Hartford Municipal Employees Federal Credit Union (HMEFCU) raised the rate on its 14-month Share Certificate (1.75% APY). The minimum opening deposit is $1K, with no stated balance cap.
CSR stated the current rate is a limited time offer, but there is no stated end-date. For the most part, this Share Certificate has been uncompetitive, with the exception of a month-long window in the Fall of 2015. Based on the Share Certificate’s rate history, I don’t expect to see this rate last long.
The 14-month Share Certificate is available as an IRA (Traditional and Roth), earning the same APY, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty is formula based, with the amount being withdrawn and the time left until maturity the determinate factors.
Share Money Market
HMEFCU’s Share Money Market has been earning 1.40% APY on deposits of $100K+ for more than a year. The other rates are tiered as follows:
- 0.45% APY – balances of $2.5K+
- 0.50% APY – balances of $20K+
- 0.55% APY – balances of $50K+
Hartford Municipal Employees Federal Credit Union membership eligibility is both residency and employment based.
Residency: Individuals who live, work, worship, or attend school in the City of Hartford are eligible to join.
Employment: Employees of the City of Hartford, Hartford Housing Authority, Community Renewal Team, Connecticut Natural Gas (CNG), Jumoke Academy, Hispanic Health Council, XL Center, and other SEGs are eligible.
Credit Union Overview
Hartford Municipal Employees Federal Credit Union (NCUA Certificate # 6733) has an overall health grade of "C+" at DepositAccounts.com, with a Texas ratio of 22.31% (average), based on June 30, 2016 data. In the past year, HMEFCU increased its total deposit by $8.54 million, an excellent annual growth rate of 20.54%. Please refer to our financial overview of Hartford Municipal Employees Federal Credit Union for more details.
Hartford Municipal Employees Federal Credit Union was established in 1950. The field of membership (FOM) was expanded in early 2015 to include residents of the Greater Hartford area, and a new branch was opened in June to accommodate the expansion. An earlier merger in 2013 with CNG Federal Credit (East Hartford) increased membership by 21%, and HMEFCU is currently Connecticut’s 28th largest credit union.
How the Share Certificate Compares
When compared to the 269 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Hartford Municipal Employees Federal Credit Union’s 14-month Share Certificate currently ranks first.
The above rates are accurate as of 11/23/2016.