The aptly-named Motor City Co-op Credit Union (MCCCU) is currently offering competitive rates on three of its longer-term CDs: 24-month (2.50% APY), 36-month (2.75% APY), and 48-month CD (2.85% APY). The minimum opening deposit is $500, with no stated balance cap.
The CDs are also available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements.
As stated on the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
For Certificate accounts, the amount of early withdrawal penalty for your account may be up to 3 months paid interest for certificates of deposit with terms up to 24 months (2 years) and 6 months paid interest for certificates of deposit with terms in excess of 24 months (2 years).
For IRA Certificate accounts, the amount of early withdrawal penalty for your account is 3% of the amount withdrawn.
Headquartered in Clinton Township, Michigan, Motor City Co-Op Credit Union’s field of membership (FOM) currently includes all Michigan residents. I say “currently” because Motor City is merging with Christian Financial Credit Union, with the merger completed sometime between March and September 2020. Christian Financial CU’s FOM is currently limited to those who live, work, worship, or attend school in four southeast Michigan counties. CSR did not know what the FOM for the consolidated credit union will be.
Joining MCCCU and/or opening a CD must be done at any of four Michigan branches located in Clinton Township, Detroit, Roseville, and Warren. The Membership Account Card, which is actually a membership application, is available for download to expedite the joining process.
(FYI – Christian Financial CU has an online banking platform that supports a member application and account opening.)
Establishing a membership with MCCCU requires a minimum $10 deposit into a Savings Account and a one-time $3 membership fee.
Motor City Co-op Credit Union members have unlimited access to over 30,000 fee-free CO-OP Network ATMs and fee-free access to 5,000 Shared Branch locations throughout the country.
Credit Union Overview
Motor City Co-op Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.92% (excellent) based on September 30, 2019 data. MCCCU has an excellent capitalization level (14.87%), the result of holding $141.63 million in assets with $21.07 million in equity. Please refer to our financial overview of Motor City Co-op Credit Union (NCUA Charter # 63289) for more details.
Established in 1948, Motor City Co-op Credit Union will be bringing more than 70 years of continuous operation, nearly 18,000 members, and more than $141 million in assets when it joins forces with Christian Financial Credit Union. Of the 50 mergers approved by the NCUA in the third quarter, the upcoming MCCCU/Christian Financial CU merger is the third largest consolidation. Following the merger, the newly enhanced Christian Financial CU will be ranked in the top 30 Michigan credit unions, based on assets.
How the CDs Compare
Coincidentally, I wrote about Christian Financial CU’s long-term CDs about a week ago, and those rates mirror those of Motor City Co-op Credit Union’s long-term CDs.
When compared to 396 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Motor City Co-op Credit Union's 36-month CD APY currently ranks first.
When compared to 333 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Motor City Co-op Credit Union's 48-month CD APY currently ranks second.
When compared to 406 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Motor City Co-op Credit Union's 24-month CD APY currently ranks second.
The above rates are accurate as of 12/31/2019.
To look for the best CD rates, both nationwide and state-specific, please refer to our CD Rates Table, page.