Michigan State University Federal Credit Union Review: Great Product Selection for Students and More

GOBankingRates Score

4.5
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 higher-than-average interest rates on CDs, MSUFCU has something for everyone.
  • Interest Rates
    5.0
  • Breadth of Products
    5.0
  • Mobile App
    3.0
  • Financial Education
    5.0
How did we calculate this?

Pros

  • Wide variety of products for every need
  • Great interest rates
  • Financial education resources

Cons

  • Membership is restricted
  • Mobile app

Overview of Michigan State University Federal Credit Union

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

Michigan State University Federal Credit Union Product Details

Here’s a closer look at the various product offerings from Michigan State University Federal Credit Union.

Michigan State University Federal Credit Union Checking Accounts

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

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

Classic Checking offers many of the same features, like ATM access, 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 to rebuild their financial position. Account holders get free check deposits and bill payment, and an ATM card for withdrawal access 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 there is a $5 minimum balance 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 a monthly fee.

Michigan State University Federal Credit Union Certificates

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

Term Length APY
3-Month 0.20%
3-Month Jumbo 0.45%
6-Month 0.30%
6-Month Jumbo 0.55%
13-23 Month 0.35%
13-23 Month Jumbo 0.60%
1-Year Add On 0.35%
1-Year Add On Jumbo 0.60%
2-Year 0.55%
2-Year Jumbo 0.80%
3-Year 0.80%
3-Year Jumbo 1.05%
4-Year 1.00%
4-Year Jumbo 1.25%
5-Year 1.15%
5-Year Jumbo 1.40%

The 1-Year Add-On Certificate lets you open the account with a minimum of $50 and add funds during the term. You can add up to $10,000 per year to add-on certificates.

Best Features of Michigan State University Federal Credit Union

GOBankingRates took a look at some of the top features of Michigan State University Federal Credit Union for this year’s review. Take a look below.

Interest Rates

Credit unions typically offer higher interest rates on deposits than banks, simply because they don’t have shareholders to answer to. But the rates at Michigan State University Federal Credit Union are great; a 5-year Certificate pays 1.15% APY on as little as $500.

Breadth of Products

MSUFCU has products for every customer at every stage, from students to recent graduates to those who are 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 rated it just 3.8 out of 5 stars. Android users liked it even less, rating it just 3.3 out of 5 stars. Many of the one-star reviews refer to a recent update that seems to have decreased functionality in some areas.

Financial Education

MSUCFU takes its role as a campus financial institution seriously. The credit union provides on-campus events and webinars to help students learn how to manage their money, both during college 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 select employee or community groups that are eligible. 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 household or immediate family member of a current member.

Editor’s Favorite

Besides being a good spot 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 for paying better interest rates than their bank competitors, simply because they don’t have to generate profits for shareholders – they’re owned by their members. But MSUFCU outpaces even other credit unions when it comes to interest rates, particularly 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 CD pays just 0.05% APY on any balance over $10,000, so if you’re looking to stash 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 from $1,000 to $9,999, and the five-year jumbo CD pays $1.00% APY. Their savings account interest rates are a little better than MSUFCU, ranging from 0.15% to 0.25% APY, depending on your balance. But you need to have at least a minimum $1,000 deposit at opening.

Michigan State University Federal Credit Union vs. Flagstar Bank

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

Final Take

If you’re eligible for membership and are looking for one place to have all of your accounts, Michigan State University Federal Credit Union should be on your list for consideration. From providing financial education to students, to add-on certificates that help you get into the savings habit, to home loans when you’re ready to buy, MSUFCU could be your financial institution for life.

Michigan State University Federal Credit Union FAQ

Here are the 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?
    • Michigan State University Federal Credit Union has $6.6 billion in assets and 320,000 members.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 14, 2022.

Editorial Note: This content is not provided by Michigan State University Federal Credit Union. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved 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’ experience writing about investments, money management and financial planning. Her work has appeared on numerous news and finance websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more.

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