Preferred Credit Union (MI)

Overview / Commentary
3767 Sparks Dr SE
Grand Rapids, MI 49546

Preferred Credit Union (MI) is headquartered in Grand Rapids and is the 64th largest credit union in the state of Michigan. It is also the 1,081st largest credit union in the nation. It was established in 1968 and as of June of 2022, it had grown to 72 employees and 24,460 members at 6 locations. Preferred Credit Union (MI) has an A+ health rating.

Field of Membership Restrictions

Preferred Credit Union is open to those who live, work, attend school or worship in Barry, Allegan, Branch, Berrien, Cass, Calhoun, Clinton, Clare, Gratiot, Eaton, Ionia, Kalamazoo, Isabella, Lake, Kent, Manistee, Mecosta, Mason, Missaukee, Muskegon, Montcalm, Newaygo, Oceana, Osceola, Ottawa, St. Joseph, Van Buren and Wexford Counties in Michigan.
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Reviews (1)

Great customer service

My experience with this bank has been good for the most part. I had issues with payments in the past, and customer service has always been helpful and professional. Even with a mistake on my end, they are willing to go out of the way to help fix the issue. My only complaint is that their fees are a bit too high. They seem to go overboard with the fees over small things. While I understand they do this to make money and prevent errors, it feels too punishing then what it is worth. I also had a problem on enabling my account to be used with other branches. So I had to go through some loopholes on that as well. Even though I requested for it to be enabled when I first created my account.


Health Grade Components

NCUA #62340
Year Chartered1968
Primary Regulator
Profit Margin
Return on Assets - YTD0.96%
Return on Equity - YTD10.09%
Annual Interest Income$3.9MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$262.0MM$247.0MM
LoansQ2 2022vs Q2 2021$141.8MM$121.1MM
DepositsQ2 2022vs Q2 2021$232.5MM$212.0MM
Equity CapitalQ2 2022vs Q2 2021$25.1MM$31.0MM
Loan Loss AllowanceQ2 2022vs Q2 2021$1.4MM$1.4MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$148.00K$115.00K
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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Always verify rates and promotions with the bank or credit union. We are not Preferred Credit Union (MI); we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Preferred Credit Union (MI) Savings Account Rates

1.00%*$10k*-Health Savings Account
OTHER TIERS: 0.25% $100 - $1k | 0.50% $1k - $5k | 0.75% $5k - $10k
0.30%--IRA Savings
0.20%--Vacation Club
0.20%--Christmas Club
0.10%--Share Savings

Preferred Credit Union (MI) Money Market Rates

0.40%*$50k*-Preferred Money Account
OTHER TIERS: 0.20% $500 - $2.5k | 0.25% $2.5k - $10k | 0.30% $10k - $25k | 0.35% $25k - $50k

Preferred Credit Union (MI) Checking Account Rates

0.25%*$1.5k*-Premier Interest Checking
OTHER TIERS: 0.15% Up to $1.5k
0.25%*$5k*-Business Interest Checking
OTHER TIERS: 0.15% Up to $5k
0.15%--50 Plus Interest Checking
0.15%--Direct Interest Checking

Preferred Credit Union (MI) CD Rates

1.16%*$10k*-60 Month CD
OTHER TIERS: 1.06% $500 - $10k
1.06%*$10k*-48 Month CD
OTHER TIERS: 0.95% $500 - $10k
0.80%*$10k*-36 Month CD
OTHER TIERS: 0.70% $500 - $10k
0.70%*$10k*-30 Month CD
OTHER TIERS: 0.60% $500 - $10k
0.60%*$10k*-24 Month CD
OTHER TIERS: 0.50% $500 - $10k
0.45%*$10k*-12 Month CD
OTHER TIERS: 0.35% $500 - $10k
0.30%*$10k*-9 Month CD
OTHER TIERS: 0.20% $500 - $10k
0.25%*$10k*-6 Month CD
OTHER TIERS: 0.15% $500 - $10k

Preferred Credit Union (MI) IRA Rates

1.26%*$10k*-60 Month IRA
OTHER TIERS: 1.16% $500 - $10k
1.16%*$10k*-48 Month IRA
OTHER TIERS: 1.05% $500 - $10k
0.90%*$10k*-36 Month IRA
OTHER TIERS: 0.80% $500 - $10k
0.80%*$10k*-30 Month IRA
OTHER TIERS: 0.70% $500 - $10k
0.70%*$10k*-24 Month IRA
OTHER TIERS: 0.60% $500 - $10k
0.55%*$10k*-12 Month IRA
OTHER TIERS: 0.45% $500 - $10k
0.40%*$10k*-9 Month IRA
OTHER TIERS: 0.30% $500 - $10k
0.35%*$10k*-6 Month IRA
OTHER TIERS: 0.25% $500 - $10k

Preferred Credit Union (MI) Locations
Branch Office7473 Storey RdBelding, MI 48809-9360
Branch Office534 N Lafayette StGreenville, MI 48838-1167
Branch Office329 N Michigan AveHastings, MI 49058
Branch Office4245 S Westnedge AveKalamazoo, MI 49008-3207
Branch Office266 N Jebavy DrLudington, MI 49431
Branch Office3767 Sparks Dr SEGrand Rapids, MI 49546

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