Michigan

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Credit Union CD Rates Michigan 2020

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 - October 19, 2020

1 Year CD National Average : 0.43% ?

Advertiser Disclosure
Credit Unions APY MIN MILES ?
Parda
Restrictions
1.15% $100,000 - Learn More
Covantage
Restrictions
1.15% $10,000 - Learn More
Selfreliance
Restrictions
1.05% $10,000 - Learn More
Intouch
Restrictions
1.01% $25 - Learn More
1.01% $10,000 - Learn More
Parda
Restrictions
1.00% $10,000 - Learn More
Limestone
Restrictions
1.00% $100,000 - Learn More
Lake Michigan
Restrictions
1.00% $500 - Learn More
First Area
Restrictions
1.00% $10,000 - Learn More
Genisys
Restrictions
1.00% $10,000 - Learn More
1.00% $100,000 - Learn More
Wings Financial
Restrictions
1.00% $100,000 - Learn More
Wildfire
Restrictions
0.95% $100,000 - Learn More
0.95% $100,000 - Learn More
Elga
Restrictions
0.95% $100,000 - Learn More
Wings Financial
Restrictions
0.95% $10,000 - Learn More
0.90% $10,000 - Learn More
Safe Harbor
Restrictions
0.85% $100,000 - Learn More
Elga
Restrictions
0.85% $10,000 - Learn More
0.85% $10,000 - Learn More
Filer
Restrictions
0.80% $100,000 - Learn More
West Michigan
Restrictions
0.80% $100,000 - Learn More
Credit Union One
Restrictions
0.80% $100,000 - Learn More
Safe Harbor
Restrictions
0.80% $10,000 - Learn More
Frankenmuth
Restrictions
0.80% $100,000 - Learn More
0.80% $10,000 - Learn More
United Financial
Restrictions
0.80% $100,000 - Learn More
0.80% $100,000 - Learn More
Circle
Restrictions
0.80% $10,000 - Learn More
Zeal
Restrictions
0.80% $100,000 - Learn More
0.80% $10,000 - Learn More
0.76% $500 - Learn More
0.75% $100,000 - Learn More
Omni Community
Restrictions
0.75% $100,000 - Learn More
Peninsula
Restrictions
0.75% $10,000 - Learn More
Team One
Restrictions
0.75% $10,000 - Learn More
Muskegon Co Op
Restrictions
0.75% $10,000 - Learn More
Michigan First
Restrictions
0.75% $100,000 - Learn More
Family First
Restrictions
0.75% $500 - Learn More
0.75% $10,000 - Learn More
Kellogg Community
Restrictions
0.75% $100,000 - Learn More
Our
Restrictions
0.75% $10,000 - Learn More
0.75% $100,000 - Learn More
Ohio Catholic
Restrictions
0.70% $100,000 - Learn More
First General
Restrictions
0.70% $10,000 - Learn More
Filer
Restrictions
0.70% $10,000 - Learn More
Wildfire
Restrictions
0.70% $10,000 - Learn More
0.70% $10,000 - Learn More
0.70% $10,000 - Learn More
Port City
Restrictions
0.70% $10,000 - Learn More
Adventure
Restrictions
0.70% $10,000 - Learn More
0.70% $100,000 - Learn More
United Financial
Restrictions
0.70% $10,000 - Learn More
Health Advantage
Restrictions
0.70% $25 - Learn More
Financial Plus
Restrictions
0.70% $10,000 - Learn More
Security
Restrictions
0.70% $10,000 - Learn More
0.70% $10,000 - Learn More
Lafcu
Restrictions
0.70% $100,000 - Learn More
Case
Restrictions
0.70% $10,000 - Learn More
Lenco
Restrictions
0.70% $10,000 - Learn More
Zeal
Restrictions
0.70% $10,000 - Learn More
0.65% $10,000 - Learn More
Ohio Catholic
Restrictions
0.65% $25,000 - Learn More
4front
Restrictions
0.65% $100,000 - Learn More
Limestone
Restrictions
0.65% $10,000 - Learn More
Gerber
Restrictions
0.65% $10,000 - Learn More
Family Financial
Restrictions
0.65% $100,000 - Learn More
Preferred
Restrictions
0.65% $10,000 - Learn More
Best Financial
Restrictions
0.65% $10,000 - Learn More
0.65% $10,000 - Learn More
Lafcu
Restrictions
0.65% $10,000 - Learn More
0.65% $100,000 - Learn More
0.65% $10,000 - Learn More
Frankenmuth
Restrictions
0.60% $10,000 - Learn More
Ohio Catholic
Restrictions
0.60% $500 - Learn More
Intouch
Restrictions
0.60% $1,000 - Learn More
Great Lakes First
Restrictions
0.60% $10,000 - Learn More
Delta County
Restrictions
0.60% $10,000 - Learn More
St. Francis X
Restrictions
0.60% $100,000 - Learn More
0.60% $10,000 - Learn More
0.60% $100,000 - Learn More
Service 1
Restrictions
0.60% $10,000 - Learn More
Arbor Financial
Restrictions
0.60% $100,000 - Learn More
Kalsee
Restrictions
0.60% $10,000 - Learn More
0.60% $10,000 - Learn More
0.60% $10,000 - Learn More
Extra
Restrictions
0.60% $10,000 - Learn More
Baraga County
Restrictions
0.55% $10,000 - Learn More
