Credit Union One Review: Loan Options and More for Members

Members enjoy a variety of products like online banking.

Credit Union One offers a full suite of banking products, including deposit accounts, loans and investments. It is a credit union open to membership for anyone who lives, works, worships or attends school in the state of Michigan. In order to open an account with Credit Union One, you must become a member.

Read on to see if this is the best credit union option for you.

What Is a Credit Union?

Credit unions are nonprofit organizations. In order to take advantage of the products they offer, you must be a member, and members must share a common bond, which in this case is Michigan.

Credit union deposits are insured by the National Credit Union Share Insurance Fund (NCUSIF), which is administered by the National Credit Union Administration (NCUA). The NCUSIF is a federal insurance fund backed by the full faith and credit of the U.S. government, just like the FDIC’s Deposit Insurance Fund. Credit union deposit accounts are insured up to $250,000 per depositor.

Read: What’s the Difference Between Banks and Credit Unions?

Credit Union One Deposit Accounts

Credit Union One offers checking accounts, savings accounts and certificates of deposit.

Savings Accounts

The Credit Union One savings account offers a rate of 0.05% APY. There is a $5 maintenance fee, which is waived if you have a $500 combined balance, a checking account, are under 25 or over 64 or are in the first four months of having your account. The credit union also offers a money market account, which requires a $1,000 minimum balance. This account pays 0.05% APY on balances up to $10,000, and as much as 0.30% APY on balances over $100,000.

Know: Pros and Cons of Online Savings Accounts

Checking Accounts

Credit Union One offers two checking accounts. Basic checking is intended to re-establish a checking account in good standing after financial difficulties. It requires a $25 minimum initial deposit. There is a $15 monthly fee, which is reduced to $10 if you have direct deposit.

Cash-back checking offers cash back on all purchases made with the Credit Union One debit card. Members earn one point per $2 spent, and for every 3,500 points you earn, you’ll get $25 and you’ll earn interest on balances of $5,000 or more. There is no monthly service fee if you have direct deposit.

Both checking accounts offer these features:

  • A debit card with no fees at nearly 30,000 ATMs all across the country
  • Mobile banking, including mobile check deposit
  • Access to Credit Union One online banking
  • Notifications for low balance, cleared deposits, posted withdrawals and more

Certificates of Deposit

Certificates of deposit are available for terms of three to 60 months. A $2,500 minimum deposit is required to open a CD. Rates increase for balances of $25,000 or $100,000. The rate for a three-month CD with a deposit of $2,500-$24,999 is 0.35% APY. The rate for a 60-month CD with a $100,000 deposit is 2.79% APY. Special offers include an 18-month CD with a 1.95% APY and a 24-month CD with a 2.40% APY.

Related: Advantages and Disadvantages of Credit Unions

Credit Union One Loans

Credit Union One offers vehicle loans, home loans and personal loans.

Auto Loans

Auto loan rates for new and used cars start at 2.94% APR for loans up to 60 months. The minimum auto loan amount through this credit union is $5,000. Credit Union One offers a $500 manufacturer’s rebate on select new Chrysler, Dodge, Jeep, Ram, Fiat or Hyundai vehicles. You can also get a boat, motorcycle, RV or camper loan.

Home Loans

Credit Union One offers home mortgages, refinancing and home equity loans. Mortgages include conventional loans, jumbo loans, FHA loans, VA loans and MSHDA loans for low- and moderate-income borrowers in Michigan only. Credit Union One offers a $2,000 credit toward closing costs for members who purchase a home with as little as 5 percent down or refinance up to 95 percent of their home’s value.

Home equity loans are available for up to 90 percent of the home’s value, up to $150,000, with no closing costs. A line of credit is available for up to 80 percent of your home’s value. Credit Union One also offers the Equity Advantage loan for Michigan homeowners, which has a 2.95% APR.

Personal Loans

Members can get a personal loan or line of credit for life’s unexpected emergencies. Personal loans range from $500 to $35,000, with interest rates as low as 8.99% APR.

Find Out: How Do Credit Unions Make Money?

Credit Union One Locations

By now you might be wondering, “Is there a Credit Union One near me?” There are 20 branch locations in 17 Michigan communities.  Members can also use any credit union in the CO-OP network for ATMs and other transactions. Most transactions are free at CU Service Centers. If you do not have a $500 combined average balance in all savings accounts, do not have a checking account or a loan with a balance, a withdrawal fee of $10 will be charged. Transactions include deposits and withdrawals, check cashing, transfers, loan payments, purchasing money orders and cashier’s checks, getting balances or printing statements.

Credit Union One hours are very convenient. Most freestanding locations are open 10 a.m. to 5 p.m. Monday through Thursday, 9 a.m. to 6 p.m. on Friday and some branches and drive-thrus are open 10 a.m. to 12:30 p.m. on Saturday. Branches located in hospitals might be open in some areas from 7:30 a.m. to 4 p.m., Monday through Friday.

Is Credit Union One Right for You?

Credit Union One offers full-service banking for those who live, work, worship or go to school in Michigan. Rates are competitive, as they are with most credit unions since the members are the shareholders. If you are looking for a Michigan credit union where you can do all your banking, Credit Union One might be the choice for you.

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*Rates are accurate as of April 22, 2018, and are subject to change.

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