Metro Credit Union (MA/RI) Adds Rate-Leading IRA CD Specials

Massachusetts-based Metro Credit Union (Metro CU) has added seven CD Specials and four IRA CD Specials (Traditional and Roth) to its product line. The IRA CD Specials offer APYs a uniform 25 bps higher than the CD Specials, with the 18-month IRA CD Special (2.75% APY) and 24-month IRA CD Special (3.25% APY) having the most competitive rates.

The fine print on the landing page provides the following details.

Account requires NEW MONEY ONLY; to satisfy this requirement, an additional $5,000 in external funds must be added to transfers from existing Metro Credit Union accounts.

Minimum to open and earn APY is $500.00.

For online account opening only: Maximum funding amount is $25,000.

According to the first page of the online application,

The maximum funding limit per application is $25,000 for a Bank Transfer or $2,000 for Credit or Debit Card. Please visit one of our locations if you're seeking to fund your new account(s) with a higher balance.

As stated in the Truth in Savings disclosure, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of 12-60 months: The penalty we may impose will equal three months’ interest on the amount withdrawn subject to penalty.

Earned interest can be withdrawn without penalty any time after it has been credited.

Maturing funds can be distributed by cashier’s check to the address on file or deposited in a Metro CU Membership Savings account. There is a ten calendar day grace period before a IRA CD Special or CD Special automatically renews.

Availability

Headquartered in Chelsea, Massachusetts, Metro Credit Union's field of membership (FOM) is community-based, with U.S. legal residents who live, work, attend school, or own a business in the Massachusetts counties of Barnstable, Bristol, Essex, Franklin, Hampden, Hampshire, Middlesex, Norfolk, Plymouth, Suffolk, or Worcester, or the New Hampshire counties of Cheshire, Hillsborough, or Rockingham eligible to join.

More than 1,800 Massachusetts employers offer the "[email protected]" 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 Metro CU’s [email protected] page.

Joining Metro CU and/or opening a CD Special or IRA CD Special can be done online, or at any of 19 Massachusetts branches located in Boston (4), Burlington, Chelsea (2), Framingham, Lawrence, Lynn, Medford, Melrose, Newton, Peabody (2), Reading, Salem, Tewksbury, and West Roxbury. Appointments are available and can be scheduled online.

Becoming a member is easy! Just open a Metro Membership Savings Account with an initial deposit of $5.00.

Credit Union Overview

Metro Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.17% (excellent) based on March 31, 2022 data. In the past year, Metro CU has increased its total non-brokered deposits by $116.38 million, an excellent annual growth rate of 5.96% APY. Please refer to our financial overview of Metro Credit Union (NCUA Charter # 66364) for more details.

Metro Credit Union is currently the second largest credit union in Massachusetts, with nearly 190,000 members and assets in excess of $2.6 billion. Established in 1926 with less than $2,000 and 35 members, Metro CU surpassed the $1 billion mark nearly ten years ago and the $2 billion mark in 2022, the result of many years of growth through acquisitions. Described as "one of the most aggressively growing credit unions in Massachusetts," Metro CU’s FOM has expanded to include all but one of Massachusetts' twelve counties.

How the 24-Month IRA CD Special Compares

When compared to similar length-of-term IRA CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Metro Credit Union 24-Month IRA CD Special. The following table compares the 24-Month IRA CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 18-Month IRA CD Special Compares

When compared to similar length-of-term IRA CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the Metro Credit Union 18-Month IRA CD Special. The following table compares the 18-Month IRA CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

To look for the best IRA CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

How the 24-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Metro Credit Union 24-Month CD Special. The following table compares the 24-Month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

The above information and rates are accurate as of 7/22/2022.