In the last Forum post of 2017, DA reader, Carpline, noted that Maine Highlands Federal Credit Union (MHFCU) had raised the rate on its 36-month Share Certificate (3.04% APY). The minimum deposit for this limited-time offer is $500, with no stated balance cap.
|3.04%||$500||-||Maine Highlands Federal Credit Union||36 Month Share Certificate|
|3.04%||$500||-||Maine Highlands Federal Credit Union||36 Month IRA Certificate (Traditional, Roth, CESA)|
This week’s 153 bps increase has produced the highest rate in the Share Certificate’s nearly seven year history. Promoted as a New Year’s special, the 3.04% APY may be a harbinger of good rates to come in 2018.
The 36-month Share Certificate is also offered as an IRA (Traditional, Roth, CESA), earning the same impressive 3.04% APY, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty is “90 days of dividends, whether earned or not.”
Thanks to Carpline for his Forum post about this eye-catching APY.
Headquartered in Dexter, Maine Highlands Federal Credit Union’s field of membership (FOM) 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.
While checking and savings accounts can be opened online, Share Certificates must be opened in-branch.
MHFCU is now participates in Co-Op Shared Branching, giving its members access to more than 5,000 shared branches throughout the country.
Credit Union Overview
Maine Highlands Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 8.24% (excellent) based on September 30, 2017 data. In the past year, MHFCU has increased its total non-brokered deposits by $4.2 million, an excellent annual growth rate of 4.42%. Please refer to our financial overview of Maine Highlands Federal Credit Union (NCUA Charter # 17309) 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. The term “Maine Highlands” became commonplace in the late 1990s, when it was used to 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 Share Certificate Compares
When compared to the 223 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Maine Highlands Federal Credit Union’s 36-Month Share Certificate currently tops the list.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.04% APY||36-Month Share Certificate||Maine Highlands Federal Credit Union|
|2.28% APY||36-Month CD||USALLIANCE Financial|
|2.25% APY||35-Month CD Special||Fort Knox Federal Credit Union|
The above rates are accurate as of 1/5/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.