Michigan

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Credit Union CD Rates Michigan

You are viewing rates from credit unions across Michigan

 

Below are the best one year CD Rates from credit unions in Michigan. One year CDs are usually the most popular term and offer a decent yield without having to lock-up money for an extended period of time. One year CD Rates are generally comparable to or a little higher than their savings and money market counterparts.

MI - December 11, 2024

1 Year CD National Average : 0.55% ?

Credit Unions APY MIN MILES ?

Rate History: 5.15% → 4.75%

Rate History: 4.50% → 4.30% → 4.20% → 4.40% → 4.35%

Rate History: 5.40% → 3.95%

Rate History: 3.96% → 3.93% → 3.64%

Rate History: 5.15% → 3.60%

| Oct 7, 2023

Have a problem that ICan not find an answer to in DFCU Financial. Trying to change info from USMail to Internet. They ask for my account number and the only thing I can find is onPurshing note. It is, H25... Read More

| May 12, 2016

19 what, years or months Read More

1.01%

$10,000

-

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| Jan 23, 2019

This place is absolutely not for their members like they claim. They charge astronomical interest rates and put you on a balloon if you have less than perfect credit. Not to mention, the little fact that... Read More

1.00%

$100,000

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Wildfire
Restrictions

0.95%

$100,000

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Elga
Restrictions

0.95%

$100,000

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0.90%

$10,000

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Safe Harbor
Restrictions

0.85%

$100,000

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Elga
Restrictions

0.85%

$10,000

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Filer
Restrictions

0.80%

$100,000

-

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West Michigan
Restrictions

0.80%

$100,000

-

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Credit Union One
Restrictions

0.80%

$100,000

-

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Safe Harbor
Restrictions

0.80%

$10,000

-

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Frankenmuth
Restrictions

0.80%

$100,000

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United Financial
Restrictions

0.80%

$100,000

-

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Circle
Restrictions

0.80%

$10,000

-

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Zeal
Restrictions

0.80%

$100,000

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0.80%

$10,000

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0.76%

$500

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0.75%

$100,000

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Omni Community
Restrictions

0.75%

$100,000

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Peninsula
Restrictions

0.75%

$10,000

-

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Team One
Restrictions

0.75%

$10,000

-

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Muskegon Co Op
Restrictions

0.75%

$10,000

-

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Michigan First
Restrictions

0.75%

$100,000

-

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Family First
Restrictions

0.75%

$10,000

-

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0.75%

$10,000

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| Oct 18, 2021

Disappointed with a car loan I got there. I asked if there was a penalty for prepayment and the loan officer assured me there wasn’t. He didn’t tell me that I was getting a pre-calculated loan ( Rule o... Read More

Our
Restrictions

0.75%

$10,000

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Selfreliance
Restrictions

0.75%

$10,000

-

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0.75%

$100,000

-

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First General
Restrictions

0.70%

$10,000

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Filer
Restrictions

0.70%

$10,000

-

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Wildfire
Restrictions

0.70%

$10,000

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0.70%

$10,000

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0.70%

$10,000

-

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Port City
Restrictions

0.70%

$10,000

-

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Adventure
Restrictions

0.70%

$10,000

-

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United Financial
Restrictions

0.70%

$10,000

-

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Health Advantage
Restrictions

0.70%

$10,000

-

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Financial Plus
Restrictions

0.70%

$10,000

-

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Security
Restrictions

0.70%

$10,000

-

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0.70%

$10,000

-

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Lafcu
Restrictions

0.70%

$100,000

-

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Case
Restrictions

0.70%

$10,000

-

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Lenco
Restrictions

0.70%

$10,000

-

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Zeal
Restrictions

0.70%

$10,000

-

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0.65%

$10,000

-

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4front
Restrictions

0.65%

$100,000

-

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| Jan 23, 2019

This place is absolutely not for their members like they claim. They charge astronomical interest rates and put you on a balloon if you have less than perfect credit. Not to mention, the little fact that... Read More

Gerber
Restrictions

0.65%

$10,000

-

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Family Financial
Restrictions

0.65%

$100,000

-

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Preferred
Restrictions

0.65%

$10,000

-

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Best Financial
Restrictions

0.65%

$10,000

-

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Lafcu
Restrictions

0.65%

$10,000

-

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0.65%

$10,000

-

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Frankenmuth
Restrictions

0.60%

$10,000

-

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Intouch
Restrictions

0.60%

$1,000

-

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Great Lakes First
Restrictions

