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.
|1.65%||$100k||-||Direct Federal Credit Union||21 Month Jumbo CD|
|1.60%||$250||-||Direct Federal Credit Union||21 Month CD|
Both versions of the CDs are available as an IRAs (Traditional) earning the same APYs, with the same funding requirements.
|1.65%||$100k||-||Direct Federal Credit Union||21 Month Jumbo IRA|
|1.60%||$250||-||Direct Federal Credit Union||21 Month IRA|
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.
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 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 2.88% (excellent) based on December 31, 2016 data. In the past year, Direct Federal has increased its total non-brokered deposits by $30.81 million, an excellent annual growth rate of 8.37%. 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’ 20th largest credit union, serving more than 25,300 members and holding assets in excess of $524 million. Direct Federal was recently named the "fastest growing credit union" in Massachusetts by the Boston Business Journal, with an annual growth rate of 16.93% based on data between June 2015 to June 2016.
How the CDs Compare
When compared to the 306 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 second respectively, regardless of minimum deposit.
The above rates are accurate as of 5/30/2017.