Hanscom Federal Credit Union continues to offer some good deposit deals. The two best deals are the 18-month CD with a 1.50% APY and the 30-month CD with a 1.90% APY. The IRA CDs are even better deals with rates 25 basis points higher than these. Minimum deposit is $1,000 for regular CDs and $500 for IRA CDs. The early withdrawal penalty for CDs with terms over 1 year is 180 days of interest on the amount withdrawn. Details are listed in the account disclosure. These rates are listed in the credit union's rates page and the posted date range is July 1 to July 6, 2011.
The credit union also has a good savings deal for small balances. It's called the CU Thrive Account, and it has a 3.50% APY as of 7/1/2011. The term is 12 months. You can only make deposits by automatic monthly transfers from your Hanscom FCU checking, and those deposits are limited to a maximum of $500. More details are available at the credit union's CU Thrive Account disclosure.
Credit Union Membership
Hanscom Federal Credit Union has an online application (via Andera) for membership, and in the eligibility section of the application it allows you to select "I am a member of or will be joining a sponsoring member organization." In this credit union page, three organizations are listed. One is the Air Force Association (AFA). According to the AFA membership page, "Membership in the Air Force Association is open to all military and civilian individuals for $45 annually." You don't have to continue AFA membership after you are a credit union member.
You can also be eligible to join Hanscom FCU if you're an active or retired employees of the Federal Government in Massachusetts. Please check with the credit union for the full details. Membership into the credit union requires a minimum deposit of $25 into the Prime Share savings account.
Credit Union Overview
Hanscom Federal Credit Union branches are located in the Massachusetts cities of Boston, Bedford, Burlington, Concord, and in the Hanscom Air Force Base. There's also a branch in McLean, Virginia. As you might expect, many of the branches are in Federal government buildings.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 3.96% (excellent) based on March 2011 data. Please refer to our financial overview of Hanscom Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 9095).
How These CD Rates Compare
As a comparison to the best deals at internet banks on 7/1/2011, Incredible Bank offers a 1.50% APY 19-month CD and USAA Bank offers a 1.75% APY 30-month CD but this requires a $175K minimum deposit. The rate falls to 1.55% APY for a $1K minimum.