Dedicated to Deposits: Deals, Data, and Discussion

Special 3-Year CD Rate at Transportation Federal Credit Union in DC


Transportation Credit Union

Transportation Federal Credit Union is celebrating its 75-year anniversary with a special CD that it calls the Diamond Anniversary Share Certificate. It has a 2.00% APY with a 3-year term. Minimum deposit is $1,000. This is a limited-time offer. This special CD is listed in the credit union’s promotions page as of 2/21/2014.

The CD can be opened online, by phone or at one of the credit union’s branches. The details are listed in the promotions page.

Credit Union Membership

In 2012 when I reviewed this credit union, there didn’t seem to be an easy way for people to join if they weren’t employed by the Department of Transportation or other select employer groups. Last year I noticed another way to qualify. The credit union now lists the American Consumer Council (ACC) in its Join Us page. Anyone can join this council. However, the credit union has this council under its "Washington, D.C. and surrounding areas" list. In summary, it appears only ACC members who live in the DC area are eligible to join. For more details about membership eligibility, please refer to the credit union’s Join Us page.

Credit Union Overview

Branches are located in Washington, DC and in Cambridge, MA. The credit union is a member of the CU Service Centers so members can conduct many banking transactions at other credit unions around the nation that are also part of this network.

The credit union has an overall health grade at of an A with a Texas Ratio of 1.97% (excellent) based on September 2013 data. Please refer to our financial overview of Transportation FCU for more details. The credit union is federally insured by the NCUA (Charter # 3140).

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Related Pages: Transportation Credit Union, CD rates, Massachusetts

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Comment #1 by Anonymous posted on
Do you think this a good enough rate to justify purchasing the 3 year CD?

Comment #4 by Anonymous posted on
It's 40 - 50 basis points higher than any other 3 year CD listed here. If you're worried about another bank coming along to trump that, I'd say it's unlikely. At least for the immediate future. Consider this: I bought a 3 year CD at Constellation FCU last June when the rate was 1.50%. I'm still not regretting that. So, unless you money is earning a respectable rate of interest where it's at, this looks like a good deal. The bigger problem though is how to reach this credit union. It's basically an in-house depository for federal workers and physically accessible only if you're a federal employee or already a member. So, opening an account will be a hassle, especially since TFCU doesn't have an electronic application. I suppose you can try it by mail, but I'm just not that motivated.

Comment #5 by Anonymous posted on
This is #2...there needs to be a customer focus even with otherwise acceptable rates.

Comment #6 by Anonymous posted on
I agree with you.  I think it looks like a good deal.  It sounds like you don't think it is a good enough deal to apply for it, though. Am I correct?

Comment #7 by Anonymous posted on
This is #4  Correct. I don't believe that TFCU is particularly interested in attracting outside depositors with this special offer. At least not those who won't stick around after their CDs mature. For example, if you don't fit into one of their membership groups, you'll have to join through the American Consumer Council. (ACC). Many credit unions who offer membership through the ACC will enroll you in the ACC as part of their application process. That doesn't appear to be the case with TFCU. So, you'll have to obtain your own ACC membership. That's another paper application. By the time that's sorted out and you file your paper membership application with TFCU, this CD deal could well have expired. All that paperwork and delay is too much of a hassle. So, I'm giving this deal a pass.

Comment #2 by Anonymous posted on
And the alternative is...?  And, timing in the future?   If one uses an IRA and is over 701/2 there shouldn't be any penalty for early distribution.  Aren't these related to your inquiry?

Comment #3 by Anonymous posted on
Just wondering if you think they are a good eal compared to everything that isavailable