Tri-county
Restrictions
0.55% $100,000 - Learn More
Northland Area
Restrictions
0.55% $100,000 - Learn More
Members First
Restrictions
0.55% $10,000 - Learn More
0.55% $10,000 - Learn More
Family Financial
Restrictions
0.55% $10,000 - Learn More
Harborlight
Restrictions
0.55% $10,000 - Learn More
Muskegon
Restrictions
0.55% $10,000 - Learn More
Michigan First
Restrictions
0.55% $10,000 - Learn More
Lake Huron
Restrictions
0.55% $10,000 - Learn More
Astera
Restrictions
0.55% $10,000 - Learn More
0.55% $10,000 - Learn More
Kellogg Community
Restrictions
0.55% $10,000 - Learn More
Alliance Catholic
Restrictions
0.55% $10,000 - Learn More
Tlc Community
Restrictions
0.55% $10,000 - Learn More
Soo Co-op
Restrictions
0.50% $10,000 - Learn More
Loc
Restrictions
0.50% $500 - Learn More
Omni Community
Restrictions
0.50% $10,000 - Learn More
4front
Restrictions
0.50% $1,000 - Learn More
0.50% $10,000 - Learn More
0.50% $10,000 - Learn More
0.50% $10,000 - Learn More
Chippewa County
Restrictions
0.50% $10,000 - Learn More
Calcite
Restrictions
0.50% $10,000 - Learn More
St. Francis X
Restrictions
0.50% $10,000 - Learn More
Northland Area
Restrictions
0.50% $10,000 - Learn More
Forest Area
Restrictions
0.50% $10,000 - Learn More
Wexford Community
Restrictions
0.50% $10,000 - Learn More
0.50% $10,000 - Learn More
0.50% $10,000 - Learn More
Lake Trust
Restrictions
0.50% $10,000 - Learn More
Community Choice
Restrictions
0.50% $10,000 - Learn More
Aac
Restrictions
0.50% $10,000 - Learn More
0.50% $10,000 - Learn More
Cp
Restrictions
0.50% $10,000 - Learn More
South Central
Restrictions
0.50% $10,000 - Learn More
Unify Financial
Restrictions
0.50% $10,000 - Learn More
Directions
Restrictions
0.50% $10,000 - Learn More
Integra First
Restrictions
0.46% $500 - Learn More
Tri-county
Restrictions
0.45% $10,000 - Learn More
Tba
Restrictions
0.45% $10,000 - Learn More
0.45% $10,000 - Learn More
0.45% $100,000 - Learn More
Vibe
Restrictions
0.45% $100,000 - Learn More
0.41% $10,000 - Learn More
0.40% $10,000 - Learn More
Embers
Restrictions
0.40% $10,000 - Learn More
Trunorth
Restrictions
0.40% $10,000 - Learn More
Sunrise Family
Restrictions
0.40% $10,000 - Learn More
Wanigas
Restrictions
0.40% $10,000 - Learn More
0.40% $10,000 - Learn More
Kent County
Restrictions
0.40% $10,000 - Learn More
Thornapple
Restrictions
0.40% $10,000 - Learn More
Vibe
Restrictions
0.40% $10,000 - Learn More
Honor
Restrictions
0.35% $10,000 - Learn More
0.35% $10,000 - Learn More
0.35% $10,000 - Learn More
Copoco Community
Restrictions
0.35% $10,000 - Learn More
Consumers
Restrictions
0.35% $100,000 - Learn More
Bloom
Restrictions
0.35% $100,000 - Learn More
Dfcu Financial
Restrictions
0.35% $100,000 - Learn More
0.35% $10,000 - Learn More
People Driven
Restrictions
0.35% $100,000 - Learn More
Teachers
Restrictions
0.32% $10,000 - Learn More
0.30% $10,000 - Learn More
0.30% $10,000 - Learn More
Awakon
Restrictions
0.30% $10,000 - Learn More
West Michigan
Restrictions
0.30% $10,000 - Learn More
0.30% $10,000 - Learn More
United
Restrictions
0.30% $10,000 - Learn More
Consumers
Restrictions
0.30% $10,000 - Learn More
0.30% $10,000 - Learn More
0.30% $10,000 - Learn More
Blueox
Restrictions
0.30% $10,000 - Learn More
People Driven
Restrictions
0.30% $10,000 - Learn More
0.25% $10,000 - Learn More
Bloom
Restrictions
0.25% $10,000 - Learn More
Community West
Restrictions
0.25% $10,000 - Learn More
Dfcu Financial
Restrictions
0.25% $10,000 - Learn More
American 1
Restrictions
0.25% $10,000 - Learn More
Public Service
Restrictions
0.21% $100,000 - Learn More
0.21% $10,000 - Learn More
Credit Union One
Restrictions
0.20% $10,000 - Learn More
Advia
Restrictions
0.20% $10,000 - Learn More
Public Service
Restrictions
0.18% $10,000 - Learn More
Aeroquip
Restrictions
0.15% $1,000 - Learn More
Straits Area
Restrictions
0.15% $10,000 - Learn More
Arbor Financial
Restrictions
0.15% $10,000 - Learn More
Edu
Restrictions
0.10% $500 - Learn More
0.10% $10,000 - Learn More
Meijer
Restrictions
0.05% $500 - Learn 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 2020

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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