Po Box 120010
Grand Rapids, MI 49528
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.15% 0.65% →
1-Year CD 0.65% 0.70% →
2-Year CD 0.80% 0.75% →
5-Year CD 1.31% 1.15% →
30-Year Mortgage N.A. 2.72% →
15-Year Mortgage N.A. 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Credit Union Information

Preferred is an NCUA insured institution located in Grand Rapids, MI. It was founded in 1968 and has approximately $221.8 millions in assets.

NCUA Insured Yes / State-Chartered
Charter Number # # 62340
Date Established 1968
Assets $221.80 million
Loans $113.20 million
Deposits $187.55 million
Capital $29.54 million

Field of Membership Restrictions

Membership is open to anyone through becoming a member of the Co-Optical Service ($2 sign-up fee). Membership is open to those who live, work, attend school or worship in Barry, Allegan, Branch, Berrien, Cass, Calhoun, Clinton, Clare, Gratiot, Eaton, Ionia, Kalamazoo, Isabella, Lake, Kent, Manistee, Mecosta, Mason, Missaukee, Muskegon, Montcalm, Newaygo, Oceana, Osceola, Ottawa, St. Joseph, Van Buren and Wexford Counties in Michigan.

Deposit Rates - May 15, 2021

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates (Share Account Rates) APY MIN MAX
0.15% $2,500 $4,999 Learn More
Money Market
0.25% $2,500 $2,999 Learn More
Money Market
0.30% $10,000 $14,999 Learn More
Money Market
0.35% $25,000 $29,999 Learn More
CD Rates (Share Certificate Rates) APY MIN MAX
6 Mo CD
0.40% $10,000 $14,999 Learn More
6 Mo CD
0.40% $100,000 $199,999 Learn More
12 Mo CD
0.65% $10,000 $14,999 Learn More
12 Mo CD
0.65% $100,000 $199,999 Learn More
24 Mo CD
0.80% $10,000 $14,999 Learn More
24 Mo CD
0.80% $100,000 $199,999 Learn More
30 Mo CD
0.90% $10,000 $14,999 Learn More
30 Mo CD
0.90% $100,000 $199,999 Learn More
36 Mo CD
1.05% $10,000 $14,999 Learn More
36 Mo CD
1.05% $100,000 $199,999 Learn More
48 Mo CD
1.26% $10,000 $14,999 Learn More
48 Mo CD
1.26% $100,000 $199,999 Learn More
60 Mo CD
1.31% $10,000 $14,999 Learn More
60 Mo CD
1.31% $100,000 $199,999 Learn More

Loan Rates - May 15, 2021

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for PREFERRED

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:

Featured - Connecticut 30 Year Fixed Mortgage Rates 2021

Lender APR Rate (%) Points Fees Monthly
Learn More
CIT Bank
NMLS ID: 541760
2.989% 2.950% 0.50 $1,242 $1,048 Learn More
Rocket Mortgage
NMLS ID: 3030
3.368% 3.250% 1.00 $3,750 $1,089 Learn More
AmeriSave Mortgage Corporation
NMLS ID: 1168
2.761% 2.750% 0.13 $342 $1,021 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
Bethpage Federal Credit Union
Bethpage Federal Credit Union
See Table
Intro APR
2.990 %
After Intro: 3.750 %
Intro Period: 12 months
$25,000 Learn More
More Info
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
2.240 %
$0 Learn More
More Info
BMO Harris Bank
BMO Harris Bank
See Table
Intro APR
1.990 %
After Intro: 4.700 %
Intro Period: 12 months
$0 Learn More
More Info

To upload and update your bank's rates please register. It is free to register and add rates.



Below are Preferred branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:

Preferred Locations

Financial Details

Preferred Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Preferred. The data is provided by the NCUA. All credit unions on BestCashCow, except those specified as not NCUA-insured in the overview section above, are NCUA-insured. Depositors should be careful to remain within NCUA insurance limits.

Texas Ratio
Preferred U.S. Average
2.01% 5.40

The Texas Ratio compares the amount of loans at risk and assets repossessed with the amount a credit union has on hand to cover any losses. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a credit union has to absorb its loan losses.

As of December 31, 2020, Preferred had $420,438 in non-current loans and $200,000 in owned assets. To cover these potential losses it had $29,540,238 in net worth and $1,351,564 in loans loss reserves. That gives it a Texas Ratio of 2.01%.

Net Worth
Preferred U.S. Average
13.31% 12.67%

Preferred FCU has a net worth of 13.31% versus the BestCashCow average of 12.67. Net worth measures how much total assets exceed total liabilities. The higher the net worth number the more secure a credit union is considered.

Frequently Asked Questions About Preferred

Branches and Savings

What is Preferred?

A credit union, registered with the NCUA under certificate #62340.
Learn more about credit unions here.

Is Preferred FDIC insured?

No, credit unions are not insured by the FDIC. Most, but not all, are insured by the National Credit Union Administration. The insurance provisions of the NCUA are similar to, but not identical to, FDIC insurance. Preferred is insured by the NCUA.

Who can join Preferred?

Please see Field of Membership information above for information on who is eligible to join.

What are Preferred's share account and share certificate rates?

Preferred's deposit account rates are listed above.
You may find better online savings rates here or better local savings rates at banks or credit unions. Tables with the best CD rates are here.

How big is Preferred?

Preferred has total capital of $29.54 million. Full information on Preferred's financial position is located above.

Who owns Preferred?

Credit Unions are owned by their members.

Where are Preferred branches located?

See branch locations nearby.

Are Preferred ATMs Open 24/7?

Do Preferred ATMs accept cash deposits?

Can Preferred customers use other ATMs? What is the charge for withdrawing money from another ATM?

Does Preferred have a mobile app?

Does Preferred have mobile deposit?

Does Preferred have quick pay?

How can Preferred transfer money to other banks or credit unions?

Does Preferred report to credit bureaus?

Does Preferred use Chexsystems?

Does Preferred use Equifax?

What is Preferred's toll free phone number?

What is Preferred's ACH Routing Number?

What is Preferred's SWIFT code?

Where can I find Preferred's wire transfer form?

What is the Preferred address for deposits?

What Products Does Preferred Offer

Does Preferred offer mortgages?

Compare mortgage rates here.

Does Preferred offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Preferred offer auto and RV loans?

Compare auto loan rates here.

Does Preferred offer student loans or personal loans?

Compare personal loan rates here.

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