Pennsylvania-based Franklin Mint Federal Credit Union (FMFCU) raised the rate on its 36-month CD to 3.36% APY last week. FMFCU also introduced a limited-time 6-month Certificate Special (2.50% APY). The minimum opening deposit is $500, with no stated balance cap. The 36-month Youth CD (for members under 18 years of age) earns the same 3.36% APY, but can be opened with a $250 minimum deposit.
The CD is also available as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.
FMFCU has been offering the 36-month CD for more than seven years at fairly ho-hum rates. Since January, there have been five rates increases, adding a total of 161 bps and nearly doubling the APY.
As stated on the Agreements and Disclosures document, the Early Withdrawal Penalty reads as follows:
Accounts having a term greater than one year the penalty imposed
will equal the lesser of 180 days of dividends or all accrued dividends.
Thanks to DA reader, Carpline, for his Forum post about FMFCU’s latest deal.
Headquartered in Chadds Ford, Pennsylvania, Franklin Mint Federal Credit Union’s field of membership (FOM) provides a way for almost any resident of southeast Pennsylvania and northern Delaware to join.
Easy Membership – Members of the FMFCU Foundation (minimum $10 contribution) are eligible for FMFCU membership. According to the FMFCU Foundation’s website “As a donor, you can become a member of Franklin Mint Federal Credit Union.” While anyone, regardless of residency, can join the Foundation, the Credit Union’s online capabilities are limited, with some transactions (like opening a CD) must be done in-branch.
Residency – Individuals who live, work, worship, attend school, or volunteer in the City of West Chester, the Borough of West Chester, select areas of Norristown, and southeast Delaware County (all in Pennsylvania) and northern New Castle County (Delaware) are eligible to join.
SEGs – Employees/members of many SEGs, affiliated associations, and organizations (including the FMFCU Foundation) also qualify for membership.
Relationship – Immediate family members (spouse, parent, child, sibling, grandparent, grandchild including step relations) and domestic partners of current FMFCU members are also welcome to apply.
Joining FMFCU can be done online or at any of the 34 Pennsylvania branches, located in Brookhaven, Broomall, Bryn Mawr, Chadds Ford, Chester (2), Darby, Downington (2), Drexel Hill, Folsom, Glen Mills (2), Havertown, Kennett Square, Lansdowne, Media (2), Newtown Square, Norristown, Paoli, Philadelphia (3), Prospect Park, Ridley Park, Springfield (2), Swarthmore, Wallingford, West Chester (3), and Wynnewood. FMFCU also has three Delaware branches, all located in Wilmington.
While checking and savings accounts can be opened online, opening a CD can only be done in-branch.
Credit Union Overview
Franklin Mint Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 8.35% (excellent) based on September 30, 2018 data. In the past year, FMFCU has increased its total non-brokered deposits by $37.94 million, an excellent annual growth rate of 4.09%. Please refer to our financial overview of Franklin Mint Federal Credit Union (NCUA Charter # 20042) for more details.
Franklin Mint Federal Credit Union is currently the tenth largest credit union in Pennsylvania, with more than 103,700 members and assets in excess of $1.1 billion. Established in 1970 for the benefit of Franklin Mint employees, the Credit Union’s FOM became so diversified that when Franklin Mint closed its doors in 2004, the effect on FMFCU was minimal. Credit for the FOM diversification goes to John Unangst.
When John Unangst joined Franklin Mint Federal Credit Union in 1976, he knew little about credit unions, but he did realize what could happen if the single-sponsor CU failed.
Back in the civilian world, he had seen companies close their doors and his relatives lose their jobs. When the companies ceased to exist, so did their credit unions. So he quickly decided it was vital to pursue other sponsors, or as FMFCU likes to call them, partnering organizations.
How the CD Compares
When compared to 347 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, Franklin Mint Federal Credit Union's 36-month CD APY currently ranks first.
The above rates are accurate as of 12/3/2018.
Looking for the best CD rates, both nationwide and in your state? Please refer to our CD Rates Table page.