Pennsylvania-based Merck Sharp & Dohme Federal Credit Union (MSDFCU) recently raised the rate on its 24-month CD to 3.50% APY. The minimum deposit is $1k, with no stated balance cap. While MSDFCU offers a Jumbo version of the 24-month CD ($25k minimum), the APY is also 3.50%.
The 24-month CD is also available as an IRA (Traditional), earning the same APY with the same funding requirements.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
Withdrawals of principal prior to maturity are subject to a penalty equal to 90 days of dividends for terms under 12 months or 180 days of dividends for terms of 12 months or longer. If dividends have already been paid, the penalty will be deducted from principal.
Funding a CD Online
While a CD can be opened online, the online application states,
Maximum online funding for new members is $2,500. Existing members maximum online funding is $25,000. For deposits greater than $25,000, please contact the Credit Union
Headquartered in Chalfont, Pennsylvania, Merck Sharp & Dohme Federal Credit Union’s field of membership (FOM) offers almost any US citizen or resident alien (with a valid Social Security number) a way to join.
Easy membership: Joining the New Britain Charitable Foundation (NBCF) with a $10 donation qualifies for MSDFCU membership. NBCF was established in 2016 “to serve recognized charitable organizations, community organizations, and other entities who serve the communities in Bucks and Montgomery Counties.”
According to NBCF’s Donate/Referral page,
To join the Credit Union please visit the Merck Sharp & Dohme FCU website and complete your membership by opening an account using the “Become a Member” button. Select item 3, and use the drop-down menu to locate New Britain Charitable Foundation as your organization.
Employment: Employees of Merck & Company, Inc, Flik International (West Point, PA), Merck plants in Durham and Wilson (North Carolina), and Telerex are eligible to join, as are employees/members of more than 400 sponsor companies/associations.
Relationship: Immediate family members or household members of a current MSDFCU member are welcome to apply.
The Membership Application is also available as a download and can be returned in person or by snail mail.
Credit Union Overview
Merck Sharp & Dohme Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.96% (excellent) based on December 31, 2018 data. In the past year, MSDFCU has increased its total non-brokered deposits by $17.54 million, an excellent annual growth rate of 3.67%. Please refer to our financial overview of Merck Sharp & Dohme Federal Credit Union (NCUA Charter # 6574) for more details.
Founded in 1950, Merck Sharp & Dohme Federal Credit Union was originally known as The Drug Works Federal Credit Union, serving Sharp & Dohme employees. (Starting as an apothecary shop in 1845, Sharp & Dohme had great success in the development of sulfa drugs, vaccines, and blood plasma products.) When Merck merged with Sharp & Dohme in 1953, the Credit Union’s name was changed to reflect the new company. MSDFCU is currently the 20th largest credit union in Pennsylvania, with more than 29,400 members and assets in excess of $552 million.
How the CD Compares
When compared to 194 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, Merck Sharp & Dohme Federal Credit Union's 24-month CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.50% APY||24-Month CD||Merck Sharp & Dohme Federal Credit Union|
|3.14% APY||2-Year Senior Citizen CD||State Bank of India (IL)|
|3.07% APY||2-Year CD||CD Bank|
The above rates are accurate as of 3/27/2019.
To search for the best CD rates, both nationwide and state specific, please refer to the CD Rates Table page.