Preferred Credit Union

Headquarters

3767 Sparks Dr Se
Grand Rapids, MI 49546
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.15% 5.50% →
1-Year CD 0.65% 4.65% →
2-Year CD 0.80% 4.25% →
5-Year CD 1.31% 4.00% →
30-Year Mortgage N.A. 4.91% →
15-Year Mortgage N.A. 4.39% →
HELOC N.A. 0.99% →

2024 Overview

General Credit Union Information

Preferred is an NCUA insured institution located in Grand Rapids, MI. It was founded in 1968 and has approximately $284.79 millions in assets.

NCUA Insured Yes / State-Chartered
Charter Number # # 62340
Date Established 1968
Assets $284.79 million
Loans $150.22 million
Deposits $247.11 million
Capital $38.74 million
 

Field of Membership Restrictions

Membership is open to anyone through becoming a member of the Co-Optical Service ($2 sign-up fee). Membership is open to those who live, work, attend school or worship in Barry, Allegan, Branch, Berrien, Cass, Calhoun, Clinton, Clare, Gratiot, Eaton, Ionia, Kalamazoo, Isabella, Lake, Kent, Manistee, Mecosta, Mason, Missaukee, Muskegon, Montcalm, Newaygo, Oceana, Osceola, Ottawa, St. Joseph, Van Buren and Wexford Counties in Michigan.

Deposit Rates - December 23, 2024

Your Current Location: Ohio, OH 43085

Savings and Money Market Rates (Share Account Rates) APY MIN MAX
Savings
0.15% $2,500 $4,999 Learn More
Money Market
0.25% $2,500 $2,999 Learn More
Money Market
0.30% $10,000 $14,999 Learn More
Money Market
0.35% $25,000 $29,999 Learn More
CD Rates (Share Certificate Rates) APY MIN MAX
6 Mo CD
0.40% $10,000 $14,999 Learn More
6 Mo CD
0.40% $100,000 $199,999 Learn More
12 Mo CD
0.65% $10,000 $14,999 Learn More
12 Mo CD
0.65% $100,000 $199,999 Learn More
24 Mo CD
0.80% $10,000 $14,999 Learn More
24 Mo CD
0.80% $100,000 $199,999 Learn More
30 Mo CD
0.90% $10,000 $14,999 Learn More
30 Mo CD
0.90% $100,000 $199,999 Learn More
36 Mo CD
1.05% $10,000 $14,999 Learn More
36 Mo CD
1.05% $100,000 $199,999 Learn More
48 Mo CD
1.26% $10,000 $14,999 Learn More
48 Mo CD
1.26% $100,000 $199,999 Learn More
60 Mo CD
1.31% $10,000 $14,999 Learn More
60 Mo CD
1.31% $100,000 $199,999 Learn More

Loan Rates - December 23, 2024

Your Current Location: Ohio, OH 43085

There are currently no loan rates available for Preferred

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:



Featured - Ohio 30 Year Fixed Mortgage Rates 2024

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
Mutual of Omaha Mortgage, Inc.
NMLS ID: 1025894
6.960% 6.875% 0.63 $2,764 $2,103 Learn More
Advantage Lending
NMLS ID: 2592312
License#: RM.805266.000
6.966% 6.875% 0.50 $3,145 $2,103 Learn More
Rocket Mortgage
NMLS ID: 3030
7.338% 7.250% 0.88 $2,800 $2,183 Learn More
Veterans United Home Loans
NMLS ID: 1907
Learn More

Featured - Ohio Home Equity Line Of Credit Rates 2024

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
Intro APR
6.990 %
After Intro: 6.990 %
$0 Learn More
More Info
Rate
Rate
See Table
Intro APR
7.900 %
After Intro: 7.900 %
$25,000 Learn More
More Info

Note to Preferred
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

Below are Preferred branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Columbus,Ohio


Preferred Locations around zip code 43085


BranchDistance Map View Lobby Hours

Kalamazoo

209.33 A View Lobby Hours

Hastings

221.90 B View Lobby Hours

Grand Rapids

245.64 C View Lobby Hours

Ludington

330.54 D View Lobby Hours


Climate Policy and Initiatives

PREFERRED is encouraged to provide us with this information. When we receive this information from the credit union, we will provide it here.


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Financial Details

Preferred Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Preferred. The data is provided by the NCUA. All credit unions on BestCashCow, except those specified as not NCUA-insured in the overview section above, are NCUA-insured. Depositors should be careful to remain within NCUA insurance limits.

Texas Ratio
Preferred U.S. Average
3.01% 5.83

The Texas Ratio compares the amount of loans at risk and assets repossessed with the amount a credit union has on hand to cover any losses. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a credit union has to absorb its loan losses.

As of June 30, 2024, Preferred had $1,188,264 in non-current loans and $21,121 in owned assets. To cover these potential losses it had $38,735,018 in net worth and $1,407,540 in loans loss reserves. That gives it a Texas Ratio of 3.01%.

Net Worth
Preferred U.S. Average
13.6% 13.93%

Preferred FCU has a net worth of 13.6% versus the BestCashCow average of 13.93. Net worth measures how much total assets exceed total liabilities. The higher the net worth number the more secure a credit union is considered.



Customer Reviews for Preferred

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