Home Credit report Michigan State University Federal Credit Union Review: Great Selection of Student Products and More

Michigan State University Federal Credit Union Review: Great Selection of Student Products and More

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GOBanking Rates Score

Quick take: Michigan State University Federal Credit Union offers a full range of banking products for students, parents, and local residents. From no-fee, no-minimum checking accounts to above-average interest rates on CDs, MSUFCU has something for everyone.

  • Interest rate
  • Product range
  • Mobile app
  • Financial education

How did we calculate this?

Advantages

  • A wide variety of products for every need
  • Attractive interest rates
  • Financial education resources

The inconvenients

  • Membership is restricted
  • Mobile app

Michigan State University Federal Credit Union Overview

Michigan State University Federal Credit Union serves the Michigan State University community and surrounding counties. Members can access MSUFCU branches and the TMS, or use shared branches and ATMs. The credit union offers checking, savings and certificate accounts; as well as home, car and personal loans; credit cards and insurance. Michigan State University Federal Credit Union was named one of GOBankingRates’ Top 100 Banks for 2022.

Michigan State University Federal Credit Union Product Details

Here is an overview of the various Michigan State University Federal Credit Union product offerings.

Michigan State University Federal Credit Union Checking Accounts

The Michigan State University Federal Credit Union offers four checking accounts to choose from.

Totally Green Checking has no minimum balance or monthly fees. It includes electronic statements – paper statements are not available, free access to 30,000 ATMs nationwide, free bill payment, mobile and online banking, direct deposit and a debit card Visa.

Classic Checking offers many of the same features, such as access to ATMs, mobile and online banking, free bill payment, direct deposit, and a Visa debit card. Paper statements are available and you can save the $5 monthly fee when you maintain a minimum balance of $500.

Money Market Checking pays interest on balances of $2,000 or more. Balances between $2,000 and $49,999.99 earn 0.05% APY, and balances of $50,000 or more earn 0.10% APY.

Rebuild Checking is for credit union members who need help rebuilding their financial situation. Account holders get free check deposits and bill payments, plus an ATM card for access to withdrawals only. The monthly fee is $10.

Michigan State University Federal Credit Union offers free access to your credit score if you have a loan or checking account.

Michigan State Federal Credit Union Savings Accounts

There are two basic savings accounts to choose from at Michigan State University Federal Credit Union.

Spartan Saver accounts pay 0.05% APY on any balance and a minimum balance of $5 is required to maintain the account.

Savings Builder accounts pay 0.95% APY on the first $999.99, 0.52% to 0.95% APY on the next $1,000, and 0.37% to 0.52% on amounts over 2 $000.

Neither account has monthly fees.

Michigan State University Credit Union Federal Certificates

The Michigan State University Federal Credit Union offers certificates — which are similar to bank certificates of deposit or CDs — that pay variable interest rates, depending on term and balance. A regular certificate has a minimum balance of $500 and a jumbo certificate has a minimum balance of $100,000. The current prices are:

Mandate’s duration APY
3 months 0.20%
Jumbo 3 months 0.45%
6 months 0.30%
Jumbo 6 months 0.55%
13-23 months 0.35%
13-23 months Jumbo 0.60%
One year supplement 0.35%
One Year Jumbo Supplement 0.60%
2 years 0.55%
Jumbo 2 years old 0.80%
3 years 0.80%
Jumbo 3 years old 1.05%
4 years 1.00%
Jumbo 4 years old 1.25%
5 years 1.15%
Jumbo 5 years old 1.40%

The one-year complementary certificate allows you to open the account with a minimum of $50 and add funds during the term. You can add up to $10,000 per year to complementary certificates.

Best Features of Michigan State University Federal Credit Union

GOBankingRates looked at some of the key features of Michigan State University Federal Credit Union for this year’s exam. Take a look below.

Interest rate

Credit unions generally offer higher interest rates on deposits than banks, simply because they have no shareholders to answer to. But the rates at Michigan State University Federal Credit Union are excellent; a 5-year certificate pays 1.15% APY on as little as $500.

