Mass. Institute Of Tech. Credit Union

Mass. Institute Of Tech. Credit Union Locations
700 Technology Square
Cambridge, MA 02139
617.253.2845
www.mitfcu.org

Mass. Institute Of Tech. Credit Union is headquartered in Cambridge and is the 30th largest credit union in the state of Massachusetts. It is also the 607th largest credit union in the nation. It was established in 1940 and as of December of 2011, it had grown to 63 employees and 27,590 members. Mass. Institute Of Tech. Credit Union has a 5-star health rating.



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See Rates for: Checking | Savings | Money Market | CD | IRA

Mass. Institute Of Tech. Credit Union Checking Account Rates

ApyMinMaxProduct
0.60%$100k-Select Checking
0.05%$2,500-Plus Checking

Mass. Institute Of Tech. Credit Union Savings Account Rates

ApyMinMaxProduct
0.45%$25k-Select Savings Account
0.25%$100-IRA Savings
0.25%$100-Roth IRA Savings
0.10%$100-Savings Account
0.10%--Holiday Club Accounts
0.10%--Vacation Club Accounts

Mass. Institute Of Tech. Credit Union Money Market Rates

ApyMinMaxProduct
0.30%$50k-Money Market Account

Mass. Institute Of Tech. Credit Union CD Rates

ApyMinMaxProduct
1.85%$50k-60 Month Smart Money Rewards CD
1.70%$500-60 Month Smart Money Rewards CD
1.65%$50k-48 Month Smart Money Rewards CD
1.60%$50k-60 Month CD
1.50%$50k-36 Month Smart Money Rewards CD
1.50%$500-48 Month Smart Money Rewards CD
1.45%$500-60 Month CD
1.40%$50k-48 Month CD
1.35%$500-36 Month Smart Money Rewards CD
1.25%$500-48 Month CD
1.25%$50k-36 Month CD
1.20%$50k-28 Month Smart Money Rewards Jumbo Jump-Up CD
1.10%$500-36 Month CD
1.10%$50k-24 Month Smart Money Rewards CD
1.05%$500-28 Month Smart Money Rewards Jump-Up CD
0.95%$50k-28 Month Jumbo Jump-Up CD
0.95%$50k-18 Month Smart Money Rewards CD
0.95%$500-24 Month Smart Money Rewards CD
0.85%$50k-24 Month CD
0.85%$50k-16 Month Smart Money Rewards Jumbo Jump-Up CD
0.80%$500-28 Month Jump-Up CD
0.80%$50k-12 Month Smart Money Rewards CD
0.80%$500-18 Month Smart Money Rewards CD
0.70%$500-24 Month CD
0.70%$50k-18 Month CD
0.70%$500-16 Month Smart Money Rewards Jump-Up CD
0.65%$500-12 Month Smart Money Rewards CD
0.60%$50k-16 Month Jumbo Jump-Up CD
0.55%$500-18 Month CD
0.55%$50k-12 Month CD
0.45%$500-16 Month Jump-Up CD
0.40%$500-12 Month CD

Mass. Institute Of Tech. Credit Union IRA Rates

ApyMinMaxProduct
2.10%$50k-60 Month Smart Money Rewards Jumbo IRA
1.95%$500-60 Month Smart Money Rewards IRA
1.90%$50k-48 Month Smart Money Rewards IRA
1.85%$50k-60 Month Jumbo IRA
1.75%$50k-36 Month Smart Money Rewards IRA
1.75%$500-48 Month Smart Money Rewards IRA
1.70%$500-60 Month IRA
1.65%$50k-48 Month IRA
1.60%$500-36 Month Smart Money Rewards IRA
1.50%$500-48 Month IRA
1.50%$50k-36 Month IRA
1.45%$500-28 Month Smart Money Rewards Jump-Up IRA
1.35%$500-36 Month IRA
1.35%$50k-24 Month Smart Money Rewards IRA
1.30%$50k-28 Month Smart Money Rewards Jumbo Jump-Up IRA
1.20%$50k-28 Month Jumbo Jump-Up IRA
1.20%$50k-18 Month Smart Money Rewards IRA
1.20%$500-24 Month Smart Money Rewards IRA
1.10%$50k-24 Month IRA
1.10%$500-16 Month Smart Money Rewards Jump-Up IRA
1.05%$500-28 Month IRA Jump-Up IRA
1.05%$50k-12 Month Smart Money Rewards IRA
1.05%$500-18 Month Smart Money Rewards IRA
0.95%$500-24 Month IRA
0.95%$50k-18 Month IRA
0.95%$50k-16 Month Smart Money Rewards Jumbo Jump-Up IRA
0.90%$500-12 Month Smart Money Rewards IRA
0.85%$50k-16 Month Jumbo Jump-Up IRA
0.80%$500-18 Month IRA
0.80%$50k-12 Month IRA
0.70%$500-16 Month IRA Jump-Up IRA
0.65%$500-12 Month IRA

Rates updated: 5/27/2012

Data for Q4 2011


Institution Statistics


MASS. INSTITUTE OF TECH.
NCUA #3830
BankRate ReportView
Year Chartered1940
Employees63
Primary Regulator

Assets and Liabilities

Assets$320.06 million
Loans$227.98 million
Deposits$293.75 million
Equity Capital$24.67 million
Loan Loss Allowance$1.59 million
Unbacked Noncurrent Loans$1.19 million

Historic Data - December 2010

Assets$295.36 million
Equity Capital$22.11 million
Loan Loss Allowance$1.42 million
Unbacked Noncurrent Loans$1.83 million

Profit Margin - Quarterly

Net Interest Margin4.72%
Return on Assets0.8%
Return on Equity10.41%
Interest Income$12.75 million
Non-Interest Income$2.36 million

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio5
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2011 Mass. Institute Of Tech. Credit Union had $1.19 million in non-current loans and owned real-estate with $26.26 million in equity and loan loss allowances on hand to cover it. This gives Mass. Institute Of Tech. Credit Union a Texas Ratio of 4.54% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend5
The Texas Ratio for Mass. Institute Of Tech. Credit Union decreased significantly from 7.76% as of December 31, 2010 to 4.54% as of December 31, 2011, resulting in a positive change of 41.54%.This indicates that the balance sheet and financial strength for Mass. Institute Of Tech. Credit Union has improved significantly in recent periods.
Deposit Growth5
In the past year, Mass. Institute Of Tech. Credit Union has increased its total deposits by $21.68 million, resulting in 7.97% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Mass. Institute Of Tech. Credit Union has shown is excellent.
Capitalization3
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Mass. Institute Of Tech. Credit Union has $320.06 million in assets with $26.26 million in equity, resulting in a capitalization level of 8.21%, which is average.
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