0.60%

$10,000

-

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Delta County
Restrictions

0.60%

$10,000

-

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St. Francis X
Restrictions

0.60%

$100,000

-

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0.60%

$10,000

-

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0.60%

$100,000

-

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Service 1
Restrictions

0.60%

$10,000

-

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Kalsee
Restrictions

0.60%

$10,000

-

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0.60%

$10,000

-

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Extra
Restrictions

0.60%

$10,000

-

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Baraga County
Restrictions

0.55%

$10,000

-

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Tri-county
Restrictions

0.55%

$100,000

-

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Northland Area
Restrictions

0.55%

$100,000

-

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Members First
Restrictions

0.55%

$10,000

-

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0.55%

$10,000

-

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Family Financial
Restrictions

0.55%

$10,000

-

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Harborlight
Restrictions

0.55%

$10,000

-

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Muskegon
Restrictions

0.55%

$10,000

-

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| Mar 3, 2021

I have had a few on line issues over the past 2 days one gets corrected to have another creep up. I have talked to Nicole lots of times over the past few years, Tiffany yesterday and Yvette today. All 3 ... Read More

Michigan First
Restrictions

0.55%

$10,000

-

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Arbor Financial
Restrictions

0.55%

$100,000

-

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Lake Huron
Restrictions

0.55%

$10,000

-

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Astera
Restrictions

0.55%

$10,000

-

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| Oct 18, 2021

Disappointed with a car loan I got there. I asked if there was a penalty for prepayment and the loan officer assured me there wasn’t. He didn’t tell me that I was getting a pre-calculated loan ( Rule o... Read More

Alliance Catholic
Restrictions

0.55%

$10,000

-

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| Jun 9, 2019

Vacation funds for Read More

0.55%

$100,000

-

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Soo Co-op
Restrictions

0.50%

$10,000

-

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Loc
Restrictions

0.50%

$500

-

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Omni Community
Restrictions

0.50%

$10,000

-

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4front
Restrictions

0.50%

$1,000

-

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0.50%

$10,000

-

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0.50%

$10,000

-

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0.50%

$10,000

-

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Chippewa County
Restrictions

0.50%

$10,000

-

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Calcite
Restrictions

0.50%

$10,000

-

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St. Francis X
Restrictions

0.50%

$10,000

-

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Northland Area
Restrictions

0.50%

$10,000

-

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Forest Area
Restrictions

0.50%

$10,000

-

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Wexford Community
Restrictions

0.50%

$10,000

-

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0.50%

$10,000

-

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0.50%

$10,000

-

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Lake Trust
Restrictions

0.50%

$10,000

-

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Community Choice
Restrictions

0.50%

$10,000

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| Mar 3, 2021

I have had a few on line issues over the past 2 days one gets corrected to have another creep up. I have talked to Nicole lots of times over the past few years, Tiffany yesterday and Yvette today. All 3 ... Read More

Aac
Restrictions

0.50%

$10,000

-

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First Area
Restrictions

0.50%

$10,000

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| Jul 3, 2021

Question, what is the suffix I use when making a deposit? Is it 03? Read More

Cp
Restrictions

0.50%

$10,000

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South Central
Restrictions

0.50%

$10,000

-

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Directions
Restrictions

0.50%

$10,000

-

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0.50%

$10,000

-

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| Aug 6, 2019

These people are crooks. They make up ways to steal your money through fees. They will short you on your interest. Beware! Read More

Integra First
Restrictions

0.46%

$500

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Tri-county
Restrictions

0.45%

$10,000

-

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Tba
Restrictions

0.45%

$10,000

-

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0.45%

$10,000

-

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0.45%

$100,000

-

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Vibe
Restrictions

0.45%

$100,000

-

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0.41%

$10,000

-

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0.40%

$10,000

-

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Embers
Restrictions

0.40%

$10,000

-

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Trunorth
Restrictions

0.40%

$10,000

-

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Sunrise Family
Restrictions

0.40%

$10,000

-

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Wanigas
Restrictions

0.40%

$10,000

-

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0.40%

$10,000

-

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Kent County
Restrictions

0.40%

$10,000

-

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Thornapple
Restrictions

0.40%

$10,000

-

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Vibe
Restrictions

0.40%

$10,000

-

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Honor
Restrictions

0.35%

$10,000

-

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0.35%

$10,000

-

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0.35%

$10,000

-

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Copoco Community
Restrictions

0.35%

$10,000

-

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Consumers
Restrictions

0.35%

$100,000

-

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Bloom
Restrictions

0.35%

$100,000

-

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0.35%

$10,000

-

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People Driven
Restrictions

0.35%

$100,000

-

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0.30%

$10,000

-

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0.30%

$10,000

-

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Awakon
Restrictions

0.30%

$10,000

-

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West Michigan
Restrictions

0.30%

$10,000

-

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0.30%

$10,000

-

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Consumers
Restrictions

0.30%

$10,000

-

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0.30%

$10,000

-

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Blueox
Restrictions

0.30%

$10,000

-

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People Driven
Restrictions

0.30%

$10,000

-

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| Nov 11, 2022

It would be great to hear back from someone regarding my bump-up rate currently available, BEFORE 18 days has passed. Still waiting. Read More

