Now through September 30, 2019, Leominster Credit Union (LCU) is offering a 9-month Term Share CD Special earning 2.40% APY. At the beginning of the month, LCU raised the rate on the 9-month CD Special, while lowering the rates on the 36-, 48-, and 60-month Term Share CDs. This has resulted in a rather unusual rate structure, with all four CDs now earning 2.40% APY. The 9-month Term Share CD Special can be opened with a minimum $1k deposit, with no stated balance cap.
As stated in the Terms and Conditions document, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of one year or less: The penalty we may
impose will equal 90 days dividends on the amount withdrawn subject to penalty.
Massachusetts Share Insurance
In addition to the NCUSIF insurance, deposits at Leominster Credit Union are also covered by the Massachusetts Share Insurance Corporation.
MSIC now fully insures excess shares and deposits above the federal insurance limit
of $250,000 at ALL of member credit unions. As a result of the new law, MSIC will now
fully insure excess shares and deposits without limits that exceed NCUSIF coverage.
Headquartered in Leominster (40 miles west of Boston), Leominster Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, or “have business” in the Massachusetts counties of Franklin, Hampden, Hampshire, Middlesex, Norfolk, or Worcester, eligible to join.
Joining LCU and/or opening a Term Share CD Special can be done online, or at any of seven full-service Massachusetts branches located in Clinton, Holden, Leominster (2), Sterling, and Worcester (2). There are also branches in two Worcester County high schools (Clinton and Holden) that are only open to students, faculty, and staff.
As stated on the Truth-in-Savings disclosure,
You must complete payment of one share ($25.00) in your Regular Share or Share Draft account as a condition of admission to membership. If the balance in your Regular Share or Share Draft account falls below $25.00, you may be terminated from membership immediately.
Credit Union Overview
Leominster Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.26% (excellent) based on June 30, 2019 data. In the past year, LCU has increased its total non-brokered deposits by $44.48 million, an excellent annual growth rate of 9.66%. Please refer to our financial overview of Leominster Credit Union (NCUA Charter # 66699) for more details.
Founded in 1953, Leominster Credit Union was the brainchild of several Leominster citizens, who recognized the need for a local financial institution where local residents could obtain small loans at reasonable rates. At first, LCU was open only one night a week, with the office located in a back room in of a local printing press. Leominster Credit Union has grown to become Massachusetts’ 15th largest credit union, with more than 49,000 members and assets in excess of $727 million.
How the Term Share CD Special Compares
When compared to 353 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents within the FOM, Leominster Credit Union's 9-month Term Share CD Special APY currently shares the top spot with Taunton Federal Credit Union’s 9-month eCertificate Special APY.
The above rates are accurate as of 9/9/2019.
To look for the best CD rates, either nationwide state-specific, please refer to our CD Rates Table page.