Direct Federal Credit Union

Overview / Commentary
50 Cabot St
Needham, MA 02494

Direct Federal Credit Union is headquartered in Needham and is the 15th largest credit union in the state of Massachusetts. It is also the 510th largest credit union in the nation. It was established in 1953 and as of December of 2023, it had grown to 73 employees and 26,008 members at 1 location. Direct Federal Credit Union's money market rates are 7X the national average, and it has a B+ health rating.

Field of Membership Restrictions

Membership in Direct Federal is open to those who live, work, worship, attend school, or regular conduct business in the Massachusetts counties of Middlesex or Norfolk. Immediate family members of those eligible to join also qualify for membership.
See current membership details

Reviews (2)

Absolutely Unusable

Direct Federal is useless. Not only do they NEVER return phone calls - you have to call them continuously for days and wait on hold for up to an hour to speak to someone who knows nothing and promises a callback - but no one ever calls back EVER.

They have recently "upgraded" their online banking to make it absolutely unusable. They also closed their only branch so you can't even show up to do your banking unless you make an appointment. So no online banking that works and no ability to drop in and do banking. Useless and unusable.

Customer Service

Posted by: |

Horribly frustrating!
Its like everytime I talk to direct federal c u the person presents like it's their first day on the job with no previous experience ! STAY AWAY !


Health Grade Components

NCUA #9071
Year Chartered1953
Primary Regulator
Profit Margin
Return on Assets - YTD0.03%
Return on Equity - YTD0.29%
Annual Interest Income$35.2MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$835.8MM$835.1MM
LoansQ4 2023vs Q4 2022$727.7MM$727.7MM
DepositsQ4 2023vs Q4 2022$614.6MM$638.9MM
Equity CapitalQ4 2023vs Q4 2022$90.9MM$90.4MM
Loan Loss AllowanceQ4 2023vs Q4 2022$4.8MM$3.9MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$7.3MM$4.1MM
Real Estate OwnedQ4 2023vs Q4 2022$276K$276K
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Direct Federal Credit Union Savings Account Rates

0.10%$5-Savings Account

Direct Federal Credit Union Money Market Rates

4.00%$200k-Business High Yield Money Market
3.25%$25k-Premium Money Market - New Money
3.25%$25k-Business Premier Money Market
1.10%*$200k*-Standard Money Market
OTHER TIERS: 0.35% Up to $50k | 0.55% $50k - $75k | 0.75% $75k - $100k | 1.00% $100k - $200k

Direct Federal Credit Union CD Rates

5.55%$100k-6 Month Jumbo CD Special - New Money
5.50%$250-6 month CD Special - New Money
5.31%$100k-Business 6 Month Jumbo CD Special - New Money
5.25%$250-Business 6 month CD Special - New Money
5.05%$100k-9 Month Jumbo CD
5.05%$250-Business 9 Month Jumbo CD
5.00%$250-9 Month CD
5.00%$250-Business 9 Month CD
4.30%$100k-60 Month Jumbo CD
4.25%$250-60 Month CD
4.05%$100k-36 Month Jumbo CD
4.05%$100k-48 Month Jumbo CD
4.00%$250-36 Month CD
4.00%$250-48 Month CD
3.55%$100k-24 Month Jumbo CD
3.55%$100k-Business 48 Month Jumbo CD
3.55%$100k-Business 60 Month Jumbo CD
3.55%$100k-Business 24 Month Jumbo CD
3.55%$100k-Business 36 Month Jumbo CD
3.50%$250-24 Month CD
3.50%$250-Business 48 Month CD
3.50%$250-Business 60 Month CD
3.50%$250-Business 24 Month CD
3.50%$250-Business 36 Month CD
3.06%$100k-12 Month Jumbo CD
3.06%$100k-15 Month Jumbo CD
3.06%$100k-Business 15 Month Jumbo CD
3.06%$100k-Business 12 Month Jumbo CD
3.00%$250-12 Month CD
3.00%$250-15 Month CD
3.00%$250-Business 15 Month CD
3.00%$250-Business 12 Month CD
0.80%$100k-3 Month Jumbo CD
0.80%$100k-Business 3 Month Jumbo CD
0.75%$250-3 Month CD
0.75%$250-Business 3 Month CD

Direct Federal Credit Union Locations
Branch Office50 Cabot StNeedham, MA 02494

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