Teachers Federal Credit Union is still offering a special 16-month Jumbo certificate. The rate has gone down since October, but it's still very competitive with a 2.40% APY. Minimum deposit for Jumbos is $100,000. For a $1,000 minimum, the APY is 2.20% which is still very competitive. This special is also available in an IRA and Coverdell Education Savings Account. These rates are listed in the credit union's rate table as of 12/03/2009.
The credit union also continues to offer competitive rates on its Tiered Money Market Account. The rates have gone down a bit since my October post. The current rates include a 1.75% APY for a $100,000 balance and a 1.55% APY for balances between $50,000 and $100,000. These rates are listed in the credit union's rate table as of 12/03/2009.
Membership is open to those who live, work or worship in parts of Suffolk County. Also eligible are employees, students, family members and volunteers of Suffolk County schools, colleges and other sponsor groups. Please refer to the credit union's Membership Eligibility page for the full details. Membership requires a $1 deposit in the Share Savings Account.
Teachers FCU continues to have strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 8116). It's a large credit union with $3.0 billion in assets and 197,251 members.
Thanks to the reader who emailed info on this Jumbo CD.
Other Competitive Savings Account and CD Rates