Michigan Credit Union Rate Dashboard

Michigan First is the only competitor in this market without a high-yield reward checking product — a significant gap for member acquisition and retention. Recommendation: introduce a reward checking product offering 5.00–6.00% APY on qualifying balances up to $10,000–$15,000, with conditions such as 10–15 debit card transactions per month and eStatements. This type of product drives DDA growth and primary financial institution status. Community Choice's checking APY of 2.75% (standard tier) and Genisys/Vibe's reward tiers at 6.50–6.75% show the full range of what's possible.

A promotional CD in the 5–7 month range at 4.00–4.25% APY would make Michigan First competitive with Community Choice (4.00% / 5-mo) and Genisys (4.16% / 7-mo). Position it as a "new money" special to attract deposits from outside. The 16-Month Special at 3.66% APY is a good start but doesn't capture the short-term depositor who wants to stay liquid. A two-tier structure (standard + relationship bonus rate) mirrors what ORSA and LMCU do effectively.

At 5.99% new / 6.99% used, Michigan First's auto rates are among the least competitive in this group. A summer promotion at 4.49–4.99% APR for new vehicles (2022+ model years, 48-month term) would close roughly half the gap with Vibe/Zeal (4.74%) and significantly improve visibility. Genisys has already launched a summer auto special at 3.79% — members actively comparing rates will notice. Even a modest promotional rate drop on used vehicles (e.g., to 5.99%) would improve perception.

The 300–400 bps gap on home equity products vs. competitors is the largest structural pricing gap in this analysis and likely requires a strategic pricing review beyond a short-term promotion. In the near term, a limited introductory HELOC rate (similar to Community Choice's 4.99% for 5 months) could retain members who are actively shopping. Community Choice's FlexChoice intro at 4.99% APR (first 5 months) expires 6/30/2026 — there may be an opportunity to capture members whose intro period is ending.

Michigan First's personal loan floor of 13.99% is the second-highest in the group. Genisys has an active summer personal loan at 8.74% APR (≤$5,000, 24 months, expires 8/31/2026). A responsive promotion — e.g., 10.99–11.99% APR for amounts up to $10,000 — would bring Michigan First into the competitive range of Vibe (11.24%), Community Choice (11.24%), and Zeal (10.99% standard). Position around summer expenses, debt consolidation, or home improvement.

Michigan First's MMA entry tier pays 0.00% APY, while Genisys starts at 1.31% and ORSA at 1.10% for low-balance depositors. While the high-balance tiers are competitive, a floor rate of 0.50–1.00% APY on the entry tier would improve perceived value and reduce member friction. This is particularly relevant for members who are beginning to accumulate savings and might move to a competitor offering at least some return at lower balances.