Metro Credit Union (MA) Boosts 36-Month CD Rate By 135 bps

At the beginning of the week, Metro Credit Union (Metro CU) increased the rate on its 36-month CD (2.25% APY) by a whopping 135 bps. The minimum opening deposit is $500, with no stated balance cap.

The CD is also offered as an IRA (Traditional, Roth, and CESA), earning the same APY with the same funding requirements.

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

Terms longer than 1 year – 3 months of interest

Online Money Market

Metro CU’s Online Money Market has been earning 1.25% APY on balances of $10k+ since November 2016. The minimum opening deposit is $2k of new money, with no stated balance cap. As the name indicates, the account must be opened online.

CSR clarified that while the opening deposit must be new money, subsequent deposits are not required to be new money. CSR also stated that following the online account opening, further transactions can be done in-branch.

The fine print for the Online Money Market account states:

On daily balances below $2,000, rate will be comparable to the regular savings rate. Low balance fee of $5.00 if month end balance is less than $2,000 and no associated loan product.

Availability

Headquartered in Chelsea, Metro Credit Union offers membership to anyone who lives, works, or owns a business in the Massachusetts counties of Barnstable, Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, or Worcester.

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 can be done online, or at any of 15 Massachusetts branches located in Boston (4), Burlington, Chelsea (2), Framingham, Lawrence, Lynn, Melrose, Newton, Peabody, Salem, and Tewksbury.

Credit Union Overview

Metro Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.58% (excellent) based on June 30, 2017 data. In the past year, Metro CU has increased its total non-brokered deposits by $151.64 million, an excellent annual growth rate of 13.05% 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 more than 194,400 members and assets in excess of $1.6 billion. Established in 1926 with less than $2,000 and 35 members, Metro CU surpassed the $1 billion mark in 2013, a result of its many years of growth through acquisition. Described as "one of the most aggressively growing credit unions in Massachusetts," Metro CU’s field of membership expanded in February 2016 to include the residents of Bristol County.

How the CD Compares

When compared to the 381 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Metro Credit Union’s 36-Month CD APY currently shares the top spot with Primary Bank’s 3-year CD.

The above rates are accurate as of 10/5/2017.

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