I wrote about the OMNI Community Credit Union (OMNI) 5-year Jumbo CD (1.40% APY) five months ago. That rate hasn’t changed, but the field of membership (FOM) has: less than two months ago, OMNI announced it was offering membership to all residents of Michigan. (The FOM was previously limited to 15 southwest Michigan counties.)
The 5-year Jumbo CD requires a minimum $100k opening deposit, with no stated balance cap. Non-jumbo CDs are offered in all term lengths, earning rates a uniform 25 bps lower and requiring a $1k opening deposit.
The Jumbo CD is also available as an Jumbo IRA CD (Traditional, Roth, CESA), earning the same APY with the same deposit requirements.
As stated in the Truth-in-Savings (TIS) disclosure, the Early Withdrawal Penalty reads as follows:
Penalty for a 13 month or longer Certificate of Deposit is equal to 180 days of dividends.
Dividends are be compounded monthly and credited monthly and can be credited to an OMNI Primary Savings account or checking account.
We reserve the right to decline a Certificate renewal.
If a credit union has a good year, with its reserves and capital in excess of what’s necessary, it will often make a special end-of-year payout (dividend) to its members. OMNI takes that practice one step further:
Thanks to the support of our members, we are able to share our profits by paying our members a rebate at the end of the year. These rebates are based on your total savings and loan balances with us. We're one of the few financial institutions in the country that offer this program!
OMNI even has a Cashback Rebate Calculator. By entering the balances of your deposit accounts and loan balances, you can see what your rebate will be. A $100k balance in a CD translates to a year-end $350 Cashback Rebate.
Headquartered in Battle Creek, Michigan, OMNI Community Credit Union’s newly expanded FOM is community-based, with individuals who live, work, worship, or attend school anywhere in the state of Michigan eligible to join.
Individuals who live or work in the northern Indiana counties of Elkhart, LaGrange, or St. Joseph also qualify for membership.
Family members of an existing OMNI member are welcome to apply. OMNI does not provide a definition of “family members” on its website.
Joining OMNI can be done online, or at any of the 13 southwest Michigan branches located in Bangor, Battle Creek (3), Centreville, Colon, Kalamazoo (2), Paw Paw, Springfield, Sturgis (2), Three Rivers, and White Pigeon.
An initial deposit of $5 is all you need to get your Primary Share account opened and membership established.
Appointments for opening new accounts, adding accounts to an existing membership, loans, and mortgages can be scheduled online for an in-person branch visit. Opening several type of accounts (including CDs) can be scheduled for phone as well.
According to CSR, CDs can be opened in-branch or over the phone, but not online … yet. OMNI’s new digital banking platform will eventually accommodate all types of accounts, including CDs. No matter how you choose to open a CD, the funds for the CD opening deposit must already be in an OMNI account. Funds can be deposited into an OMNI savings account through an ACH or wire transfer; unfortunately, OMNI does not participate in the CO-OP Shared Branch network.
As stated on the COVID-19 Updates page,
Our lobbies are currently open Monday through Friday. Drive-thru service is available Monday through Friday and Saturday at select branch locations.
Per the MDHHS's Epidemic order effective May 15, 2021, unvaccinated members are required to wear face coverings while inside our branches.
Credit Union Overview
OMNI Community Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.30% (excellent) based on June 30, 2021 data. In the past year, OMNI has increased its total non-brokered deposits by $87.73 million, an excellent annual growth rate of 20.92%. Please refer to our financial overview of OMNI Community Credit Union (NCUA Charter # 60105) for more details.
OMNI Community Credit Union is currently the 38th largest credit union headquartered in Michigan, with more than 43,000 members and assets in excess of $583 million, but OMNI anticipates those numbers to change. In mid-September, OMNI announced a FOM expansion which includes the entire state of Michigan. According to a September 2021 Credit Union Times article,
Credit union officials said this membership expansion will allow them to adopt the “digital-first” mindset with its relatively new digital banking platform.
“This is certainly a game changer for us,” OMNI CEO Ted Parsons said. “With our new digital banking platform, we’re fully capable of providing high-tech banking services to everyone in Michigan.”
In an interview with CU Times, OMNI Chief Retail Officer Chris Overbeek said the credit union has served the southwestern areas of Michigan and northern Indiana for years with its 13 branches. “But as we’ve kind of looked at our footprint and what digital can change with that, it just made sense to expand further to be able to offer banking services to the state of Michigan – because we really want to bring more of our abilities to provide financial health … and help people really thrive.”
How the Jumbo CD Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available to all Michigan residents, OMNI Community Credit Union’s 5-year Jumbo CD APY currently ranks first, regardless of minimum deposit requirements.
The above information and rates are accurate as of 11/12/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.