NMTW Community Credit Union has several good deposit deals. One is a 33-month add-on CD with a 2.45% APY (2.55% APY for the IRA). Minimum deposit is $500, and it allows two additional deposits to be made during the term of the CD. There's also a 13-month add-on CD that allows one additional deposit to be made. However, the rate is not as competitive with a 1.25% APY (1.35% APY for the IRA). These rates are listed in the credit union's rates and fees page as of 7/16/2010.
As I described in this review of add-on CDs, the add-on feature can be useful as an insurance policy against a rate environment in which rates stay low. Unfortunately, there are not many choices for add-on CDs. So these local deals are often the best that are available.
The credit union also has a good deal on its Super Saver Account promotion. The credit union will reward you $100 after 12 months of $100 monthly deposits into the account. The catch is that you must open a checking account. Three debit card transactions per month are required along with a $100 initial deposit and a monthly deposit of $100.
There's also a nice refer-a-friend bonus in which both you and the new member receive a $20 gift.
Membership is open to anyone who lives, works, or attends school in Middlesex or Essex Counties in Massachusetts, several cities and towns within Norfolk and Worcester Counties in Massachusetts, and Rockingham and Hillsborough Counties in New Hampshire. Please refer to the credit union's Join Now page for the full details.
The credit union's ratings for safety and soundness are above average: 5 stars (superior) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our financial overview for NMTW Community Credit Union). These ratings are based on March 2010 data except for Bankrate which is based on 12/31/09 data. The credit union is federally insured by the NCUA (Charter # 66365).