Dedicated to Deposits: Deals, Data, and Discussion

5.00% 5-Month CD at First New England FCU - Easy Membership

POSTED ON BY

First New England Federal Credit Union
Update 9/16/08: As noted by the credit union's website, the CD promotion has ended today.

First New England Federal Credit Union is offering a special 5.00% APY 5-month certificate. The minimum deposit is $10,000, and the maximum is $50,000. New money is required.

Membership is open to Friends of the Lucy Robbins Welles Library. The online application allows you to select the option to join this library association, and a reader has reported that the credit union will pay for joining this library association. He was told that you need to send the CU the library's one-page membership application along with the CU signature page. The CU's online application lets you print both of these. I recommend checking with the credit union for the latest instructions.

The Share Savings Account is required for membership, and it has a minimum deposit of $10. For more details on credit union membership, please refer to their Who-Can-Join page.

Note, this special 5-month CD is not an option in the online application. According to the promo page, you are requested to call or email the credit union to take advantage of this special offer.

Update 9/15/08: Please see this reader's comment for more details about joining and applying for this special CD.

This credit union also offers a reward checking account that currently pays 5.15% APY on balances up to $25K (see post).

Branches are located in the Connecticut cities of East Hartford, Vernon and Newington. The credit union is federally insured by the NCUA (Charter # 2601).

Thanks to the reader who mentioned this CD in the finding deals post.

  Tags: First New England Federal Credit Union, CD rates, Connecticut

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Comments
13 Comments.
Comment #1 by Anonymous posted on
Anonymous
Bauer Financial rates this credit union 4 stars!

Excellent find.

Thanks!!!

1
Comment #2 by Anonymous posted on
Anonymous
What are the options for funding the CD & for getting the $ out when mature?

1
Comment #3 by GoldenGirl (anonymous) posted on
GoldenGirl
I joined FNE FCU in April and was charged the membership fee to join the Lucy Robbins Welles Library - two months after I opened the account. It was directly debited from my checking account. New members might want to confirm that the library membership fee is waived.

1
Comment #4 by Anonymous posted on
Anonymous
The online sign up does not offer the 5 year CD as an option.

1
Comment #5 by Anonymous posted on
Anonymous
goldengirl, how much was the membership fee?

1
Comment #6 by Anonymous posted on
Anonymous
Seems like $12 for individual less than 60 year, family membership is $22.

Check it out:
http://www.newingtonct.gov/content/78/118/136/1302/1458/default.aspx

1
Comment #7 by Anonymous posted on
Anonymous
I sent them an email which was deleted without being read.

1
Comment #8 by Anonymous posted on
Anonymous
I also emailed them and received a prompt reply. I have quoted the reply because I thought it was a pretty good explanation for some of the comments:

"Thank you for showing an interest in our 5 month CD special. Please open an account online at www.firstnewengland.org, you will qualify for membership as Newington Friends of the library. The Friends of the Lucy Robbins Welles Library is a partnership between First New England and the Newington Library that enables the credit union to support a community organization. The $10 membership fee paid by online applicants goes directly to the Library. Online applicants qualify to become members of First New England by becoming a member of the Friends. The minimum initial deposit to open a share savings is $10. Therefore, to take advantage of First New England’s exceptional rates and high yield accounts, online applicants need to make an initial investment of $20. You will not see an option to open the CD as it is a special promotion and not normally available, so I will have to do that for you over the phone. Once the account is opened an account number will automatically generate for you. You will then take the funds you wish to invest to the nearest shared branching location, (See below) if you are not local, and tell them you would like to deposit the money into your FNEFCU savings account, which will show up in your account on our end immediately. After you do this please call me at the below number so I can open the CD and move the funds for you."

1
Comment #9 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for checking on this and commenting on their reply. I've included a link to your comment in the post.

1
Comment #10 by jwbodnar (anonymous) posted on
jwbodnar
Doing the application now and noted that this CU has an inactivity fee of $5, where inactive is "defined as combined share balances under $300 and no activity for 24 months in individual account or account in related household."

Which pretty much means that if you're going to do the 5 month CD, you might as well close the account 32 days later if you don't want to lose your initial $10 deposit.

Also, there's a $10 fee for closing the account in less than 6 months or a $2 fee for making a savings account withdrawal after 6 months.

Best way to close might be to withdraw all funds via ACH after 6+ months.

1
Comment #11 by Anonymous posted on
Anonymous
This CD promotion is over as of today.

1
Comment #12 by Anonymous posted on
Anonymous
I opened an account online on Monday night, 9-15-2008. After leaving 2 unanswered phone voicemails for them on Tuesday (trying to get my account #), I called again and spoke to a rep who told me the 5% cd was no longer available and my account was not opened, even though I have a confirmation number and a printout of the 5% cd on the rate sheet. Needless to say I am very angry with this horrible credit union.

1
Comment #13 by Anonymous posted on
Anonymous
Please avoid this bank in the future, I opened an account on 9/16, the day the promotion ended (but before the deadline) and due to the fact that it takes over 1 week to open the account, I was not able to get the rate due to their incompetence. Furthermore, my experience with customer service after the fact was truly horrible, please avoid at all costs!

1