Leominster Credit Union’s (LCU) 27-month Term Share CD Special (1.60% APY) was added to the product line a year ago, and its current APY has been in effect since September 2015. The minimum opening deposit is $1k, with no balance cap.
The 27-month Time Share CD Special is also available as an IRA (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.
As stated on the Truth in Savings page, 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impose will equal 180 days dividends on the amount withdrawn subject to penalty.
Headquartered in Leominster (40 miles west of Boston), Leominster Credit Union’s field of membership is residency based, with individuals who live, work, or “have business” in the Massachusetts counties of Franklin, Hampden, Hampshire, Middlesex, Norfolk, or Worcester eligible for membership.
Joining LCU and/or opening a Term Share CD can be done online, or at any of nine Massachusetts branches located in Clinton (2), Holden, (2), Leominster (2), Sterling, and Worcester (2). As stated on the first page of LCU's online application,
Once your account is opened you will be required to print out
documentation and mail or drop off at one of our locations.
Credit Union Overview
Leominster Credit Union (NCUA Charter # 66699) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 3.78% (excellent) based on March 31, 2016 data. LCU has an above average capitalization level of 10.71%, a result of holding $620.87 million in assets with $66.47 million in equity. Please refer to our financial overview of Leominster Credit Union 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’ 14th largest credit union, with more than 54,200 members and assets in excess of $620 million.
How the CD Compares
When compared to the 322 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents in Central Massachusetts, Leominster Credit Union's 27-month Term Share CD Special APY currently ranks second.
The above rates are accurate as of 7/10/2016.