Product range

MSUFCU has products for every customer at every stage, from college students to recent graduates to those well established in their careers.

Mobile app

The Michigan State University Federal Credit Union mobile app has relatively low ratings from users. On the Apple App Store, users gave it only 3.8 stars out of 5. Android users liked it even less, giving it only 3.3 stars out of 5. Many reviews at a star refers to a recent update that appears to have decreased functionality in some areas.

Financial education

MSUCFU takes its role as a campus financial institution seriously. The credit union offers on-campus events and webinars to help students learn how to manage their money, both while in school and after graduation. The Financial 4.0 blog provides helpful information on everything from understanding your credit report to how to join the gig economy.

Other Factors to Consider

As with any credit union, you must be a member of MSUFCU in order to open an account. To be eligible to become a member, you must be a member of the Michigan State University Community or one of the eligible employee or community groups. Membership is also open to anyone who lives, works, worships, attends school, or owns a business in Oakland, Genesee, Lapeer, Livingston, or Macomb counties in Michigan. You are also eligible if you are a member of the household or immediate family of a current member.

Editor’s Favorite

Besides being a good place to keep all your accounts in one place, Michigan State University Federal Credit Union offers very attractive interest rates on savings accounts and certificates.

Michigan State University Federal Credit Union vs Competitors

Credit unions are known to pay better interest rates than their banking competitors, simply because they don’t have to generate profits for shareholders – they belong to their members. But MSUFCU surpasses even other credit unions when it comes to interest rates, especially on certificates.

Michigan State University Federal Credit Union vs. Chase

Chase is currently offering a $225 bonus when you open a checking account with direct deposit. But a five-year-old CD only pays 0.05% APY on any balance over $10,000, so if you’re looking to save some cash, MSUFCU is a much better choice.

Michigan State University Federal Credit Union vs. Michigan First Credit Union

Michigan First Credit Union is another competitor, and it’s one that pays good rates on their CDs, but not as good as MSUFCU. Their six-month CD pays 0.25% APY on balances of $1,000 to $9,999, and the five-year jumbo CD pays 1.00% APY. Their savings account interest rates are a bit better than MSUFCU, ranging from 0.15% to 0.25% APY, depending on your balance. But you must have at least a minimum deposit of $1,000 when opening.

Michigan State University Federal Credit Union v Flagstar Bank

Flagstar Bank is a regional bank serving Michigan and other Midwestern states. Their basic checking account has no service fees or minimum balance, although you need $50 to open one. But their CDs ranging from 84 to 120 months only offer 0.40% APY.

Final take

If you are eligible for membership and looking for a place to have all your accounts, Michigan State University Federal Credit Union should be on your list. Whether it’s providing financial education for students, complementary certificates that help you get into the habit of saving, or home loans when you’re ready to buy, MSUFCU could be your financial institution for life.

Michigan State University Federal Credit Union FAQs

Here are answers to some of the most frequently asked questions about Michigan State University Federal Credit Union.
  • Is Michigan State University Federal Credit Union FDIC insured?
    • Like most credit unions, MSUFCU is insured by NCUA, the National Credit Union Administration. Deposits are federally insured up to at least $250,000 per depositor.
  • When was Michigan State University Federal Credit Union founded?
    • Michigan State University Federal Credit Union was founded in 1937.
  • How big is Michigan State University Federal Credit Union?
    • The Michigan State University Federal Credit Union has $6.6 billion in assets and 320,000 members.

Rates are subject to change; unless otherwise specified, prices are updated periodically. All other account information is accurate as of January 14, 2022.

Editorial Note: This content is not provided by Michigan State University Federal Credit Union. Any opinions, analyses, criticisms, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by Michigan State University Federal Credit Union.

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About the Author

Karen Doyle is a personal finance writer with over 20 years of experience writing about investing, money management, and financial planning. His work has appeared on numerous news and finance websites, including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more.