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Michigan Credit Union CD Rates 2018

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 - January 22, 2018

1 Year CD National Average : 0.55% ?

Advertiser Disclosure
Credit Union APY MIN MILES ?
Honor
Restrictions
1.60% $500 -
1.55% $500 -
1.50% $50 -
Intouch
Restrictions
1.46% $1,000 -
Covantage
Restrictions
1.35% $1,000 -
Financial Plus
Restrictions
1.30% $500 -
Genisys
Restrictions
1.30% $500 -
Dort
Restrictions
1.25% $1,000 -
1.25% $200 -
1.25% $500 -
1.21% $10,000 -
Peninsula
Restrictions
1.20% $1,000 -
1.16% $1,000 -
1.15% $2,500 -
Unify Financial
Restrictions
1.11% $100,000 -
Wings Financial
Restrictions
1.10% $90,000 -
Portland
Restrictions
1.10% $1,000 -
Case
Restrictions
1.10% $500 -
Muskegon Co Op
Restrictions
1.10% $500 -
Frankenmuth
Restrictions
1.08% $500 -
Team One
Restrictions
1.06% $500 -
Wings Financial
Restrictions
1.05% $10,000 -
Lafcu
Restrictions
1.05% $10,000 -
Lake Trust
Restrictions
1.03% $10,000 -
Wexford Community
Restrictions
1.00% $500 -
Gerber
Restrictions
1.00% $1,000 -
Astera
Restrictions
1.00% $500 -
Unify Financial
Restrictions
1.00% $1,000 -
Harborlight
Restrictions
1.00% $500 -
Port City
Restrictions
1.00% $500 -
1.00% $10,000 -
0.90% $500 -
0.90% $1,000 -
0.90% $100,000 -
Advia
Restrictions
0.90% $500 -
0.90% $500 -
Best Financial
Restrictions
0.85% $500 -
Journey
Restrictions
0.85% $500 -
Oakland County
Restrictions
0.85% $500 -
Filer
Restrictions
0.85% $25,000 -
Service 1
Restrictions
0.85% $500 -
Filer
Restrictions
0.80% $1,000 -
St. Francis X
Restrictions
0.80% $500 -
Tba
Restrictions
0.80% $500 -
Wanigas
Restrictions
0.80% $500 -
Members First
Restrictions
0.80% $1,000 -
Credit Union One
Restrictions
0.80% $100,000 -
0.75% $1,000 -
0.75% $500 -
Muskegon
Restrictions
0.75% $500 -
Delta County
Restrictions
0.75% $1,000 -
Great Lakes First
Restrictions
0.75% $1,000 -
0.75% $500 -
0.75% $1,000 -
First General
Restrictions
0.72% $1,000 -
0.71% $500 -
People Driven
Restrictions
0.70% $1,000 -
0.70% $500 -
Forest Area
Restrictions
0.65% $500 -
U.p. Catholic
Restrictions
0.65% $1,000 -
0.65% $500 -
0.65% $1,000 -
0.65% $500 -
Safe Harbor
Restrictions
0.65% $1,000 -
4front
Restrictions
0.65% $100,000 -
0.65% $500 -
0.60% $2,000 -
0.60% $1,000 -
Saginaw Medical
Restrictions
0.60% $500 -
0.60% $1,000 -
Community West
Restrictions
0.60% $500 -
Catholic
Restrictions
0.60% $1,000 -
Wildfire
Restrictions
0.60% $2,000 -
Credit Union One
Restrictions
0.60% $2,500 -
Teachers
Restrictions
0.59% $1,000 -
Baraga County
Restrictions
0.55% $1,000 -
Zeal
Restrictions
0.55% $1,000 -
Kalsee
Restrictions
0.55% $10,000 -
Northland Area
Restrictions
0.55% $50,000 -
0.55% $500 -
Calcite
Restrictions
0.50% $1,000 -
Soo Co-op
Restrictions
0.50% $100,000 -
United
Restrictions
0.50% $500 -
Our
Restrictions
0.50% $500 -
First Area
Restrictions
0.50% $500 -
Advantage One
Restrictions
0.50% $1,000 -
Extra
Restrictions
0.50% $500 -
Vibe
Restrictions
0.50% $500 -
Lenco
Restrictions
0.50% $3,000 -
Kellogg Community
Restrictions
0.50% $500 -
0.50% $1,000 -
Omni Community
Restrictions
0.50% $1,000 -
Blueox
Restrictions
0.50% $10,000 -
Lake Huron
Restrictions
0.50% $500 -
Family First
Restrictions
0.50% $500 -
Michigan First
Restrictions
0.50% $100,000 -
Aac
Restrictions
0.50% $500 -
Community Choice
Restrictions
0.50% $500 -
Gratiot Community
Restrictions
0.50% $1,000 -
Preferred
Restrictions
0.50% $10,000 -
0.50% $1,000 -
4front
Restrictions
0.50% $1,000 -
Alliance Catholic
Restrictions
0.50% $500 -
Tlc Community
Restrictions
0.45% $1,000 -
0.45% $10,000 -
Sunrise Family
Restrictions
0.45% $1,000 -
Elga
Restrictions
0.40% $1,000 -
Adventure
Restrictions
0.40% $500 -
Family Financial
Restrictions
0.40% $500 -
Northland Area
Restrictions
0.40% $500 -
Straits Area
Restrictions
0.40% $1,000 -
0.40% $500 -
0.40% $100,000 -
Meijer
Restrictions
0.40% $500 -
Michigan First
Restrictions
0.40% $10,000 -
Dfcu Financial
Restrictions
0.35% $100,000 -
Consumers
Restrictions
0.35% $25,000 -
Soo Co-op
Restrictions
0.35% $500 -
0.35% $500 -
Parda
Restrictions
0.35% $500 -
Copoco Community
Restrictions
0.35% $500 -
0.35% $500 -
Integra First
Restrictions
0.35% $500 -
0.35% $1,000 -
Fme
Restrictions
0.32% $10,000 -
0.30% $1,000 -
Cp
Restrictions
0.30% $500 -
West Michigan
Restrictions
0.30% $500 -
South Central
Restrictions
0.30% $10,000 -
0.30% $10,000 -
Security
Restrictions
0.30% $500 -
0.30% $500 -
Consumers
Restrictions
0.30% $1,000 -
Awakon
Restrictions
0.30% $1,000 -
Loc
Restrictions
0.25% $500 -
Dfcu Financial
Restrictions
0.25% $1,000 -
Tri-cities
Restrictions
0.25% $1,000 -
My Personal
Restrictions
0.25% $500 -
0.25% $1,000 -
0.25% $500 -
Honor
Restrictions
0.25% $500 -
0.25% $500 -
Aeroquip
Restrictions
0.20% $1,000 -
Kent County
Restrictions
0.20% $500 -
Tahquamenon Area
Restrictions
0.20% $100 -
0.20% $500 -
Sagelink
Restrictions
0.18% $500 -
Arbor Financial
Restrictions
0.15% $500 -
United Financial
Restrictions
0.15% $500 -
0.15% $500 -
0.10% $500 -
0.10% $1,000 -
0.05% $500 -
Lake Michigan
Restrictions
0.05% $500 -

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 2018

Credit union certificates of deposit (“CDs”, also commonly called “time deposits” and 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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