United Federal Credit Union (UFCU) has been offering limited-time Share Certificate Specials for about a year. The current promotion includes three Specials, with the 13-month (1.45% APY) being the most competitive. The minimum deposit for any of the Specials is $500, with no stated balance cap.
In April, I wrote about the 55-month Share Certificate Special, which at the time earned 2.35% APY. While the 55-month is still being offered, the rate has fallen to 2.20% APY. This is indicative of the recent trend of rising short-term rates, while long-term rates remain steady (or even falling slightly).
The Share Certificate Specials are also available as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements.
As stated in UFCU’s Terms and Conditions document, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of one year or more - the penalty we may impose will equal 12 months dividends on the amount withdrawn subject to the penalty and may
go into the principal balance.
Headquartered in Saint Joseph, Michigan, United Federal Credit Union’s field of membership isn’t easily categorized, but eligibility can be quickly determined by answering the three questions that are listed on the Three Ways To Join UFCU page:
Do you have an immediate Family Member with an account at United Federal Credit Union?
Relationship: Immediate family members of current UFCU members are eligible to join.
Are you OR your Immediate Family Member working for or retired from a Corporate Member?
Employment: Individuals who work for, or are retired from one of UFCU’s more than 900 Corporate Members, are eligible for membership.
Please select the state where you live - Arkansas, Indiana, Michigan, Nevada, North Carolina, Ohio, Oklahoma.
Residency: Individuals who live, work, worship, or attend school in certain counties/townships near UFCU branch locations are eligible for membership.
Easy Membership: Individuals who live anywhere in the above mentioned states are eligible for membership by joining the American Consumer Council.
Complete details concerning membership eligibility are available on the Three Ways to Join page.
Joining United Federal Credit Union and/or opening a Share Certificate Special can be done online, at any of 33 branches located in Arkansas (5), Indiana (1), Michigan (11), North Carolina (4), Nevada (10), and Ohio (2), or by phone (888.982.1400).
Credit Union Overview
United Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.80% (excellent) based on March 31, 2017 data. In the past year, UFCU increased its total deposits by $165.73 million, an excellent annual growth rate of 11.27%. Please refer to our financial overview of United Federal Credit Union (NCUA Charter # 6288) for more details.
United Federal Credit Union was founded in 1949 as the Nineteen Hundred Employees Federal Credit Union by five Whirlpool employees. In its 66-year history, UFCU has seen four name changes, two acquisitions, one merger, and an expansion of its charter. In 2013, UFCU was doubly honored, being named Michigan Credit Union League Outstanding Credit Union of the Year 2013 and National Federal Credit Union of the Year 2013 by the National Association of Federal Credit Unions. United Federal Credit Union is currently the fourth largest credit union in Michigan, with more than 154,800 members and assets in excess of $2.2 billion.
How the Share Certificate Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit requirements and are available with the FOM, United Federal Credit Union’s 13-month Share Certificate Special APY currently ranks third.
The above rates are accurate as of 6/6/2017.