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Community Choice Credit Union CD Rates & Review

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    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$5000.10%
    6 Month$5000.15%
    12 Month$5000.25%
    13 Month$5004.50%
    23 Month$5004.75%
    2 Year$5000.30%
    3 Year$5000.35%
    4 Year$5000.40%
    5 Year$5000.50%
    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%

    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.

    FEATURESFIXED 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.

    TermInsurerCompany DetailsRateAnnuity AM BestApplication
    2 Years Oceanview life and annuity logo Oceanview Life5.00%CL SundanceA-Apply
    3 YearsSecurity sentinel life logoSentinel Security5.90%CL SundanceB++Apply
    4 Years Nassau logo Nassau5.50%MyAnnuityB++Apply
    5 Years Ibexis annuity logo Ibexis 6.15% SimpleMYGA PlusA-Apply
    6 Years Equitrust annuity logo EquiTrust5.80%Certainty SelectB++Apply
    7 Years Nassau logo Nassau5.80%Platinum AssureB++Apply
    8 Years Equitrust annuity logo EquiTrust5.50%Certainty SelectB++Apply
    9 Years Clear spring life and annuity logo Clear Spring5.40%MYGA PreserveA-Apply
    10 Years Equitrust annuity logo EquiTrust5.60%Certainty SelectB++Apply

    Today's Top CD Rates

    3 Month CD Rates

    Best 3-Month CD RatesAPYTermMinimum
    Signature Federal Credit Union5.55%3 Months$500
    Ponce Bank5.40%3 Months$1
    Western Alliance Bank5.41%3 Months$1

    12 Month CD Rates

    BankRateTermMinimum
    All In Credit Union5.85% APY12 Months$100,000
    My eBanc5.77% APY12 Months$100,000
    State Bank of Texas5.75% APY12 Months$50,000

    2 Year CD Rates

    BankRateTermMinimum
    Luana Savings Bank5.68% APY24 Months$100,000.00
    Maple Mark Bank5.40% APY24 Months$25,000.00
    Crescent Bank5.35% APY24 Months$1,000.00

    3 Year CD Rates

    BankAPYTermMinimum
    Valley National Bank5.60%36 Months$500
    Bread Savings4.95%36 Months$1,500
    The State Exchange Bank4.70%36 Months$1

    4 Year CD Rates

    BankAPYTermMinimum
    Bread Savings4.75%48 Months$1
    The State Exchange Bank4.50%48 Months$1
    Barclays4.45%48 Months$1

    5 Year CD Rates

    BankAPYTermMinimum
    Farmers Insurance5.00%60 Months$1,000
    Schools First Credit Union4.75%60 Months$100,000
    Bread Savings4.75%60 Months$1,500

    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.

    FEATURESFIXED 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.

    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.

    Up Next in Bank Rates

    Bread Savings CD Rates Vector

    Bread Savings CD Rates Review

    Bread Savings CD rates are currently very competitive for one and two-year terms. The one year Bread Savings CD rate has a 5.20% APY.

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