.
The New Account Application is also available as a download and can be returned by snail mail.
Credit Union Overview
Michigan State University Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.75% (excellent) based on March 31, 2017 data. In the past year, MSUFCU increased its total non-brokered deposits by $294.25 million, an excellent annual growth rate of 10.49%. 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 234,500 members and assets in excess of $3.5 billion. The Credit Union was formed in 1937 by eight faculty and staff members, when the school was known as Michigan State College. The first “office” was a founding member’s desk drawer. In 80 years of operation, there have been two name changes (reflective of the school’s evolving name), mergers with two other Michigan credit unions, and in 2014, MSUFCU was named Federal Credit Union of the Year by the National Association of Federal Credit Unions.
How the Jumbo Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Michigan State University Federal Credit Union's 5-year Jumbo Certificate APY currently ranks sixth.
The above rates are accurate as of 7/25/2017.