Security Credit Union (Security CU) has added three Rainy Day Share Certificates: 29-month (2.75% APY), 17-month (2.55% APY), and 5-month (1.90% APY). These limited-time offerings require a minimum $1k of new money, which is defined as funds not currently on deposit with Security CU. While there is no specific end-date mentioned, “this offer can end at any time without notice.”
As stated on the Rainy Day Share Certificates landing page, the Early Withdrawal Penalty reads as follows:
If an early withdrawal is made to the CD, a penalty of 90 days dividends will apply.
The landing page also states,
Payout of dividends is mandatory, and will be paid monthly into a savings or checking [account].
Headquartered in Holly, Michigan, Security Credit Union offers membership to anyone who lives, works, worships, or attends school in the State of Michigan.
Immediate family or household members of membership-eligible individuals or current Security CU members also qualify for membership.
The field of membership (FOM) was expanded to include all Michigan residents about eight months ago. Given the state-wide FOM, I expected there would be a comprehensive online application, but the Membership Application is quite basic and contains the following explanation.
Processing of the Application for Membership will take approximately two working days. Then, you and your joint owner(s) simply need to sign a signature card by going to any Security Credit Union office with a drivers license or state picture identification and a $5 minimum deposit to open the account.
On a happier note, the Membership page states,
Click here to join, call us at 810-235-2322 or toll free 800-373-2333, or visit any of our convenient locations.
The 11 "convenient" Michigan branches are located in Burton, Croswell, Detroit, Flint, Grand Blanc, Imlay City, Lapeer (2), Owosso, Saginaw, and Warren.
Security CU participates in both the CO-OP Share Branching and ATM networks.
Credit Union Overview
Security Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 8.33% (excellent) based on June 30, 2019 data. In the past year Security CU has increased its total deposits by $2.08 million, an above average annual growth rate of 0.54%. Please refer to our financial overview of Security Credit Union (NCUA Charter # 61159) for more details.
Founded as the Flint Buick Employees Federal Credit Union in 1949, Security Credit Union’s original FOM was inclusive to UAW Local 599 members. In the late 1970s, the FOM was expanded to help “strengthen and diversify the Credit Union against economic hard times.” Between 2002 and 2017, Security CU experienced a charter change and three mergers, which added eleven Michigan counties to the FOM. This past March,
Security received regulatory approval to expand our field of membership. This expansion of our field of membership allows Security to serve anyone who lives, works, worships, or attends school throughout the entire state of Michigan.
Security CU is currently Michigan’s 35th largest credit union, with nearly 53,000 members and assets in excess of $434 million.
How the Rainy Day Share Certificates Compare
When compared to 270 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Michigan residents, Security Credit Union's 17-month Rainy Day Share Certificate APY currently ranks second.
When compared to 384 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Michigan residents, Security Credit Union's 29-month Rainy Day Share Certificate APY currently ranks second.
The above rates are accurate as of 11/11/2019.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.