Direct FCU (MA) Boosts 21-Month CD and Jumbo CD Rates

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Deal Summary: 21-month Jumbo CD (2.55% APY, $100k minimum) and 21-month CD (2.50% APY, $250 minimum). Rate Riser Money Market, 1.875% APY (blended), $25k minimum, new money.

Availability: Residents of Norfolk County, Massachusetts

When I wrote about Direct Federal Credit Union’s (Direct Federal) 21-month Jumbo CD and 21-month CD ten months ago, the rates (1.65% and 1.60% APY, respectively) were quite competitive. Almost a year later, those same CDs have APYs 90 bps higher. The Jumbo CD requires a $100k minimum deposit, with the regular CD requiring a low $250 opening deposit.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.75%$100k-Direct Federal Credit Union21 Month Jumbo CD
1.70%$250-Direct Federal Credit Union21 Month CD
Rates as of November 17, 2018.

Both versions of the CDs are available as IRAs (Traditional) earning the same APYs, with the same funding requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.75%$100k-Direct Federal Credit Union21 Month Jumbo IRA
1.70%$250-Direct Federal Credit Union21 Month IRA
Rates as of November 17, 2018.

As stated on Direct Federal’s Certificate Account Application, the Early Withdrawal Penalty reads as follows:

If the term is one year or more, the member shall forfeit an
amount equal to 90 days of dividends on the entire principal balance.

Rate Riser Money Market Account

For a limited time, Direct Federal is offering a new Rater Riser Money Market account, which is structured to avoid “the stress of the stock market while still earning an above average interest rate.” The initial rate is 1.50% APY, and will increase by 25 bps on July 1, 2018 (1.75% APY), October 1, 2018 (2.00% APY), and January 1, 2019 (2.25% APY), for a blended APY of approximately 1.875% for the first year. After March 31, 2019, the APY may change monthly at the Credit Union's discretion.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25%$25k-Direct Federal Credit UnionRate Riser Money Market (1/1/19)
2.00%$25k-Direct Federal Credit UnionRate Riser Money Market (today)
2.00%$25k-Direct Federal Credit UnionRate Riser Money Market (10/1/18)
Rates as of November 12, 2018.

The Rate Riser MMA can be opened with a $500 minimum deposit of new money, but balances less than $25k do not earn any interest. If the balance should fall below $25k for any day during the month, no interest will be earned for that dividend period. Direct Federal reserves the right to limit deposits made after June 30, 2018.

Availability

Headquartered in Needham, Massachusetts, Direct Federal Credit Union's field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, or attend school in Norfolk County, Massachusetts eligible to join.

Immediate family members (spouse, child, parent, sibling, grandparent, grandchild, stepmother, stepfather, stepchild, stepsister and stepbrother) of current Direct Federal members are eligible for membership.

In addition, immediate family members of membership-eligible individuals also qualify to join.

Joining Direct Federal Credit Union and/or opening a CD or Rate Riser Money Market account can be done online, or at the sole Massachusetts branch located on Cabot Street in Needham. The Certficate Account Application can also be downloaded and returned by mail.

Credit Union Overview

Direct Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.96% (excellent) based on December 31, 2017 data. In the past year, Direct Federal has increased its total non-brokered deposits by $7 million, an above average annual growth rate of 1.75%. Please refer to our financial overview of Direct Federal Credit Union (NCUA Charter # 9071) for more details.

Founded in 1953, Direct Federal Credit Union is currently Massachusetts’ 16th largest credit union, serving nearly 28,000 members and holding assets in excess of $606 million. Over the past three years, Direct Federal grew by two to three times the industry average, with 2017 seeing an 18% growth rate. Based on those statistics, it’s no wonder the Boston Business Journal named Direct Federal the "fastest growing credit union" in Massachusetts.

How the CDs Compare

When compared to the 371 similar length-of-term CDs tracked by DepositAccounts.com available within the FOM, Direct Federal Credit Union's 21-Month Jumbo CD and 21-Month CD APYs currently rank first and fourth respectively, regardless of minimum deposit.

To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.

How the Rate Riser MMA Compares

When compared to the Money Market accounts tracked by DepositAccounts.com available within the FOM, Direct Federal Credit Union's Rate Riser Money Market account blended APY currently ranks first.

The above rates are accurate as of 4/5/2018.

To search for the best Money Markets rates, both nationwide and state-specific, please refer to our Money Market Rates Table page.

Related Pages: Boston money market accounts, money market accounts, 5-year CD rates

Comments
Direct FCU (MA) Promotes 21-month CD And Jumbo CD
Deal Summary: 21-month Jumbo CD (1.65% APY, $100k) and 21-month CD (1.60% APY, $250)

Availability: Residents of Norfolk County, Massachusetts

Direct Federal Credit Union (Direct Federal) is currently promoting its 21-month Jumbo CD (1.65% APY) and 21-month CD (1.60% APY). The Jumbo CD requires a $100k minimum deposit, with the regular CD requiring only $500 to open.

Both versions of the CDs are available as an IRAs (Traditional) earning the same APYs, with the same funding requirements.

As stated on Direct Federal’s Certificate Account Application,...

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Direct FCU (MA) Raises Rates On 8-Month CD And Jumbo CD

Deal Summary: 8-month CD (1.15% APY, $250); 8-month Jumbo CD (1.20% APY, $100k); 15-month CD (1.35% APY, $250); 15-month Jumbo CD (1.40% APY, $100k)

Availability: Residents of Norfolk County, Massachusetts

Last week, Direct Federal Credit Union (Direct Federal) raised the rates on its 8-month CD (1.15% APY), 8-month Jumbo CD (1.20% APY), 15-month CD (1.35% APY), and 15-month Jumbo CO (1.40% APY). The Jumbo CDs require a $100k minimum deposit, with the regular CDs requiring only $500 to open.

The 8-month CDs were added to the product line...

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Direct FCU (MA) Ups Rate On 15-Month CD and Jumbo CD
Availability: Residents of Norfolk County, Massachusetts

Direct Federal Credit Union (Direct Federal) raised the rates on its 15-month CD (1.50% APY) and 15-month Jumbo CO (1.55% APY). The APY for the 15-month CD is the highest rate since February 2011, with ten rate changes (ranging from 0.35% APY to the current 1.50% APY) occurring between February 2011 and now.

The minimum opening deposit for the 15-month CD is $250, and $100K for the 15-month Jumbo CD; there is no maximum balance cap for either CD.

The 15-month CD is available...

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