Although many of you wont be able to take advantage of this offer, for those of you who live in Michigan, below are some phenomenal CD rates being offered from Settlers Federal Credit Union. Thanks to Tammy (from MI) for forwarding us these rates!
This Michigan based credit union is offering both 6 month CDs and 12 month CDs with APY’s that nearly double the current national average.
Settlers Federal Credit Union History – Established in 1932 by a small group of local farmers who had a difficult time getting financing to plant their crops or feed their livestock. The beginning financial reports showed assets of $750.00. SFCU is still small today, with just one main office (Bruce Crossing, MI) and one branch (Watersmeet, MI). They claim to be the second oldest credit union in the upper peninsula of Michigan and amongst the oldest in the entire state.
Settlers Federal Credit Union CD Rates (Michigan):
(Rates accurate as of July 2011. Visit SettlersFCU.com for updated CD rates, terms and conditions. You can also visit our CD rates center for the best rates from around the country.)
- 6 month certificate of deposit yielding 1.21% APY with $500 minimum deposit.
- 12 month certificate of deposit yielding 1.41% APY with $500 minimum deposit.
- 18 month certificate of deposit yielding 1.56% APY with $500 minimum deposit.
- 24 month certificate of deposit yielding 1.71% APY with $500 minimum deposit.
To put the offers above in perspective, the current national average for 6 month CDs and 1 year CDs sits at roughly 0.55% APY and 0.88% APY, respectively. Compare these to the best CD rates in Michigan from our archives.