GOOD NEWS: A huge thank you to DA member, scottj, who provided the link to the online application! I have added the link to the "Availability" section.
UPDATE 7/6/2015: Many thanks to DA member, scottj, for his comment concerning the online availability of Metro CU’s Online Money Market. Bottom line, it can’t be opened through Metro CU’s main website. Further details in the "Availability" section of this blog.
Massachusett’s Metro Credit Union (Metro CU) has introduced a new Online Money Market, which earns 1.25% APY on balances of $10K+; balances below $10K earn 0.15% APY.
The minimum opening deposit is $2K of new money and must be opened online.
The fine print for the Online Money Market account states:
Minimum withdrawal fee of $25 if withdrawal is less than $10,000.
Low balance fee of $25, if at any time during the month the end of day balance falls below $10,000.
High Yield Savings Account
In November, I wrote about Metro CU’s High Yield Savings Account that earned 1.15% APY on balances above $25K, with no maximum balance cap. While that rate dropped in February, it was raised today back to 1.15% APY. Balances between $10K and $25K earn 0.20% APY, with balances under $10K earning 0.15% APY. The initial minimum deposit is $10K and the account requires new money to open.
This account has a history of relatively low rates, and when the rate was raised in November, it was the first competitive rate in four years. The 1.15% APY lasted for approximately three months and on February 1, 2015, it fell to 0.40% APY. Clicking on the "Details" arrow in the above rate chart will show a detailed rate history for the High Yield Savings account.
The potential fees on this High Yield Savings Account are rather harsh and could easily negate the attractive 1.15% APY. These fees include:
- $25 monthly service charge, which can be waived if a minimum daily $10K balance is maintained.
- $25 transaction fee for each withdrawal under $10K.
- $10 excess transaction fee for each transaction over six per cycle statement.
A complete list of fees are available on Metro CU’s Fee Schedule.
Metro Credit Union membership is open to anyone who lives, works, or has a place of business in the Massachusetts counties of Barnstable, Essex, Middlesex, Norfolk, Plymouth, Suffolk, or Worcester.
More than 1,800 Massachusetts employers offer the "Metro@work" workplace banking program, which automatically deposits a set amount (your choice) from your payroll check into your Metro Credit Union account. For more details, please refer to the credit union’s Metro@work page.
Joining Metro Credit Union and/or opening an account (other than the Online Money Market) can be done online or by visiting any of 15 Massachusetts branches located in Boston (4), Burlington, Chelsea (2), Framingham, Lawrence, Lynn, Melrose, Newton, Peabody, Salem, and Tewksbury.
As stated earlier, it is not possible to open the Online Money Market through Metro CU’s own website, but instead must be opened using a link that can only be found in Metro CU’s online advertising. CSR was not able to provide any specific information concerning where the link might be found, other than "do a Google search."
Thanks to "Anonymous," who knew someone who knew where to find the Online Money Market application link. It's good to know people in the know!
Credit Union Overview
Metro Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 2.02% (excellent) based on March 31, 2015 data. In the past year, Metro Credit Union has increased its total deposits by $31.37 Million, an above average annual growth rate of 2.92% APY. Please refer to our financial overview of Metro Credit Union for more details.
Headquartered in Chelsea, Metro Credit Union is the second largest credit union in Massachusetts, and has been described as "one of the most aggressively growing credit unions in Massachusetts." Established in 1926, Metro Credit Union (NCUA Charter # 66364) surpassed the $1 Billion mark in assets in 2013, a result of its many years of growth through acquisition. Currently, Metro Credit Union serves over 181,000 members and holds assets in excess of $1.4 Billion.
How the Online Money Market Compares
When compared to the 297 Money Market accounts tracked by DepositAccounts.com available to Massachusetts residents, Metro Credit Union’s Online Money Market’s APY ranks first, regardless of minimum deposit requirements.
The above rates are accurate as of 7/7/2015.
To look for the best nationwide Money Market rates and the best Money Market rates in your state, please refer to our Money Market rates table.