Last week, Hanscom Federal Credit Union (Hanscom FCU) added a 19-month CD Special earning a competitive 3.00% APY. The minimum opening deposit is $1k, with no stated balance cap.
In the past, Hanscom FCU has required a checking relationship with its promotional CDs, but the 19-month does not require a checking account to earn the stated APY.
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impose will equal 180 days dividends on the amount withdrawn subject to penalty
Thanks to DA reader, Carpline, for his Forum post about this competitive CD.
Hanscom FCU has been offering its CU Thrive automated savings program for more than two years and recently increase the rate to 5.00% APY.
|5.00%||-||$6k||Hanscom Federal Credit Union||12 Month CU Thrive - $500/mo. deposit max, does not renew|
While the rate by itself is great, 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 more like a 12-month 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.
Kasasa Cash Checking
In April, Hanscom FCU added the Kasasa brand to its product line, including a Kasasa Cash Checking account that earns 2.50% APY on qualifying balances up to $15k. Qualifying balances of $15k+ earn 0.40% APY, with non-qualifying balances earning 0.01% APY.
|2.50*%||-||$15k||Hanscom Federal Credit Union||Kasasa Cash Checking|
|OTHER TIERS: 0.40% → $15k+|
Kasasa Cash Checking Qualification Requirements
- At least 12 debit card purchases.
- Have at least 1 direct deposit (ACH) transaction post and settle.
- Be enrolled in and receive Online Statements.
The Kasasa Cash Checking account has no minimum balance requirement or monthly service fees, and only requires a $1 minimum opening deposit. Nationwide ATM fees will be reimbursed up to $20 per monthly qualification cycle. There is a limit of one Kasasa Cash Checking account per Social Security number.
The companion Kasasa Saver account earns 1.50% APY on qualifying balances up to $50k. Qualifying balances of $50k+ earn 0.40% APY, with non-qualifying balances earning 0.01% APY. Like the Kasasa Cash Checking, the Kasasa Saver can be opened with a $1 minimum deposit.
|1.50*%||-||$50k||Hanscom Federal Credit Union||Kasasa Saver|
|OTHER TIERS: 0.40% → $50k+|
The Kasasa Saver account is only offered in conjunction with either the Kasasa Cash or Kasasa Cash Back account. In the event that you close your Kasasa Cash or Kasasa Cash Back account, we reserve the right to close your Kasasa Saver account.
Headquartered at Hanscom ABF, Massachusetts, Hanscom Federal Credit Union’s field of membership (FOM) provides a way for 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 Special 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.
Credit Union Overview
Hanscom Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.19% (excellent) based on September 30, 2018 data. In the past year, Hanscom FCU has increased its total non-brokered deposits by $36.75 million, an excellent annual growth rate of 3.31%. 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 more than 84,000 members and assets in excess of $1.3 billion.
How the CD Special Compares
When compared to 158 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, Hanscom Federal Credit Union's 19-month CD Special APY currently ranks second.
The above rates are accurate as of 12/10/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.