Michigan State Univ Federal Credit Union Boosts Long-Term CD Rates
In the first two weeks of March, Michigan State University Federal Credit Union (MSUFCU) raised the rates twice on its 4-year (1.17% APY) and 5-year (1.37% APY) Jumbo CDs, adding a total of 27 and 32 bps, respectively.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.25% | $100k | - | Michigan State University Federal Credit Union | 5 Year Jumbo CD | |
| 1.10% | $100k | - | Michigan State University Federal Credit Union | 4 Year Jumbo CD |
The minimum deposit for MSUFCU’s Jumbo CDs is $100k, with no stated balance cap; the non-Jumbo CDs require a $500 minimum deposit and have rates a uniform 25 bps lower.
The Jumbo CDs also available as Jumbo IRA CDs (Traditional, Roth, CESA, SEP), earning the same APYs with the same funding requirements.
As stated on the Rates page, the Early Withdrawal Penalty reads as follows:
Certificates of 13 months to five years: Results in penalty
equal to 180 days dividends based on amount withdrawn.
The mild 180 days EWP increases the Jumbo CDs’ competitiveness. If/when rates begin to rise in the next four or five years, a mild EWP is useful should an excellent rate opportunity arise.
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.
Availability
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 MSUAA (Michigan State University Alumni Association) qualifies for MSUFCU membership. In a Live Chat, CSR stated, “You can select the MSUAA when submitting the application and in the comments section just indicate that you'd like to make the $10 donation.”
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: 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 540 SEGs 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, or at any of 16 Michigan branches located in Auburn Hills, Berkley, Clarkston, East Lansing (3), Haslett, Holt, Lansing (4), Mason, Okemos (2), and Ortonville.
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 1.79% (excellent) based on December 31, 2020 data. In the past year, MSUFCU increased its total non-brokered deposits by $914.87 million, an excellent annual growth rate of 23.46%. 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 302,000 members and assets in excess of $5.7 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 84 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 Jumbo Certificates Compare
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 first, regardless of deposit requirements.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Michigan State University Federal Credit Union's 4-year Jumbo Certificate APY currently ranks first, regardless of deposit requirements.
The above information and rates are accurate as of 3/17/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
