Two months, Adventure Credit Union (Adventure CU) offered a 13-month CD Special with an outstanding 2.00% APY; that Special has since been withdrawn. At the beginning of the week, Adventure CD added a new CD Special: a 23-month, earning 2.05% APY. While not offering an exceptional rate, the 23-month CD Special is still quite competitive.
|2.05%||$500||$1m||Adventure Credit Union||23 Month CD Special - New Money Only|
|2.05%||$500||$1m||Adventure Credit Union||23 Month IRA Special - New Money Only (Traditional, Roth)|
The minimum deposit is $500 of new money, which is defined as “funds not currently on deposit with Adventure Credit union prior to 9/1/17.” The maximum deposit allowed is $1 million.
The 23-month CD Special is also offered as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.
As stated in the Truth in Savings document (part of the time-sensitive online application), the Early Withdrawal Penalty reads as follows:
Terms of longer than 6 months – 180 days’ interest
Headquartered in Grand Rapids, Adventure Credit Union, while primarily a residency-based credit union, has a variety of ways to qualify for membership.
Residency: Individuals who live, work, worship, or attend school in the Michigan counties of Allegan, Barry, Clinton, Eaton, Ingham, Ionia, Kent, Livingston, Newaygo, Ottawa, and Shiawassee are eligible to join.
Employment: Employees of more than 500 employer groups, unions, and associations in the West Michigan and Lansing areas qualify for membership. (The 500+ SEGs are listed on the first page of the online application.)
Relationship: Family members, by both blood and marriage, and household members of current Adventure CU members are also eligible to join.
Other: "Our charter also allows us to serve people with disabilities who reside in Michigan and businesses who provide disability related services."
Opening the 23-month CD Special must be done in person at any of the above mentioned branch locations. According to CSR, because the CD Special requires new money and must be funded upon opening, applying online is not possible.
Credit Union Overview
Adventure Credit Union has an overall health grade of "A+" at EpBooks.us, with a Texas Ratio of 3.64% (excellent) based on March 31, 2017 data. In the past year, Adventure CU has increased its total non-brokered deposits by $26.23 million, an excellent annual growth rate of 10.66%. Please refer to our financial overview of Adventure Credit Union (NCUA Charter # 60936) for more details.
Adventure Credit Union is currently Michigan’s 39th largest credit union, with more than 31,500 members and assets in excess of $363 million. Before the “Adventure” re-brand in June 2016, the Credit Union was known as Option 1 Credit Union, the result of the 2006 merger between Financial Health Credit Union (Lansing) and Bell Com Credit Union (Grand Rapids). For the last 13 years, the Credit Union has been involved in a unique program helping underserved people in Michigan. A Credit Union Times article from February 2007 provides the history of this distinctive venture.
Often credit unions go looking for underserved people in their fields of membership to serve. But sometimes the underserved come looking for help and it's up to the credit union to respond.
That is what happened at the $168 million Option 1 Credit Union (then Financial Health Credit Union) when a member affiliated with the Michigan Disability Rights Coalition approached the CU about help in administering some funds that the MDRC had been granted to offer assistive technology loans to people with disabilities.
The credit union accepted the challenge and began to administer the Michigan Assistive Technology Loan Fund, through a partnership with the MDRC and United Cerebral Palsy of Michigan. Over the last three years, the fund has made $1.4 million in loans to 239 individuals across the state so that they could buy the sorts of technological improvements to their homes or other tools needed to overcome their disabilities.
How the CD Special Compares
When compared to the 252 similar length-of-term CDs tracked by EpBooks.us that require a similar minimum deposit and are available within the FOM, Adventure Credit Union’s 23-Month CD Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.05% APY||23-Month CD Special||Adventure Credit Union|
|2.00% APY||25-Month CD||USALLIANCE Financial|
|1.81% APY||24-Months CD||TIAA Direct|
The above rates are accurate as of 9/7/2017.