Massachusetts-based Greylock Federal Credit Union (Greylock) is currently offering a 25-month Opportunity CD, earning 3.10% APY. This limited-time offer requires a minimum deposit of $500 of new money, which is defined as funds not “currently on deposit with Greylock Federal Credit Union.” (The “Opportunity” in the CD’s name comes from Greylock’s tagline, “Opportunity Grows Here.”)
The Opportunity CD is also offered as an IRA (Traditional, Roth, and CESA), earning the same APY with the same funding requirements.
As stated in the Rates & Service Prices brochure, the Early Withdrawal Penalty reads as follows:
For certificate terms of 12 months or more, the amount of the early
withdrawal penalty is 6 months’ dividends calculated on the amount withdrawn.
Funding and Accessing Maturing Funds
Funding an Opportunity CD can be done by wire ($7.50 fee), by check, or through a Shared Branch.
Greylock Federal Credit Union is a proud member of the Shared Branching community.
Shared Branching is a network of 3,500 credit unions, with more than 5,600 branches and 30,000 ATM’s nationwide. It allows members of participating credit unions to do business with their credit union through these locations.
Maturing funds can be distributed through a cashier’s check, a wire, or deposited into a Greylock checking or savings account. There is a seven day grace period before the CD automatically renews.
Headquartered in Pittsfield in western Massachusetts, Greylock Federal Credit Union has expanded its field of membership (FOM), with a way for virtually any U.S. citizen or resident alien to join.
Residency – Individuals who live, work, worship, attend school, or volunteer in Berkshire County (MA), Columbia County (NY), or Bennington County (VT) qualify for membership.
Relationship – Immediate family (spouse, child, parent, sibling, grandparent, grandchild, step or adoptive) or household members of membership-eligible individuals are welcome to apply.
Affiliation – Individuals who have a membership with or are affiliated with the Berkshire Museum, the Berkshire Humane Society, or the Berkshire Conservation District may also qualify for Greylock FCU membership.
Easy Membership Requirement – the last option on the Eligibility page of the online application reads,
I do not meet any of the above qualifications, but I would like to become a member of Greylock Federal Credit Union through my affiliation with one of these associations. Greylock will facilitate establishing my membership with the affiliation I select.
Joining Greylock and/or opening an Opportunity CD can be done online, or at any of 13 Massachusetts branches, located in Adams, Great Barrington, Lee, Lenox, North Adams, and Pittsfield (7), and Williamstown.
Credit Union Overview
Greylock Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 10.11% (excellent) based on September 30, 2018 data. In the past year, Greylock has increased its total non-brokered deposits by $16.1 million, an above average annual growth rate of 1.61%. Please refer to our financial overview of Greylock Federal Credit Union (NCUA Charter # 24560) for more details.
Chartered in 1935, Greylock Federal Credit Union was originally known as the Pittsfield G.E. Employees Credit Union (PGEECU). The FOM remained exclusive to General Electric Company (GE) employees until 1990, when employees of three GE-affiliated companies became eligible to join, as did the employees of the Berkshire Gas Company in 1992. When GE began to downsize in 1994, PGEECU opened the FOM to residents of Berkshire County and rebranded as Greylock, to “better reflect the new county-wide membership it could now serve.” (FYI – Located in Berkshire County, Mount Greylock is the highest point in the state, with an elevation of 3,489 feet.) Greylock Federal Credit Union is currently the seventh largest credit union in Massachusetts, with nearly 86,000 members and assets in excess of $1.1 billion.
How the Opportunity CD Compares
When compared to 199 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, Greylock Federal Credit Union's 25-month Opportunity CD APY currently ranks third.
The above rates are accurate as of 2/26/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.