High CD & IRA CD Rates with Relationship at First New England Federal Credit Union in CT - Easy Membership


First New England Federal Credit Union is offering several top rates on its CD and IRA CD rates. However, the best rates require relationship accounts. The rates are so high that the requirements can be worthwhile.

First, FNEFCU is offering two special IRA CD rates: 2.53% APY 18-month and 2.02% APY 9-month. Minimum deposit is $1,000. These require relationship accounts.

Second, the long-term CD rates are very competitive. These include a 3.84% APY 5-year, 3.33% APY 4-year and 3.07% APY 3-year. Minimum deposit is $1,000. These also require relationship accounts. Without the relationship, the rates are 2.75% APY 5-year, 2.25% APY 4-year and 2.00% APY 3-year.

These rates are listed in FNEFCU's savings rates page as of 3/3/2011.

The early withdrawal penalty is 180 days of dividends on the amount withdrawn for terms of over one year. For shorter terms, the penalty is 90 days of dividends. This is described in the FNEFCU disclosure.

Relationship Accounts

FNEFCU's relationship accounts page has the details about how a member can qualify for these relationship rates. If you don't want a loan, the option that appears the easiest to qualify is an aggregate balance of $15,000 and TWO of the following:

  • Checking with direct deposit
  • $10,000 minimum IRA
  • $10,000 minimum money market account (Money Maximizer)

When you open the CD with the relationship rate, I was told the CD balance can be used to qualify for the $15K balance requirement.

In addition to better rates, there are also some additional perks with the relationship status. Relationship Account members receive virtually no fees and other benefits, including free checks, family member referral bonuses, mortgage rebates on closing fees and free access to their quarterly credit score via home banking.

Reward Checking

The credit union has long offered a reward checking account called High Rate Checking Rewards. Like the CD rates, there's a relationship rate that's much higher than the regular rate. The following are the rates if certain monthly requirements are met (as of 3/3/2011):

  • 3.05% APY (2.03% APY non-relationship) for balances up to $15K
  • 0.25% APY on portion of balance over $15K
  • 0.10% base rate if requirements are not met
  • ATM refunds worldwide up to $25 per cycle if requirements are met

Monthly requirements include:

  • 12 debit card purchases
  • 1 direct deposit or ACH debit
  • Enroll in eServices

There's no minimum balance or maintenance fee. However, there is a $10 monthly fee if you don't meet the direct deposit or ACH requirement. This is listed in the account disclosure. A reader commented about being hit by this fee.


As described in the credit union's Who Can Join page, membership is open to Friends of the Lucy Robbins Welles Library. You can join the Lucy Robins Wells Friends of the Library by visiting their website and becoming a "Friend" for a $12 donation. I was told that you can then choose the option for "Friends of the Library" under the employer/association drop box in the online membership application.

Credit Union Overview

Branches are located in the Connecticut cities of Newington, East Hartford and Vernon.

FNEFCU is a small credit union with $68 million in assets. It has an overall health score at DepositAccounts.com of 2 stars (out of 5) and a Texas Ratio of 33.46% (below average) based on December 2010 data. Please refer to our financial overview of First New England Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 2601).

Searching for the Best CD Rates

To search for the best nationwide rates and the best rates in your state, please refer to the following tables at DepositAccounts.com:

Related Pages: Finex, Hartford, CD rates, IRA rates

Previous Comments
  |     |   Comment #1
I called First New England Federal Credit Union and was told that the promotional CD at APY of 3.84% for 5 years with relationship account is no longer available as of 03/04/2011.
  |     |   Comment #2
From their on-line page it looks like they don't have a five-year CD available any longer.
  |     |   Comment #3
Their Platinum checking at 1.49% up to $50,000 on website under rates tab is a bait and switch.  I went through the hoops to become a member and was told that "program" was no longer available.  I later found out it was only open to prior members though this is not stated on their website.
High-Yield Reward Checking Account at First New England FCU

Update 6/17/2010: There are now two top rates: 3.51% APY for Relationship Account members and 2.50% APY for general members. Both apply up to $15K. Please refer to the bottom of the post for the account history.

First New England Federal Credit Union is offering a reward checking that pays 2.50% APY on balances up to $15,000 (0.50% for over) and refunds ATM fees worldwide (up to $25 per cycle) if the following monthly requirements are met: 1) 12 debit card transactions, 2) one direct deposit or ACH auto debit, and...

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2.51% Checking Without Debit Card Requirement at First New England FCU - Easy Membership

Update 5/10/09: The top rate has fallen to 2.51% APY.

First New England Federal Credit Union has a checking account called Platinum Reward Checking that pays 2.51% APY on balances from $40,000 to $50,000 if there's a monthly direct deposit of at least $500. Amounts over $50K earn 2% APY. If direct deposit or minimum balance requirement is not met, the rate falls to 0.10%. There are no monthly fees regardless if the requirements are met.

Unlike the typical reward checking accounts, there are no debit card usage requirements. Also different is...

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4.04% 9-Month CD at First New England FCU - Easy Membership

Update 1/24/09: The special 9-month CD rates have gone down. Please refer to the credit union's website for the latest rates.

First New England Federal Credit Union is offering a special 4.04% APY 9-month CD. Minimum deposit is $10,000, and it requires an Advantage relationship account. Without this, the APY is 3.78%. There's also a special 18-month CD with rates 25 basis points lower. These specials are listed in the credit union's rate table as of 12/26/08.

Membership is open to Friends of the Lucy Robbins Welles Library. The online application allows...

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5.00% 5-Month CD at First New England FCU - Easy Membership
Update 9/16/08: As noted by the credit union's website, the CD promotion has ended today.

First New England Federal Credit Union is offering a special 5.00% APY 5-month certificate. The minimum deposit is $10,000, and the maximum is $50,000. New money is required.

Membership is open to Friends of the Lucy Robbins Welles Library. The online application allows you to select the option to join this library association, and a reader has reported that the credit union will pay for joining this library association. He was told that you need to send...

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5.64% 5-Month CD at a Connecticut CU - w/DD (First New England)
First New England FCU is offering a special 5.64% APY 5-month certificate of deposit. The minimum deposit is $1,000. A checking account is required with direct deposit. Without direct deposit and the checking, the yield is 5.378% APY.

Membership is open to residents of Vernon, CT. You can also be eligible via immediate family and via Select Employer Groups and associations. The online application allows you to select the option to join the Newington Friends of the Library. It looks like you can fund the membership fee into this library association...

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