Community Choice Credit Union CD Rates & Review

Community choice credit union logo 600px x 400px

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

TermMinimumAPY
3 Month$500.000.10%
6 Month$500.000.15%
12 Month$500.000.25%
24 Month$500.000.30%
36 Month$500.000.35%
48 Month$500.000.40%
60 Month$500.000.50%
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 BalanceAPY
$0.000.05%
$50,000.00 0.15%
$250,000.00 0.20%
$500,000.00 0.25%

Community Choice Credit Union Savings Account Rates

TypeMinimum BalanceAPY
Standard Savings Account$5.000.01%

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.

FIXED ANNUITYCD
Issued ByInsurance CompaniesBanks
Investment Amount$2,000 - $1,000,000Essentially Any Amount
Investment Term2 years - 10 years3 months - 5 years
Interest Rates (APY)Varies by product.Varies by bank, term and investment amount.
LiquidityUsually, 10% annually or interest earned.Almost always accumulated interest.
GuaranteesBacked by Insurer & State Guaranty Associations.Backed by the FDIC.
Death BenefitMay avoid probate.Probate process required.

Today's Best Guaranteed Annuity Rates

Fixed annuity rates are guaranteed for a set number number of years.

Today's Top CD Rates

3 Month CD Rates

BankRateMinimum Deposit To Open
Popular Direct4.05% APY $10,000.00
Citibank3.25% APY $500.00
America First Credit Union2.30% APY $500.00

12 Month CD Rates

BankRateMinimum Deposit To Open
First Internet Bank4.75% APY $1,000.00
Popular Direct4.75% APY $10,000.00
Alliant Credit Union4.60% APY $1,000.00

2 Year CD Rates

TermBankRateMinimum
24 MonthsRising Bank3.80% APY$1,000
24 MonthsBread Savings3.75% APY$1,500
24 MonthsAmerican Heritage Credit Union3.75% APY$500
24 MonthsMerrick Bank3.70% APY$25,000
24 MonthsSynchrony Bank3.40% APY$.01

3 Year CD Rates

BankRateMinimum Deposit To Open
Alliant Credit Union4.60% APY $1,000.00
Popular Direct4.55% APY $10,000.00
BMO Harris4.50% APY $1,000.00

4 Year CD Rates

TermBankRateMinimum
48 MonthsBread Savings4.15% APY$1,500
48 MonthsAmerican Heritage Credit Union4.00% APY$500
49 MonthsNASA Federal Credit Union3.85% APY$10,000
48 MonthsMerrick Bank3.75% APY$25,000
48 MonthsPenFed Credit Union3.50% APY$1,000

5 Year CD Rates

BankRateMinimum Deposit To Open
BMO Harris4.50% APY $1,000.00
Bread Savings4.50% APY $1,500.00
Popular Direct4.50% APY $10,000.00

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.

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:

Diagram showing how to calculate the real rate of return of a cd rate using a 3-step process.

Frequently Asked Questions


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

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.

Fixed Annuities do not have any fees or expenses unless you add an additional rider that was not mentioned on this page.

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.

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.

vector man writing on clipboard

Marcus by Goldman Sachs CD Rates Review

Marcus offers a wide selection of CD terms ranging from six months to six years, including three no-penalty CDs (seven, 11 and 13 months), with above average rates. Marcus requires a low $500 minimal balance to earn interest.

Read More »

Get an Annuity Quote

What Our Clients Are Saying

It has been a complete pleasure to deal with Kiara on several occasions opening new annuities. She has a wonderful personality and most importantly has my best interests in mind. She makes sound and knowledgeable investments.
Chris Lehmann
I would highly recommend My Annuity Store and Kiara for your annuity investment needs. They are very helpful and knowledgeable.
Paula Ohalloran
I worked with Jason and Kiara setting up an annuity. They went over and above expectations. They got me the best deal and were very fast getting all the papers in order via 2 day ups. I will be working with them in the near future. Exellent service!
Richard Miles
Jason is very knowledgeable in his field and clearly explained all my questions and helped with an easy transition of my funds into a new annuity with a higher interest rate. Jason keeps me up to date with changes in the market and information on better products.
Kevin Pourmaleki
I used My Annuity Store, Inc. for the first time and had a smooth and pleasant experience. Kiara Caudill was responsive, personable and quickly found me the best yield rates out in the market to meet my type of investment. Closing the deal was fast and simple as well, Kiara handled the bulk of the application process simplifying a few quick and easy signing steps on my end.
Bill Harner
I recently opened 2 annuities with Jason. Everything was explained and handled in a very professional manner. Was processed very quickly without any problems. Would highly recommend Jason for any of your annuity needs. Richard Clark
Richard Clark
Did business with My Annuity Store, Inc. for two annuities. Worked with Kiara both times. She was very informative and will keep you informed throughout the process. You will be very pleased with them.
Gerald Wolfe
I had very positive end-to-end experience with My Annuity Store. They were very transparent about various options I had, and did their best to explain the rather complicated terminology in different annuity schemes. It was very satisfactory collaboration till the end.. Thsnks!
Satisha Bhat

As Seen On:

NBC logo
ABC Logo
fox logo
MarketWatch logo
Investopedia logo
CBS Logo

Related Content

Fixed Income written on paper laying flat on a desk.

Community Choice Credit Union CD Rates & Review

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 …

Scroll to Top

Join Our Newsletter

Sign up and get monthly annuity rate updates sent directly to your inbox.

Get a Free
Annuity Quote

My Annuity Store, Inc. BBB Business Review