Metro Credit Union is headquartered in Chelsea and is the 2nd largest credit union in the state of Massachusetts. It is also the 134th largest credit union in the nation. It was established in 1926 and as of June of 2020, it had grown to 313 employees and 217,397 members at 14 locations. Metro Credit Union's money market rates are 36% higher than the national average, and it has an A health rating.
Field of Membership Restrictions
Membership in Metro Credit Union is open to those who live, work, or own a business in Bristol, Essex, Middlesex, Barnstable, Norfolk, Plymouth, Suffolk, or Worcester Counties in Massachusetts.
See current membership details
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12/19/12 - Metro CU In MA 1.10% Savings Account
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Service With A Smile
I'm a relatively happy member of the Metro Credit Union here in eastern Massachusetts; this credit union's greatest strength is the customer service you get in person and over the phone; there's always a smiling face willing to go above and beyond to help you with anything...even the credit union's sometimes flaky on-line banking website. Keep in mind, the folks at the branches are TELLERS financial experts. They're really not supposed to get involved in trouble-shooting to see if the website problems are with their own system or the customer's laptop! However, on a recent occasion when I couldn't get one function of the metrocu.org site to work, one of the tellers did bring me and my laptop into an office and double-checked the functions between my computer and a bank's personal computer; she was able to replicate the problem on a bank computer, and forward an IT ticket for resolution. Service With A Smile!
Great for student life and beyond!
I got my first METRO Credit Union account as a graduate student--a simple savings and checking account. From the beginning, METRO has been attentive to my specific needs, and I have remained with them as I have expanded my needs to include a more aggressive savings account, direct deposit, and a personal credit card that they service. Most transactions can be completed online, including opening new accounts and applying for loans. When it is necessary to go into a branch, there is almost always friendly customer service (except during very high-volume periods). They have an extremely reasonable fee structure, great options like overdraft protection, and easily accessible high-yield savings account. From a financial standpoint, I feel very little need to take my business elsewhere. The only areas in which METRO falls short of ideal are its web presence and its limited number of branches. METRO is clearly trying to create a more seamless mobile experience, and it has definitely improved over the 5+ years I have banked with them. But there are still more times than I would like where online banking is down or otherwise inaccessible. Their locations in the city aren't terribly convenient, so in a perfect world they would open a few more branches, but since so much banking can be done online, this doesn't affect my day-to-day experience with METRO very negatively. Ultimately, I would recommend this credit union for its helpfulness, honesty, good products, and constant drive for improvement. It is a great beginner bank for a student, and one that has what it takes to grow with its customers over time.
High Yield Savings Rate
Metro is good and for the past two years I have gotten a decent rate from them from their high yield account. However, now they are offering a 1.75% rate but only on new money.
Update 10/4/18: They increased my rate to 1.75 when I threatened to close the account. However, recently they have offered 2.25% for new accounts.
Once again when I called they offered to increase my rate. I told them I didn't have time to be monitoring and calling re: this every time their rate changes. I shifted $230K to Ally High Yield High Yield where it increases automatically when the Feds increase rates.
This is much more appropriate for people who want High Yield on a sizable amount.
Read The Fine Print
Although the website states $5 membership(regular savings) account needed to open other accounts (such as a CD). The CSR stated the membership account minimum was $150. When I told him it stated $5 on line, he checked website and said that $5 is correct, BUT the fine print shows that a $2 low balance fee would be deducted monthly if the membership account was under $150. Not worth tying up $150 in a .10% membership account for a CD rate that is available elsewhere close by with no "fine print"
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 66364 |
| Year Chartered | 1926 |
| Employees | 313 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.55% |
| Return on Equity - YTD | 6.35% |
| Annual Interest Income | $34.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $2.35B$1.97B |
| Loans | Q2 2020vs Q2 2019 | $1.91B$1.63B |
| Deposits | Q2 2020vs Q2 2019 | $1.82B$1.58B |
| Equity Capital | Q2 2020vs Q2 2019 | $196.3MM$181.7MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $9.8MM$8.0MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $2.1MM$1.0MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |
