Maine Highlands Federal Credit Union (MHFCU) is offering 1.26% APY on its IRA Certificates - that would be its 3-, 6-, 9-, 12-, 15-, 18-, 24- and 36-month IRA Certificates (Traditional, Roth, and CESA). The minimum opening deposit is $500, with no stated balance cap.
According to CSR, the Early Withdrawal Penalty for any of the IRA Certificates is “90 days of dividends, whether earned or not.”
Headquartered in Dexter, Maine Highlands Federal Credit Union’s field of membership is residency based, with individuals who live, work, worship, or attend school in the Maine communities of Brighton, Cambridge, Charleston, Corinna, Dexter, Exeter, Garland, Harmony, Mayfield, Ripley, Rockwood, Stetson, and all of Piscataquis County (pronounced piss-cat-eh-kwah) are eligible for membership.
Immediate family members of current MHFCU members also qualify for membership.
Joining Maine Highlands Federal Credit Union and/or opening an IRA can be done by visiting of any of the five Maine branches located in Brownville, Dexter, Dover-Foxcroft, Greenville, and Guilford.
MHFCU’s online banking platform is currently limited to account maintenance and bill payment services, although the Become a Member page promises “Online application coming soon!”
Credit Union Overview
Maine Highlands Federal Credit Union (NCUA Charter # 17309) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 14.30% (above average) based on March 30, 2016 data. In the past year, MHFCU has increased its total deposits by $2.17 million, an above average annual growth rate of 2.47%. Please refer to our financial overview of Maine Highlands Federal Credit Union for more details.
Maine Highlands Federal Credit was originally chartered as the Dexter Shoe Federal Credit Union in 1966, and its home for the first four years was inside the Dexter Shoe Factory. By 1970, the Credit Union expanded its charter to include the residents of four nearby towns and became known as the Dexter Regional Federal Credit Union. Over the next 35 years, growth, expansion, and acquisition led to its current name being adopted in 2005. It was chosen to better represent the field of membership, as “Maine Highlands” came into use in the late 1990s to better describe the area as a tourism region.
Located in the center of Maine, there are more than 200 waterfalls, and miles
and miles of trails. The last or first portion (depends on your perspective) of the
Appalachian Trail is in the Maine Highlands. Known as the “Hundred-Mile Wilderness”,
it is said there are more moose seen there than on any other part of the trail.
Now I know how MHFCU’s “Monty Moose” Youth Savings Account got its name.
How the IRA Compares
Obviously, the shorter the term, the more competitive the APY. When compared to the 176 similar length-of-term IRAs tracked by DepositAccounts.com that are available to Maine residents, Maine Highlands Federal Credit Union’s 12-Month IRA currently shares the top spot with Melrose Credit Union’s 1-Year Share IRA.
When compared to the 128 similar length-of-term IRAs tracked by DepositAccounts.com that are available to Maine residents, Maine Highlands Federal Credit Union’s 6-Month IRA currently ranks first.
The above rates are accurate as of 8/24/2016.