0.25%

$10,000

-

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Bloom
Restrictions

0.25%

$10,000

-

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Community West
Restrictions

0.25%

$10,000

-

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Public Service
Restrictions

0.21%

$100,000

-

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0.21%

$10,000

-

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Credit Union One
Restrictions

0.20%

$10,000

-

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| Dec 9, 2018

I have been a member of this credit union for more than 40 years. Over time it has had many changes but the worst one they did was to hire the man that is the manager of the Cranston Road Branch. He is c... Read More

Public Service
Restrictions

0.18%

$10,000

-

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Aeroquip
Restrictions

0.15%

$1,000

-

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Straits Area
Restrictions

0.15%

$10,000

-

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Arbor Financial
Restrictions

0.15%

$10,000

-

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Edu
Restrictions

0.10%

$500

-

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0.10%

$10,000

-

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| Jan 24, 2020

It is not available online. Simply call the main branch at 616.784.4822 and they will send one in the mail or over email. Cutoff time for domestic wire is 4pm and international is 11am. Flat $25 fee Read More

All rates listed are Annual Percentage Yield (APY). The Min listed is the minimum deposit account balance required to obtain the rate listed.

BestCashCow strives to maintain the most accurate rates. If you believe a rate is not accurate, please let us know.

PRODUCT INFORMATION

Credit Union One-Year Certificates of Deposit 2024

Credit union certificates of deposit (“CDs”, also commonly called “time deposits” at credit unions) are contract-based and time-based savings vehicles that are offered by credit unions. In return for agreeing to keep your money tied up with the credit union for a given time period (in the case of 1-year CDs, the period is obviously 1-year), you earn a fixed rate or return that cannot change over the course of that period. Should you need your money before the expiration of the contractual period, the penalties for early withdrawal can be severe. Not all credit unions even offer early withdrawal, and many that do maintain the right to deny it in their terms and conditions. It therefore is important to fully understand the terms of any time-based deposit that you enter with a credit union.

Many Americans enjoy performing their banking transactions with credit unions citing better rates, non-profit status (owned by its depositors), more helpful employees, and a commitment to the community that is above the level offered by local banks. You will find a map with all credit unions that are close to you here. It is important to note that some credit unions have limited fields of membership, although others are more open ended. Under any circumstance, you must meet the membership requirements in order to become a member and open a CD or time deposit.

Those who are willing to tie up their money for one year will often get a slight premium over the best available savings rates. People who work with credit unions may find that they offer better rates on 1-year CDs or time deposits than local banks and online banks. You however should check the local bank rates where you live here and the online rates here.

To understand all of the income generating options available to a saver, please view the  Income Generating Investments Comparison Chart.

NCUA Insurance

Most, but not all, credit unions listed on BestCashCow are insured by the National Credit Union Administration (NCUA). You should confirm that the credit union that you are working with is NCUA-insured by visiting that institution’s BestCashCow page (NCUA coverage is detailed on the overview tab). The NCUA insures each named individual's deposits to $250,000 for all accounts at the credit union within ownership class. The rules are very similar, but not identical, to those for FDIC insurance. You should always stay within NCUA insurance limits.

BestCashCow strongly recommends that you deposit money only in NCUA insured credit unions and that you stay within insured limits. If you are considering depositing over $250,000 at a single NCUA-insured credit union across products (share certificates, time deposits, etc.) or across types of ownership (individual, joint, etc.) you should use the NCUA’s  Share Insurance Toolkit in order to be sure that you are not exceeding coverage limits.

FREQUENTLY ASKED QUESTIONS ABOUT CREDIT UNIONS

Is my money any less safe at a credit union?

As long as your credit union is NCUA insured and you stay within the NCUA limits, As long as your credit union is NCUA insured and you stay within the NCUA limits, your money is no less safe than it would be in an FDIC-insured bank.

Is there any difference between a time deposit offered by a credit union and a CD account offered by a bank?

The difference is mainly one of terminology. But, you should always completely understand the terms of a time deposit or CD before you enter it, paying careful attention to the early withdrawal penalties. A reasonable early withdrawal penalty for a 1-year time deposit is 3 months.

Does the small amount of interest gained on a time deposit make sense given the fact that I am losing access to my capital (liquidity)?

This is a decision that depends on your own specific circumstances, your needs for cash, and other investments that you may wish to pursue over the next 12 months (or the period of your time deposit or CD). The premium in a one-year CD is very small, however, a small difference in compounding interest can make a large difference over long period of time. You may wish to familiarize yourself with our Savings Booster Calculator in order to understand the importance of compounding interest at higher rates on your money over time.

SAVINGS & CD CALCULATOR

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