OMNI Community Credit Union (MI/IN) 5-Year Jumbo CD Is A Rate Leader

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Deal Summary: 5-year Jumbo CD, 1.40% APY, $100k minimum.

Availability: 15 southwest Michigan counties and three northern Indiana counties.

As CD rates have fallen in the past year, most financial institutions are offering their best rates on shorter-term certificates. Of all the CDs offered by OMNI Community Credit Union (OMNI), the 5-year Jumbo CD (1.40% APY) currently has the most competitive rate. OMNI Jumbo CDs require 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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.40%$100k-OMNI Community Credit Union5 Year Jumbo CD
1.40%$100k-OMNI Community Credit UnionBusiness 5 Year Jumbo IRA CD
1.15%$1k-OMNI Community Credit Union5 Year CD
1.15%$1k-OMNI Community Credit Union5 Year IRA CD (Traditional, Roth, CESA)
Rates as of September 24, 2021.

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 compounded monthly and credited monthly and can be credited to an OMNI Primary Savings account or checking account.

There is grace period of ten calendar days before a CD automatically renews. According to the TIS disclosure,

We reserve the right to decline a Certificate renewal.

Cashback Rebate

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.

Availability

Headquartered in Battle Creek, Michigan, OMNI Community Credit Union’s field of membership is residency-based, with individuals who live, work, worship, or attend school in the Michigan counties of Allegan, Barry, Berrien, Branch, Calhoun, Cass, Eaton, Ionia, Jackson, Kalamazoo, Kent, Muskegon, Ottawa, St Joseph, or Van Buren 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 eight 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 in-person meetings and several can be scheduled for phone as well.

According to CSR, CDs can be opened in-branch or over the phone, but not online. 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 1.14% (excellent) based on March 31, 2021 data. In the past year, OMNI has increased its total non-brokered deposits by $130.11 million, an excellent annual growth rate of 34.74%. Please refer to our financial overview of OMNI Community Credit Union (NCUA Charter # 60105) for more details.

OMNI Community Credit Union is celebrating its 70thanniversary, having been founded in 1951 as the Clark Equipment Credit Union. (Acquired in 1995 by Ingersoll Rand, Clark Equipment Company was a designer, manufacturer, and seller of industrial and construction machinery and equipment.)

According to MiBiz article from yesterday,

Several West Michigan credit unions and community lenders received a combined $13.2 million in federal funding that they can use to assist underserved businesses and individuals affected by the COVID-19 pandemic.

OMNI Community Credit Union received $1.82 million from the Treasury Department, which this month provided $1.25 billion in CDFI Rapid Response Program funding to 863 organizations nationwide. Home and used car loans are a large part of OMNI Community Credit Union’s CDFI efforts.

OMNI Community Credit Union is currently the 37th largest credit union headquartered in Michigan, with more than 43,000 members and assets in excess of $577 million.

How the Jumbo CD Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, OMNI Community Credit Union’s 5-year Jumbo CD APY currently shares the top spot with Kellogg Community Credit Union’s 5-year Golden Certificate APY.

The above information and rates are accurate as of 6/26/2021.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.

Related Pages: Grand Rapids CD rates, 5-year CD rates

Comments
5.50% 3-Month CD at a Michigan CU (Omni Community)
Omni Community Credit Union is offering a special 3-month certificate with a yield of 5.50% APY.

Membership is available to anyone who lives, works, worships or attends school in one of the following Michigan counties: Barry, Branch, Calhoun, Eaton, Kalamazoo and St. Joseph. Please refer to the credit union's how to join page for more details. Membership requires a minimum deposit of $5 into your share savings account.

Branches are located in Battle Creek, Kalamazoo, Sturgis and Three Rivers. The credit union is federally insured by the NCUA (Charter # 60105). It...



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5.75% 11-Month CD at a Michigan CU (Omni Community)
Omni Community Credit Union is offering a 11-month certificate of deposit special paying 5.75% APY. There's also a 5.50% APY 5-month CD.

The field of membership includes anyone who lives, works, worships or attends school in Branch, Barry, Calhoun, Eaton, Kalamazoo or St. Joseph County. Branches are located in Battle Creek, Sturgis, Three Rivers and Kalamazoo, Michigan.

The credit union is federally insured by the NCUA. It has $191 million in assets and 34,478 members.



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