MIT Federal Credit Union


Overview / Commentary
617-253-2845
70 Westview St
Lexington, MA 02421

MIT Federal Credit Union is headquartered in Lexington and is the 21st largest credit union in the state of Massachusetts. It is also the 528th largest credit union in the nation. It was established in 1940 and as of June of 2020, it had grown to 85 employees and 35,722 members at 4 locations. MIT Federal Credit Union 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

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

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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
B+

Health Grade Components

Overall
NCUA #3830
Year Chartered1940
Employees85
Primary Regulator
Profit Margin
Return on Assets - YTD-0.23%
Return on Equity - YTD-3.25%
Annual Interest Income$9.8MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$641.1MM$571.0MM
LoansQ2 2020vs Q2 2019$498.8MM$497.2MM
DepositsQ2 2020vs Q2 2019$593.6MM$522.6MM
Equity CapitalQ2 2020vs Q2 2019$43.3MM$44.4MM
Loan Loss AllowanceQ2 2020vs Q2 2019$11.1MM$8.3MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$6.5MM$4.8MM
Real Estate OwnedQ2 2020vs Q2 2019$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
0.25%$100-IRA Savings
0.20%$25k-Select Savings Account
0.10%$100-Savings Account
0.10%--Holiday Club
0.10%--Vacation Club

MIT Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.20%*$50k*-Money Market Account
OTHER TIERS: 0.10% $1k - $10k | 0.15% $10k - $50k

MIT Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%*$50k*-Select Checking
OTHER TIERS: 0.05% $10k - $50k
0.05%$2.5k-Plus Checking

MIT Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%$500-60 Month CD
0.95%$500-48 Month CD
0.90%$500-36 Month CD
0.70%$500-24 Month CD
0.60%$500-18 Month CD
0.55%$500-12 Month CD

MIT Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%$500-60 Month IRA
0.95%$500-48 Month IRA
0.90%$500-36 Month IRA
0.70%$500-24 Month IRA
0.60%$500-18 Month IRA
0.55%$500-12 Month IRA
Locations


MIT Federal Credit Union Locations
Branch 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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