Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
RTN Federal Credit Union1.45%$50k-36 Month CD
RTN Federal Credit Union0.70%$50k-12 Month CD
Accounts mentioned in this post. Rates as of July 25, 2014

Top 1-Year & 3-Year CD Rates at RTN Federal Credit Union in MA - Easy Membership

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RTN Federal Credit Union

RTN Federal Credit Union is offering two competitive CD and IRA CD rates: 2.25% APY for a 3-year CD and a 1.55% APY for a 1-year CD. These require a minimum deposit of $50K. The rates for a minimum deposit of $1K are 50 basis points lower. This is one of the few institutions that provide a sizable reward for a large deposit. These rates are listed in the credit union's rate table as of 12/16/2010.

As a comparison to internet banks on 12/16/2010, the best 1-year CD rate is 1.50% APY at CNB Bank Direct and the best 3-year CD rate is 2.00% APY at Bank of Internet USA.

In addition to select employee groups, you can also qualify for membership in this credit union if you belong to certain organization groups. Please refer to the credit union membership page for more details. The sponsors group list has all the eligible employers and organizations. Two organizations which appear open to all are the Gore Place Society or the Waltham Historical Society. Individual membership for the Gore Place Society is $30. Note, it's always best to check with the credit union about an organization to ensure membership will make you eligible to join the credit union. There have been cases at other credit unions in which they changed the listed requirement from membership of an organization to an employee of that organization.

The credit union has some details about the member application process in this page. Here's an important excerpt:

If you are a Massachusetts resident, we request that you visit an RTN branch location to process your membership application. When applying for an RTN membership via the US mail from outside of Massachusetts, we require your signature to be notarized and you provide us proof of membership eligibility.

You can tell this credit union was originally set up to serve Raytheon employees. Many of the branches are located in Raytheon facilities. Branches that are publicly available are located in the Massachusetts cities of Amesbury, Danvers, Marlborough, Tekksbury and Waltham.

The credit union has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 4.30% (excellent) based on September 2010 data. Please refer to our financial overview of RTN Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 24311).

Searching for the Best CD and IRA CD Rates

To search for the best nationwide rates and the best rates in your state, please refer to the following tables at DepositAccounts.com:


  Tags: Massachusetts, RTN Federal Credit Union, CD rates, IRA rates

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Comments
2 Comments.
Comment #1 by me1004 posted on
me1004
You note that it costs $30 to join the Gore Society. In going to the Waltham Historical Society Website I see it is only $25 to join that, although it appears you would have to mail in your check, and that could delay your membership basis for joining the credit union.

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Comment #2 by me1004 posted on
me1004
I also note, if you are joining from out of state, you must do so by mail -- meaning a delay -- AND your signature must be notarized -- more hoops to jump  through. 

While the delay of joing one of the groups is going on (I see that you can join the Waltham Historical Society only via mail, so that will take some time, and who knows how long it will be before you get any membership paperwork), you can't join the credit union, because to do you you must include proof of your membership with your application.

While all this delay is going on, the interest rate you were chasing very well might drop. And they have added a note on their rates pages saying that they can change interest rates at any time without notice -- so, they are not doing so only at the first of a month, like most credit unions seem to do.

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