PFCU is currently offering an 18-month CD Special earning 5.55% APY. This limited-time offer can be opened with a minimum $500 deposit, with no stated balance cap.
The 18-month CD Special is also available as an IRA CD Special (Traditional, Roth, CESA), earning the same APY with the same deposit requirements.
Early Withdrawal Penalty
As stated in the Certificate Truth in Savings disclosure, the Early Withdrawal Penalty reads as follows:
A penalty may be imposed for withdrawals before maturity. The penalty will be 2% of the amount of withdrawal at the time of withdrawal.
CSR confirmed that partial withdrawals can be made, as long as a $500 minimum balance is maintained.
Headquartered in Portland, Michigan, PFCU's field of membership (FOM) is community-based, with all U.S. citizens/residents with a valid Social Security number who live, work, attend school, or own a business anywhere in Michigan eligible to join.
Immediate family members (spouse, children, siblings, parents, grandparents, and grandchildren) of anyone who lives or works in Michigan also qualify for membership.
There is a one-time one dollar membership fee and you must keep five dollars in your savings to keep the account open.
A CD Special cannot be opened online. After a Membership Application is approved, a CD Special can be opened by phone (844.517.3611) or at any of the above-mentioned branch locations.
Funding and Other Details
The following is from the PFCU website and a Live Chat with CSR.
- Funding – ACH, wire ($5 fee), check, credit/debit card (limited), or shared branching transaction. Funds must be on deposit before opening a CD.
- Ownership – Individual, joint, or trust.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded and credited monthly, can be withdrawn without penalty any time after it is credited.
- Maturing Funds – Cashier’s check to the address on file or deposited in a PFCU Regular Savings account.
- Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers are preferred, but not required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Soft pull utilizing Transunion.
Credit Union Overview
PFCU has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.37% (excellent) based on June 30, 2023 data. In the past year, PFCU has increased its total non-brokered deposits by $6.23 million, an above average annual growth rate of 0.86% APY. Please refer to our financial overview of PFCU (NCUA Charter # 68690) for more details.
Established in 1947, Portland Federal Credit Union’s founding members were employees of the Holley Carburetor plant in Portland. The new credit union was housed in the Portland plant and initially offered one savings account and one loan product to its members. A few years later, the Portland plant closed and the credit union’s operations were moved to the basement of the credit union’s manager house.
The 2018 merger with SageLink Credit Union resulted in a charter change, with PFCU operating under a statewide charter. PFCU is currently the 31st largest credit union headquartered in Michigan, with more than 55,000 members and assets in excess of $801 million.
How the 18-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the PFCU 18-month CD Special. The following table compares the 18-month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 12/11/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.