More than a year ago, Massachusetts-based Metro Credit Union (Metro CU) added seven CD Specials and four IRA CD Specials (Traditional and Roth) to its product line. Following two rate increases totaling 35 bps in the past 10 days, the 24-month CD Special (5.35% APY) and 24-month IRA CD Special (5.45% APY) have the most competitive rates in the Specials product line. (In a little bit of overkill, Metro CU has labeled all its CDs as “Specials;” there are no regular “non-Special” CDs in the product line.)
The minimum opening deposit is $500 of new money, but funds currently on deposit at Metro CU are not necessarily excluded. 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.
As stated in the Truth in Savings disclosure (page 28), 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has an original maturity of 12-60 months: The penalty we may impose will equal three months’ interest on the amount withdrawn subject to penalty.
Massachusetts Share Insurance
In addition to the NCUA insurance, funds in excess of $250k on deposit with Metro CU are also covered by the Massachusetts Share Insurance Corporation.
Massachusetts Credit Union Share Insurance Corporation insures all excess deposits.
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 "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 Metro CU’s Metro@work page.
Joining Metro CU and/or opening a 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.
Funding and Other Details
The following is from the Metro CU website and a conversation with CSR.
- Funding* – ACH, check, credit/debit card (limited), or shared branching transaction.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded and credited monthly, can be withdrawn without penalty any time after it is credited.
- Maturing Funds – Cashier’s check to the address on file or deposited in a Metro CU Membership Savings account.
- Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers are required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Soft pull.
*As stated on 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.
The following was previously included in the fine print of the landing page, but has since been removed.
For online account opening only: Maximum funding amount is $25,000, however, you may add more once the account is opened.
According to CSR, the additional funding beyond the $25k online limit is still an option. While I have no reason not to believe CSR, getting that additional funding option in writing before opening a CD Special would be a good idea.
Credit Union Overview
Metro Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.08% (excellent) based on March 31, 2023 data. In the past year, Metro CU has increased its total non-brokered deposits by $331.3 million, an excellent annual growth rate of 16.01% 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 203,000 members and assets in excess of $3.1 billion. Established in 1926 with less than $2,000 and 35 members, Metro CU surpassed the $1 billion mark in deposits 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 CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that 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.
The above information and rates are accurate as of 8/3/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.