Community Choice Credit Union offers personal savings & money market accounts as well as fairly competitive CD rates. In this guide I will compare and contrast Community Choice Credit Union CD rates to the other bank CDs and guaranteed annuity rates.
Table of Contents
Community Choice Credit Union was founded in 1935 at the home of Arthur and May Jenkins in Redford Township, MI. They each placed $5 into a bowl from which anyone could borrow in a time of need.
Community Choice Credit Union CD Rates
| Term | Minimum | APY |
|---|---|---|
| 3 Month | $500 | 0.10% |
| 6 Month | $500 | 0.15% |
| 12 Month | $500 | 0.25% |
| 13 Month | $500 | 4.50% |
| 23 Month | $500 | 4.75% |
| 2 Year | $500 | 0.30% |
| 3 Year | $500 | 0.35% |
| 4 Year | $500 | 0.40% |
| 5 Year | $500 | 0.50% |
APY as high as 0.50%
$500 Minimum for all Terms
Terms 3 Months to 5 Years
*APY = Annual Percentage Yield
Savings rates effective September 20, 2021.
All annual percentage yields are based on the assumption that the money is left on deposit during the dividend period. Dividend rates on share accounts will be declared monthly by the Board of Directors and posted on the last day of every month. All rates subject to change at any time without notice. For more information, please refer to our Account Agreements and Disclosures.
Community Choice CU Money Market Rates
| Minimum Balance | APY |
|---|---|
| $0.00 | 0.05% |
| $50,000.00 | 0.15% |
| $250,000.00 | 0.20% |
| $500,000.00 | 0.25% |
Community Choice Credit Union Savings Account Rates
| Type | Minimum Balance | APY |
|---|---|---|
| Standard Savings Account | $5.00 | 0.01% |
Community Choice CD Rates vs Fixed Annuity Rates
A multi year guaranteed annuity (MYGA) is essentially a CD that is issued by an insurance company rather than a bank. The table below compares and contrasts some of the key differences and similarities between the two.
| FEATURES | FIXED ANNUITY | CD |
|---|---|---|
| Issued By | Insurance Companies | Banks |
| Investment Amount | $2,000 - $1,000,000 | Essentially Any Amount |
| Investment Term | 2 years - 10 years | 3 months - 5 years |
| Interest Rates (APY) | Varies by product. | Varies by bank, term and investment amount. |
| Liquidity | Usually, 10% annually or interest earned. | Almost always accumulated interest. |
| Guarantees | Backed by Insurer & State Guaranty Associations. | Backed by the FDIC. |
| Death Benefit | May avoid probate. | Probate process required. |
Today's Best Guaranteed Annuity Rates
Fixed annuity rates are guaranteed for a set number number of years.
| Term | Insurer | Company Details | Annuity | Rate | AM Best | Application |
|---|---|---|---|---|---|---|
| 2 Years | 
| Oceanview | Harbourview | 4.90% | A- | Apply |
| 3 Years | 
| Farmers Life | Safeguard Plus | 5.50% | B++ | Apply |
| 4 Years | 
| AMERICO | Platinum Assure | 5.20% | A | Apply |
| 5 Years | 
| Ibexis | MYGA Plus | 5.90% Simple | A- | Apply |
| 6 Years | 
| EquiTrust | Certainty Select | 5.65% | B++ | Apply |
| 7 Years |
| AMERICO | Platinum Assure | 5.55% | A | Apply |
| 8 Years |
| EquiTrust | Certainty Select | 5.70% | B++ | Apply |
| 9 Years | 
| American National | Palladium MYG | 5.10% | A | Apply |
| 10 Years |
| EquiTrust | Certainty Select | 6.00% | B++ | Apply |
Today's Top CD Rates
3 Month CD Rates
| Bank | Rate | Term | Minimum |
|---|---|---|---|
| TotalDirect Bank | 5.16% APY | 3 Months | $25,000.00 |
| Ponce Bank N.A. | 5.15% APY | 3 Months | $50,000.00 |
| Brilliant Bank | 5.10% APY | 3 Months | $1,000.00 |
| Alliant Credit Union | 4.50% APY | 3 Months | $1,000.00 |
| Popular Direct | 4.50% APY | 3 Months | $10,000.00 |
12 Month CD Rates
| Bank | Rate | Term | Minimum |
|---|---|---|---|
| Evergreen Bank Group | 5.50% APY | 13 Months | 10000 |
| NexBank | 5.40% APY | 12 Months | 25000 |
| BrioDirect | 5.35% APY | 12 Months | 500 |
| Bread Savings | 5.25% APY | 12 Months | 1000 |
| Barclays | 4.80% APY | 12 Months | 0 |
2 Year CD Rates
| Bank | Rate | Term | Minimum |
|---|---|---|---|
| U.S. Senate Federal Credit Union | 5.28% APY | 24 Months | 1000 |
| Summit Credit Union | 5.25% APY | 22 Months | 5000 |
| Idabel National Bank | 5.05% APY | 24 Months | 1000 |
| Bread Savings | 5.00% APY | 24 Months | 1500 |
| PenFed Credit Union | 4.45% APY | 24 Months | 1000 |
3 Year CD Rates
| Bank | Rate | Term | Minimum |
|---|---|---|---|
| U.S. Senate Federal Credit Union | 5.23% APY | 36 Months | 1000 |
| Quorum Federal Credit Union | 4.85% APY | 36 Months | 1000 |
| Popular Direct | 4.55% APY | 36 Months | 10000 |
| Bread Savings | 4.50% APY | 36 Months | 1500 |
| Barclays | 4.30% APY | 36 Months | 0 |
4 Year CD Rates
| Best 4-Year CD Rates | Rate | Term | Minimum |
|---|---|---|---|
| NASA Federal Credit Union | 4.85% APY | 49 Months | 10000 |
| GTE Financial | 4.85% APY | 48 Months | 500 |
| First National Bank of America | 4.50% APY | 48 Months | 1000 |
| Bread Savings | 4.35% APY | 48 Months | 1500 |
5 Year CD Rates
| Bank | Rate | Term | Minimum |
|---|---|---|---|
| Lafayette Federal Credit Union | 4.68% APY | 60 Months | 500 |
| Department of Commerce Federal Credit Union | 4.67% APY | 60-84 Months | 25000 |
| GTE Financial | 4.54% APY | 60 Months | 500 |
| Popular Direct | 4.53% APY | 60 Months | 10000 |
| Bread Savings | 4.25% APY | 60 Months | 1500 |
Key Take-Aways
A certificate of deposit is very similar to a fixed annuity. If you are looking for a safe and steady way to grow your retirement savings you can learn more about fixed “CD Type Annuities” here.
