In the past year, Wildfire Credit Union (Wildfire CU) has introduced a variety of CD Specials. The most recent addition is a 26-month CD Special, earning 2.30% APY. The minimum opening deposit is $500 and
new money is required to qualify for the stated APY. According to the fine print on the Certificate of Deposits page, “amounts withdrawn from Wildfire accounts in the preceding 30 days will not qualify” as new money.
The other CD Special in the product line is the 62-month, which currently earns 2.75% APY and does require new money. When I wrote about the 62-month CD Special in August, the APY was a competitive 3.25%, but in three rate decreases since then, it’s lost 50 bps. While the 2.75% APY isn’t outstanding, it’s still higher than all but one of the 5-year CDs offered by the online banks.
|2.75%||$500||-||Wildfire Credit Union||62 Month CD Special - New Money Only|
|2.30%||$500||-||Wildfire Credit Union||26 Month CD Special|
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 Early Withdrawal Penalty imposed on the 26-month CD Special will be 273 days of interest on the full balance.
Headquartered in Saginaw, Michigan, Wildfire Credit Union’s field of membership (FOM) expanded nine months ago, with individuals who live, work, worship, or attend school anywhere in the State of Michigan now eligible to join. Prior to this latest expansion, the FOM included only 23 out of the state’s 83 counties.
Family/household members of current Wildfire CD members are welcome to apply.
Joining Wildfire CU and/or opening a CD Special 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). There are also five school branches in Bay City and Saginaw, which are “open to students and staff throughout the school year during the lunch hours.”
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.
Wildfire CU participates in the CO-OP Shared Branching/ATM network.
The CO-OP network offers 3,500 credit unions with more than 5,000 branches, nearly 30,000 surcharge-free ATMs nationwide, online banking tools and more.
Credit Union Overview
Wildfire Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.83% (excellent) based on June 30, 2019 data. In the past year, Wildfire CU has increased its total non-brokered deposits by $35.58 million, an excellent annual growth rate of 5.27%. 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 20th largest credit union headquartered in Michigan, with more than 48,400 members and assets in excess of $822 million.
How the CD Special Compares
Earlier this year, many Michigan credit unions expanded to included all Michigan residents or residents of Michigan’s Lower Peninsula (approximately 95% of the state’s total population). In an effort to compare apples-to-apples, this comparison only uses CDs available on a state-wide basis.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Michigan residents, Wildfire Credit Union's 26-month CD Special APY currently ranks fifth.
The above rates are accurate as of 11/20/2019.
Looking for the best CD rates, either nationwide or state specific? Please refer to DepositAccounts.com’s CD Rates Table.