In the past six months, Wildfire Credit Union (Wildfire CU) has been periodically offering 5.00% APY on limited-time long-term CD Specials. Wildfire CU started the month by offering 5.00% APY on its 49-month CD Special. The minimum opening deposit is $500, with no stated balance cap. Like all the previous CD Specials, there is no stated end-date for the 49-month CD Special, although CSR suggested it “would probably be available for a couple weeks.”
As stated in the Explanation of Rates & Service Charges document, there are no partial withdrawals permitted, only early closures.
If you withdraw any principal before the maturity date, any accrued interest will be credited to the certificate, and the certificate will be closed. The balance remaining after the withdrawal will be transferred to another interest-bearing account. We will impose a penalty if you make a withdrawal prior to the maturity date
The 49-month CD Special is subject to an Early Withdrawal Penalty of 365 days of interest on the full balance.
If the account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal.
Any early closure within one year of opening will result in a reduction of the 49-month CD Special principal.
Availability and Account Opening
Headquartered in Saginaw, Michigan, Wildfire Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, or attend school anywhere in the State of Michigan eligible to join.
Family and household members of an existing Wildfire CU member are welcome to apply.
Joining Wildfire CU can be done online, by phone (800.227.2328), or at any of four full-service Michigan branches located in Bay City, Midland, and Saginaw (2). Appointments are available and can be scheduled online.
A minimum balance of $5 is required to open a savings account to become a member. Once you open a savings account, you will have the opportunity to apply for additional products and services.
CDs cannot be opened online. Existing Wildfire CU members can open a 49-month CD Special in-branch or over the phone (800.227.2328).
According to CSR, for those joining Wildfire CU who don’t live near a branch location, opening a CD Special is a three-part process: applying online or by phone for membership; depositing the funds for the CD Special into the Membership Savings account after application has been approved; and then opening the CD Special over the phone.
The Certificates of Deposit page includes a “Contact Me” form.
Fill out the short form below and a representative will get in touch with you.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire ($10 fee), check, or internal transfer.
- CO-OP Shared Branch Participant – No.
- Ownership – Individual, joint, or in the name of a trust.
- Dividends – Compounded/credited monthly; dividends can be scheduled to be transferred monthly into a Membership Savings account.
- Maturing Funds – Cashier’s check to address on file or internal transfer.
- Beneficiaries – Unlimited, with equal shares. Social Security numbers are not required for beneficiaries.
- Grace Period – 7 calendar days before renewal as a 60-month CD.
- Credit Check – Hard pull.
Credit Union Overview
Wildfire Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 1.69% (excellent) based on June 30, 2023 data. In the past year, Wildfire CU’s total non-brokered deposits decreased by -$46.94 million, a below average annual growth rate of -4.75%. Please refer to our financial overview of Wildfire Credit Union (NCUA Charter # 60057) for more details.
Established in 1937, Wildfire Credit Union was originally known as the Saginaw Telephone Employees Credit Union (STECU). For the first 40 years, STECU concentrated on its membership and organic growth. A merger with the Flint Telephone Employees Credit Union in 1977 set the Credit Union on the road to expansion. Following a change in the FOM in 1984, the name was changed to the Communications Family Credit Union (CFCU), reflecting the inclusion of communications-related industry employees. Shortly thereafter, two newspaper employees credit unions merged with CFCU. Starting in 2004, a community charter was adopted, with a total of 23 Michigan counties added to the FOM. The Wildfire re-brand occurred in 2009, as “membership began to grow like … wildfire,” and in early 2019, the charter expanded to include all Michigan residents. Wildfire CU is currently the 22nd largest credit union headquartered in Michigan, with more than 47,000 members and deposits in excess of $1 billion.
How the 49-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Wildfire Credit Union 49-month CD Special. The following table compares the 49-month CD Special to the two highest-rate CDs from banks and the two highest-rate CDs from other credit unions.
The above information and rates are accurate as of 10/5/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.