If you would like a personalized annuity quote you can contact us or use one of our fixed annuity calculators to see how much an annuity would pay you.
What is a CD (Certificate of Deposit)?
Definition: A CD, or certificate of deposit, is a bank account with a fixed interest rate that’s generally higher than that of a regular savings account, and a fixed date of withdrawal, known as the maturity date. Common terms range from three months to five years.
Pros: The ability to lock in rates when they’re high is one of the most attractive features of a CD, especially since regular savings accounts have variable rates subject to change at any time. Even outside of high-rate environments, though, CDs provide a safe, federally insured place for short-term savings.
Cons: You’ll generally have to pay a penalty if you withdraw your money before a CD matures; the penalty can be equal to several months or a year’s worth of interest.
What else to consider: Fixed Annuities provide guaranteed rates for a set number of years and typically pay higher interest rates than a CD.
CDs vs Fixed Annuity
A multi year guaranteed annuity (MYGA) is essentially a CD that is issued by an insurance company rather than a bank. The table below compares and contrasts some of the key differences and similarities between the two.
| FEATURES | FIXED ANNUITY | CD |
|---|---|---|
| Issued By | Insurance Companies | Banks |
| Investment Amount | $2,000 - $1,000,000 | Essentially Any Amount |
| Investment Term | 2 years - 10 years | 3 months - 5 years |
| Interest Rates (APY) | Varies by product. | Varies by bank, term and investment amount. |
| Liquidity | Usually, 10% annually or interest earned. | Almost always accumulated interest. |
| Guarantees | Backed by Insurer & State Guaranty Associations. | Backed by the FDIC. |
| Death Benefit | May avoid probate. | Probate process required. |
How Much Interest Do CD's Pay?
Use our compound interest calculator to see how much a Certificate of Deposit will pay you monthly or annually.
How to Calculate a CD Rate's Real Rate of Return
In 18 of the past 30 years, CDs have had a negative return (after taking into account the impact of taxes and inflation), and in three of the positive years, they earned less than a 1% real rate of return.
Have you considered the impact that taxes have on interest? Or, have you accounted for the impact inflation may have on your overall rate of return?
Generally, the interest received in these types of vehicles may not keep pace with inflation. This could mean lower purchasing power for you over time. Also, at renewal, a new rate along with a new withdrawal penalty may apply.
Here’s a quick way to determine your CD’s real rate of return:
Frequently Asked Questions
Are Annuities FDIC Insured?
While not FDIC insured, State Guaranty Associations provide a safety net for their state’s annuity policyholders. These Guaranty Associations guarantee policyholders continue to receive coverage (up to the limits spelled out by state law) even if their insurer is declared insolvent. Source: “Learn to Invest, Investment Types, Annuities, Fixed Annuities.” Financial Industry Regulatory Authority (FINRA). Visit FINRA’s Fixed Annuities Webpage
Can you Loose money in a fixed annuity?
You can not lose money in a fixed annuity. However, guarantees are backed by the claims-paying ability of the issuing insurance company so it is important to consider an insurer’s financial rating when shopping for an annuity.
Does a Fixed Annuity Have any Fees?
Fixed Annuities do not have any fees or expenses unless you add an additional rider that was not mentioned on this page.
What is a No-Penalty CD?
A no-penalty CD is a type of CD that doesn’t have a penalty for withdrawing money before the term ends. It can be appealing if you want the traditionally higher yield of a CD, compared to regular savings accounts, but you might need the money sooner than you expect.
What happens if You withdraw from a CD early?
Most CDs have an early withdrawal penalty that tends to range from several months to a year’s worth of interest earned, depending on the CD term length and the bank’s policy. No-penalty CDs are the only type of CD that lets you withdraw money from a CD early without a fee.
