Saginaw Branch Reports $3.4 Million in Deposits After Grand Opening Week

September 30, 2023


SAGINAW - Dow Credit Union's first branch in Saginaw County reported a cumulative $3.4 million in deposits after its Grand Opening Week from Sept. 25-29, dramatically outpacing already high expectations. 


“Our grand opening festivities brought out so many different people,” Ryan Carter, a specialist with our community outreach team, said. “We got to hear from existing members thrilled to have a location closer to home, and people meeting us for the first time were excited to learn how easy it is to become a member.” 


Offering the same products available at the credit union's Midland headquarters, our team at 5420 Gratiot Road began welcoming new members a month ago during the facility’s soft opening.  


Chief Financial Officer Sanjay Ahluwalia believes many in the community identified this credit union as their best option to maximize earnings. As of September, our high-yield savings account carried annual percentage yields (APY) up to seven times the national savings average’s APY, according to NerdWallet.1 Furthermore, our certificate of deposit (CD)2 rates ranked among the best in the nation, earning recent accolades from Business Insider, Investopedia, and The Wall Street Journal.3  


“As a credit union, we are member-owned, and as such we can return value directly to our members rather than to Wall Street shareholders,” Ahluwalia said. “We have developed a loyal member base over many years that has in turn created a very efficient cost structure for us. This means we can provide our members with better rates than they would find elsewhere.” 


In addition to favorable rates, branch manager Emily Migut believes the Member Giveback program was instrumental in our recent successes. For decades we have marked the end of the fiscal year by returning a board-approved percentage of annual earnings to members through rebates and rewards. Though never guaranteed, the board has approved a giveback every year since 1980, awarding $14 million to members in 2022 alone.


We presently serve over 80,000 members and boast assets of over $2.1 billion. Though originally established for Dow employees, membership in our community is now accessible to everyone through different membership options. 


“Just like any new home, we want to share our home with you,” CEO Michael Goad said. “We invite you to come in, see our new branch, and meet our team. Let us show you what Dow Credit Union can do for you and your family.” 


  1. NerdWallet, 9/18/2023,
  2. Annual Percentage Yield (APY) assumes interest payouts remain in your certificate account until maturity. Interest rate is guaranteed for the length of the term. An early withdrawal penalty may be applied when a withdrawal is made prior to maturity of the certificate and could result in loss of principal. Starting minimum deposit is $500. Rates are subject to change on a daily basis. 
  3. Business Insider, 9/29/2023,; Investopedia, Investopedia, 8/10/2023,; The Wall Street Journal, 6/8/2023, 
  4. While the Member Saver Reward occurs with great regularity, this credit union benefit is not guaranteed. The Member Saver Reward benefit is determined by the Dow Credit Union Board of Directors and is paid out on January 1st to the Prime Savings Account as a lump sum deposit based on earnings from eligible deposit products.