Overview / Commentary
617-253-2845
700 Technology Sq
Cambridge, MA 02139-3557

MIT Federal Credit Union is headquartered in Cambridge and is the 19th largest credit union in the state of Massachusetts. It is also the 489th largest credit union in the nation. It was established in 1940 and as of September of 2018, it had grown to 91 employees and 36,866 members at 3 locations. MIT Federal Credit Union's money market rates are 48% higher than the national average, and it has a B health rating.

Field of Membership Restrictions

Must be an employee at the MIT Campus, MIT Lincoln Laboratory, Charles Stark Draper Laboratory, Whitehead Institute, The Broad Institute or Bright Horizons Children's Center.
See current membership details

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Reviews (2)

Great local bank!

The MIT Federal Credit Union is fantastic. Even though they don't have too many ATM's outside of Cambridge, they reimburse up to $5/month in ATM fees, which is helpful! It's very easy to transfer funds and set up electronic deposit with this bank. They have a great "Money Management" tool on their website that helps with tracking spending, creating and sticking to a personal financial budget. They also offer customers the ability to take pictures of checks using smartphones and deposit them into the account. The customer service is very personal and highly efficient. They are always friendly, helpful and patient. The only downside with this credit union is that you need to have an affiliation to the Massachusetts Institute of Technology (student, alumni, staff, family of staff, etc.) in order to open up an account with this bank. So, if you're lucky enough to open an account with MIT FCU, you definitely should take advantage of the opportunity!!

MITFCU Review

Posted by: James2 | May 29, 2014

The MIT Federal Credit Union is a good but not great banking institution. They do offer mobile banking but it takes a while to get used to. Basically it works but it's not that good. The mobile app is horrible and barely-functioning. In person they are friendly enough but not super nice. They'll answer your questions but don't seem too happy. I've been at banks that have been far more pleasant. Fees are decent and they refund like $8 a month of ATM fees. I wish this was unlimited though and there marketing material implies it is, which is very deceptive.



Health

Health Grade Components

Overall
NCUA #3830
Year Chartered1940
Employees91
Primary Regulator
Profit Margin
Return on Assets - YTD-0.19%
Return on Equity - YTD-2.63%
Annual Interest Income$16.5MM
Assets and Liabilities
AssetsQ3 2018vs Q3 2017$585.4MM$544.6MM
LoansQ3 2018vs Q3 2017$525.9MM$484.8MM
DepositsQ3 2018vs Q3 2017$505.9MM$498.0MM
Equity CapitalQ3 2018vs Q3 2017$42.1MM$41.8MM
Loan Loss AllowanceQ3 2018vs Q3 2017$6.2MM$1.1MM
Unbacked Noncurrent LoansQ3 2018vs Q3 2017$6.1MM$5.9MM
Real Estate OwnedQ3 2018vs Q3 2017$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not MIT Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

MIT Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$25k-Select Savings Account
0.25%$100-IRA Savings
0.10%$100-Savings Account
0.10%--Club Accounts

MIT Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.65%*$50k*-Money Market Account
OTHER TIERS: 0.15% $1k - $10k | 0.40% $10k - $50k

MIT Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.20%*$100k*-Select Checking
OTHER TIERS: 0.05% $10k - $25k | 0.10% $25k - $50k | 0.15% $50k - $100k
0.05%$2.5k-Plus Checking

MIT Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.15%$50k-60 Month Jumbo Smart Money Rewards CD
2.00%$500-60 Month Smart Money Rewards CD
1.95%$50k-48 Month Jumbo Smart Money Rewards CD
1.90%$50k-60 Jumbo Month CD
1.80%$50k-36 Month Jumbo Smart Money Rewards CD
1.80%$500-48 Month Smart Money Rewards CD
1.75%$500-60 Month CD
1.75%$50k-28 Month Smart Money Rewards Jumbo Jump-Up CD
1.70%$50k-48 Jumbo Month CD
1.65%$500-36 Month Smart Money Rewards CD
1.60%$50k-24 Month Jumbo Smart Money Rewards CD
1.60%$500-28 Month Smart Money Rewards Jump-Up CD
1.55%$500-48 Month CD
1.55%$50k-36 Month Jumbo CD
1.50%$50k-28 Month Jumbo Jump-Up CD
1.45%$50k-16 Month Smart Money Rewards Jumbo Jump-Up CD
1.45%$500-24 Month Smart Money Rewards CD
1.40%$500-36 Month CD
1.35%$500-28 Month Jump-Up CD
1.35%$50k-24 Month Jumbo CD
1.35%$50k-18 Month Jumbo Smart Money Rewards CD
1.30%$500-16 Month Smart Money Rewards Jump-Up CD
1.20%$500-24 Month CD
1.20%$50k-16 Month Jumbo Jump-Up CD
1.20%$50k-12 Month Jumbo Smart Money Rewards CD
1.20%$500-18 Month Smart Money Rewards CD
1.10%$50k-18 Month Jumbo CD
1.05%$500-16 Month Jump-Up CD
1.05%$500-12 Month Smart Money Rewards CD
0.95%$500-18 Month CD
0.95%$50k-12 Month Jumbo CD
0.80%$500-12 Month CD

MIT Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.25%$50k-60 Month Jumbo Smart Money Rewards Jumbo IRA
2.10%$500-60 Month Smart Money Rewards IRA
2.05%$50k-48 Month Jumbo Smart Money Rewards IRA
2.00%$50k-60 Month Jumbo IRA
1.90%$50k-36 Month Jumbo Smart Money Rewards IRA
1.90%$500-48 Month Smart Money Rewards IRA
1.85%$500-60 Month IRA
1.85%$50k-28 Month Smart Money Rewards Jumbo Jump-Up IRA
1.80%$50k-48 Month Jumbo IRA
1.75%$500-36 Month Smart Money Rewards IRA
1.70%$50k-24 Month Jumbo Smart Money Rewards IRA
1.70%$500-28 Month Smart Money Rewards Jump-Up IRA
1.65%$500-48 Month IRA
1.65%$50k-36 Month Jumbo IRA
1.60%$50k-28 Month Jumbo Jump-Up IRA
1.55%$50k-16 Month Smart Money Rewards Jumbo Jump-Up IRA
1.55%$500-24 Month Smart Money Rewards IRA
1.50%$500-36 Month IRA
1.45%$500-28 Month IRA Jump-Up IRA
1.45%$50k-24 Month Jumbo IRA
1.45%$50k-18 Month Jumbo Smart Money Rewards IRA
1.40%$500-16 Month Smart Money Rewards Jump-Up IRA
1.30%$500-24 Month IRA
1.30%$50k-16 Month Jumbo Jump-Up IRA
1.30%$50k-12 Month Jumbo Smart Money Rewards IRA
1.30%$500-18 Month Smart Money Rewards IRA
1.20%$50k-18 Month Jumbo IRA
1.15%$500-16 Month IRA Jump-Up IRA
1.15%$500-12 Month Smart Money Rewards IRA
1.05%$500-18 Month IRA
1.05%$50k-12 Month Jumbo IRA
0.90%$500-12 Month IRA
Locations


MIT Federal Credit Union Locations
Branch Office700 Technology SqCambridge, MA 02139-3557
Branch Office244 Wood St # LINA-100Lexington, MA 02421-6426
Branch Office84 Massachusetts AveCambridge, MA 02139-4300

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