6.37% 60-Month / 6.17% 48-Month CD at a Maryland CU (MCT)
Nov 10, 2006 - 5:57 PM by Ken Tumin
MCT Federal Credit Union just came out with several high yield certificates. The jumbo CD's with a $50K minimum have the best rates. These include a 6.37% APY 60-month CD, 6.17% APY 48-Month CD, 6.07% APY 36-month CD and a 5.87% APY 16-month CD. Lower rates are available with a $1K minimum deposit. These include a 6.00% APY 60-month CD, 5.80% APY 48-month CD, 5.70% APY 36-month CD, 5.60% APY 24-month CD and a 5.50% APY 16-month CD.
The field of membership includes students, employees and volunteers in accredited schools in Montgomery County and their families. The FOM also includes a long list of select employee groups.
Branches are located in Silver Spring, Clarkburg, Germantown, Kensington and Rockville, Maryland.
The credit union is NCUA insured. It has $373 million in assets and almost 58,000 members.
The field of membership includes students, employees and volunteers in accredited schools in Montgomery County and their families. The FOM also includes a long list of select employee groups.
Branches are located in Silver Spring, Clarkburg, Germantown, Kensington and Rockville, Maryland.
The credit union is NCUA insured. It has $373 million in assets and almost 58,000 members.
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Anonymous - #1, Thursday, December 7, 2006 - 11:23 AM
I would like to know what MCT stands for.Can you email me with the answer?
Sandi@013.net.il
Anonymous - #2, Saturday, December 9, 2006 - 2:43 PM
it means montgomery county teachers association
Banking Guy (anonymous) - #3, Saturday, December 16, 2006 - 4:26 PM
A commenter noted a way that you can get up 0.50% more on these CD's:
MCT FCU has "levels" of membership. If you have 4 accounts, and $50K in deposits, you are Level 5. Level 5 adds 0.5% to every CD you take out. So their rate on a 5 year becomes 6.90% APY!
Refer to this MCT page for more details.
Anonymous - #4, Sunday, December 17, 2006 - 7:04 PM
You have to have accounts open for 60 days before you get the additional .5%. Strong chance that their rates will be much lower by then.
Banking Guy (anonymous) - #5, Monday, December 18, 2006 - 6:48 AM
I hadn't noticed that condition. Thanks for noting that. Yes, it's unlikely these rates will last that long. Hopefully, some current members can take advantage of this.
Anonymous - #6, Tuesday, December 19, 2006 - 8:26 PM
CSR told me it takes 30 days not 60 days, i asked him where is it in writing? he couldn't find the wordings, anyways, this CU has long phone hold time compared to couple others i due with
Anonymous - #7, Wednesday, December 20, 2006 - 3:15 PM
Can someone tell me if there is a way for a person not residing in the geographical area to become a member? thanks.
Banking Guy (anonymous) - #8, Saturday, December 30, 2006 - 1:40 PM
I can't find any easy organizations to join which could make you eligible based on what's listed at their website. Sometimes, the CSRs can be helpful in giving you an option that's not listed.
traderprofit (anonymous) - #9, Sunday, January 14, 2007 - 12:39 PM
MCT doesn't have an organization you can join. All the organizations in their field of membership entitle employees of those organizations to join, not members. i verified this with the regional office of NCUA.
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