MIT Federal Credit Union

Overview / Commentary
70 Westview St
Lexington, MA 02421

MIT Federal Credit Union is headquartered in Lexington and is the 20th largest credit union in the state of Massachusetts. It is also the 578th largest credit union in the nation. It was established in 1940 and as of March of 2024, it had grown to 87 employees and 34,147 members at 4 locations. MIT Federal Credit Union's savings rates are 6X the national average, and it has a B health rating.

Field of Membership Restrictions

Membership in MIT Federal Credit Union is open to employees, retirees, students, and alumni of MIT. Employees of Draper Laboratories, Lincoln Laboratories, Broad Institute, Whitehead Institute, Novartis, or Toyota Research Institute also qualify for membership.
See current membership details

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!!


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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 Grade Components

NCUA #3830
Year Chartered1940
Primary Regulator
Profit Margin
Return on Assets - YTD1.3%
Return on Equity - YTD15.83%
Annual Interest Income$7.2MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$732MM$730.6MM
LoansQ1 2024vs Q1 2023$593.3MM$617.7MM
DepositsQ1 2024vs Q1 2023$645.3MM$661.2MM
Equity CapitalQ1 2024vs Q1 2023$59.8MM$50.6MM
Loan Loss AllowanceQ1 2024vs Q1 2023$4.8MM$5.5MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$4.1MM$3MM
Real Estate OwnedQ1 2024vs Q1 2023$0$0
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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

3.00%$500-High Yield Savings
0.10%$25k-Select Savings Account
0.05%$100-Savings Account
0.05%$0-Holiday Club
0.05%$100-IRA Savings
0.05%$0-Vacation Club

MIT Federal Credit Union Money Market Rates

0.40%*$500k*-Money Market Account
OTHER TIERS: 0.10% $1k - $10k | 0.20% $10k - $50k | 0.25% $50k - $100k | 0.30% $100k - $250k | 0.35% $250k - $500k

MIT Federal Credit Union Checking Account Rates

0.05%$10k-Select Checking
0.05%$2.5k-Plus Checking

MIT Federal Credit Union CD Rates

5.00%$5k-6 Month High Yield CD Special - New Money
4.75%$5k-9 Month High Yield CD Special - New Money
4.50%$500-12 Month CD
4.50%$500-3 Month High Yield CD Special - New Money
4.25%$500-6 Month CD
4.00%$500-9 Month CD
4.00%$500-15 Month High Yield CD Special - New Money
3.50%$500-18 Month CD
3.00%$500-24 Month CD
0.80%$500-60 Month CD
0.80%$500-48 Month CD
0.75%$500-36 Month CD

MIT Federal Credit Union IRA Rates

4.50%$500-12 Month IRA
4.25%$500-6 Month IRA
4.00%$500-9 Month IRA
3.50%$500-18 Month IRA
3.00%$500-24 Month IRA
0.80%$500-60 Month IRA
0.80%$500-48 Month IRA
0.75%$500-36 Month IRA

MIT Federal Credit Union Locations
Corporate Office70 Westview StLexington, MA 02421-3142
Branch Office244 Wood St # LINA-100Lexington, MA 02421-6426
Branch Office84 Massachusetts AveCambridge, MA 02139-4300
Branch Office700 Technology SqCambridge, MA 02139-3557

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