Greater Springfield Credit Union (GRSCU) currently has two competitive CDs in its product line: 30-month (2.02% APY) and 60-month CD (2.33% APY). The minimum opening deposit is $1k, with a balance cap of $100k. According to CSR, there is no limit on the number of CDs that can be opened by an individual member, but each CD is limited to a $100k deposit.
Both CDs are also available as IRAs (Traditional or Roth), earning a slightly higher APY (additional 5 bps) with the same funding requirements.
|1.82%||$1k||$100k||Greater Springfield Credit Union||60 Month Traditional IRA CD|
|1.82%||$1k||$100k||Greater Springfield Credit Union||60 Month Roth IRA CD|
CSR stated that the Early Withdrawal Penalty for either CD is six months on the amount withdrawn, with partial withdrawals allowed.
Unlimited beneficiaries can be named, with Social Security numbers required for all beneficiaries.
Massachusetts Share Insurance
In addition to the NCUA insurance, deposits at Greater Springfield CU are also covered by the Massachusetts Share Insurance Corporation.
Massachusetts Credit Union Share Insurance Corporation insures all excess deposits.
Headquartered in Springfield, Massachusetts, Greater Springfield Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the Massachusetts counties of Hampden or Hampshire eligible to join.
Family members of membership-eligible individuals also qualify for membership.
Since I last wrote about GRSU, an online membership application has been added to the website, allowing individuals to join online. The Membership Application is also available as a download and can be returned by fax or by an in-person visit.
The lobbies of both Massachusetts branches (located in East Longmeadow and Springfield) are temporarily closed to the general public, but an appointment can be made to open a CD.
A minimum $25 deposit in a Regular Share Savings account is required to establish a membership.
GRSCU participates in the Money Pass and SUM ATM networks.
Credit Union Overview
Greater Springfield Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.04% (excellent) based on December 31, 2019 data. In the past year, GRSCU has increased its total non-brokered deposits by $12.2 million, an excellent annual growth rate of 8.82%. Please refer to our financial overview of Greater Springfield Credit Union (NCUA Charter # 67902) for more details.
Founded in 1927, Greater Springfield Credit Union’s original FOM included municipal employees of the City of Springfield. The FOM has expanded twice, with the residents of Hampden and Hampshire Counties becoming eligible to join in 2001. GRSCU is currently Massachusetts’ 43rd largest credit union, with more than 10,400 members and assets in excess of $180 million.
How the CDs Compare
When compared to 174 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Greater Springfield Credit Union's 60-month CD APY* currently ranks first.
When compared to 194 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Greater Springfield Credit Union's 30-month CD APY* currently ranks second.
The above rates are accurate as of 4/22/2020.
To look for the best CD rates, either nationwide state-specific, please refer to our CD Rates Table page.
*We are continuing to keep our rates up-to-date, but are just too many rate cuts for us to process the changes quickly. For the time being, please be aware that the rates listed at DepositAccounts may not reflect the latest rates published by the banks and credit unions.