For the last eight months, Hanscom Federal Credit Union (Hanscom FCU) has been offering 3.00% APY on its 19-month CD Special. As rates have declined lately, the 19-month CD Special had become more competitive, rising from seventh place in the January CD Rates Summary to the top spot beginning in late May. Following last week’s rate drop to 2.75% APY, the 19-month CD Special has relinquished its position as the 18-month CD rate leader.
The 48-month CD was added to the product line at the same time as the 19-month CD Special, but its 3.10% APY is still in effect today. Like most of Hanscom FCU’s CDs, the 48-month CD can be opened with a $1k minimum deposit and there’s no stated balance cap.
Although the 6-, 12-, 18-, 30- and 60-month CDs are also available as IRAs, the 48-month CD is not.
As stated in the Disclosure for Personal Accounts booklet, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of more than one year: The penalty we may
impose will equal 180 days dividends on the amount withdrawn subject to penalty
Funding an Account
Hanscom FCU offers a variety of ways to fund an account:
1. You can mail the deposit.
2. You can come into one of our branch locations.
3. You can request a wire from your other financial institution.
4. You can visit a CO-OP Shared Branch to make a deposit.
5. We have a free service that you can set up to make future transfers to and from your account at another financial institution. It is called Transfer Money.
6. Easy Deposit. You can scan checks while logged into your account.
7. If you have a smart phone or tablet and have downloaded our Mobile app, you can take a picture of the check vs. scanning it.
More details about making deposits can be found on Hanscom FCU’s website.
Hanscom FCU has been offering its CU Thrive automated savings program for more than three years and increased the rate to 5.00% APY in November 2018.
|5.00%||-||$6k||Hanscom Federal Credit Union||12 Month CU Thrive - $500/mo. deposit max, does not renew|
While the rate is excellent, the limitations on the deposit amount (a maximum of $6k) restrict the earnings to about $300 a year. While promoted as a savings program, it’s also like a 12-month Add-On CD with a really small deposit cap.
Rates for a CU Thrive Account are fixed for the full term (12 months) with a maximum contribution amount of $500 per month.
You may schedule transfers up to $500.00 (minimum $5.00) each month from a Hanscom FCU checking account.
This account will not automatically renew at maturity.
There can only be one CU Thrive account open per membership.
Headquartered at Hanscom ABF, Massachusetts, Hanscom Federal Credit Union’s field of membership (FOM) allows almost any U.S. citizen or resident alien to join:
Easy Membership: Anyone who joins or is an active member in one of Hanscom FCU’s sponsoring member organizations qualifies for Hanscom FCU membership: Nashua River Watershed Association ($35 fee), Air Force Association, Paul Revere Chapter ($20 intro rate fee), or the Burlington Players (Massachusetts). The next to last option on the membership application reads, “I am a member of or will be joining a sponsoring member organization.”
Military Relationship: All active duty and retired military members are eligible to join.
Government Employment: All active and retired Federal Government employees in Massachusetts qualify for membership.
Select Employee Groups: Employees of more than 250 Select Employee Groups are eligible to join. A complete list is available on the first page of the online application.
Relationship: Immediate family members (spouse, child, sibling, parent, grandparent, grandchild, including step- and adoptive relationships) of current members are welcome to apply.
Joining Hanscom FCU and/or opening a CD can be done online or at any of 20 Massachusetts branches* located in Bedford (2), Beverly, Boston (6), Brockton, Burlington, Cambridge, Concord, Devens, Hanscom AFB, Jamaica Plain, Littleton, Natick, North Billerica, and West Roxbury. Hanscom FCU also has a restricted-access branch in McLean, Virginia.
*Note: More than half of the branches are located in Federal Government buildings and have restricted access.
Visitors must have a valid picture ID and are required to submit to a security screening process.
Opening a Primary Share Savings account with a $25 minimum deposit establishes a Hanscom FCU membership.
Credit Union Overview
Hanscom Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.65% (excellent) based on March 31, 2019 data. In the past year, Hanscom FCU has increased its total non-brokered deposits by $70.04 million, an excellent annual growth rate of 6.12%. Please refer to our financial overview of Hanscom Federal Credit Union (NCUA Charter # 9095) for more details.
Founded in 1953, Hanscom Federal Credit Union’s original FOM was exclusive to the employees of the Air Force Research Lab in Cambridge, Massachusetts. In addition to organic growth and FOM expansion, Hanscom FCU merged with Milestone FCU (2006), North Shore Manufacturers Federal Credit Union (2013), and Touchstone Federal Credit Union (2017) to become Massachusetts’s sixth largest credit. Hanscom FCU currently has nearly 90,000 members and assets in excess of $1.3 billion.
How the CD Compares
When compared to 161 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, Hanscom Federal Credit Union's 48-month CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.10% APY||48-Month CD||Hanscom Federal Credit Union|
|3.05% APY||48-Month CD||Thrivent Federal Credit Union|
|2.94% APY||48-Month Add-On Share Certificate Special||GTE Financial|
The above rates are accurate as of 7/22/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.