Central Ohio’s Millstream Area Credit Union (Millstream Area CU) recently began offering limited-time, promotional rates on three Share Certificate (CD) Specials: 12-month CD Special (1.25% APY), 18-month CD Special (1.46% APY), and 24-month CD Special (2.269% APY).
These promotional CDs require a minimum deposit of $1K, with no balance cap, and are also offered as IRAs (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.
The fine print on the Rates pages states,
Certificate Promotion may end at any time without notice, Dividend Penalty = 180 days, Senior Checking Bonus Rate Increase does not apply.
N.B. Millstream Area Credit Union is not federally insured, but is insured by American Share Insurance (ASI), a provider of private share insurance for credit unions. As stated on Millstream Area Credit Union's website,
MEMBER ACCOUNTS ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENT OR GOVERNMENT-SPONSORED AGENCY.
This institution is not federally insured. Our accounts are insured through ASI for up to $250,000 per account.
For those unfamiliar with ASI, here are a few facts to help you decide if you’re comfortable with an ASI insured credit union:
- ASI is the nation’s largest provider of private share insurance for credit unions.
- ASI has been insuring credit unions since 1974.
- Only nine states (Alabama, California, Idaho, Illinois, Indiana, Maryland, Nevada, Ohio, and Wyoming) permit credit unions to be privately insured.
- Privately insured credit unions are legitimate credit unions that are regulated by their home state.
- ASI-only insured credit union liquidations have been rare, with only three occurring in the past five years: Cumorah Credit Union, NV, 2009; USA One National Credit Union, IL, 2012; and Bensenville Community Credit Union, IL, 2014.
The above facts are intended as neither an endorsement or a rejection of ASI or ASI insured credit unions.
Headquartered in Findlay, Ohio, Millstream Area Credit Union membership is open to anyone who lives, works, worships or attends school, or worships in Allen, Hancock, Hardin, Putnam, Seneca, and Wood Counties, Ohio. Relatives of anyone who lives, works, worships, or attends schools in one of these counties are also eligible to join.
Opening a CD at Millstream Area CU requires an in-person visit to either of two branches located in Findlay and North Baltimore.
Currently, Millstream Area CU’s online platform is dedicated to account management and bill pay services.
Credit Union Overview
Millstream Area Credit Union (NCUA Charter # 96756) has a "B" rating on DepositAccounts.com, with a Texas Ratio of 15.93% (above average) based on December 31, 2014 data. In the past year, Millstream Area CU has increased its total deposits by $1.7 Million, an excellent annual growth rate of 5.99%. Please refer to our financial overview of Millstream Area Credit Union for more details.
Founded in 1966 as the "Local 207 U.R.W. Employees Credit Union," the Credit Union was organized for the benefit of the union employees of the Cooper Tire & Rubber Company in Findlay. The name was changed to Millstream Area Credit Union in 1984 to better reflect a diverse membership, a result of additional SEGs and salaried employees of Cooper Tire becoming eligible to join.
The Board of Directors chose the name Millstream Area inspired by the old song "Down by the Old Millstream." The composer of this song, Tell Taylor (1866-1937), lived in the area, and many businesses close to the credit union have since adopted the word Millstream as part of their business name.
How the CDs Compare
While the 12-month CD is not that competitive, when compared to other similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to Ohio residents, Millstream Area Credit Union's 18-month and 24-month CDs are definitely competitive.
The above rates are accurate as of 3/19/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.