Metro Credit Union (Metro CU) introduced its Online Money Market in June 2015. Its initial rate of 1.25% APY on balances of $10k+ remained in effect until this past June, when the rate dropped to 1.20% APY, and the minimum balance was raised to $50k.
Metro CU has recently raised the rate to 1.25% APY and lowered the minimum balance to $10k. The minimum opening deposit is $2k of new money, with no stated balance cap. As the name suggests, 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.
Headquartered in Chelsea, Metro Credit Union membership is open to anyone who lives, works, or has a place of business in the Massachusetts counties of Barnstable, Bristol, 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 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. As stated earlier, the online Money Market must be opened online, but any subsequent Online Money Market transactions can be done in-branch.
Credit Union Overview
Metro Credit Union (NCUA Charter # 66364) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.19% (excellent) based on June 30, 2015 data. In the past year, Metro CU has increased its total deposits by $112.35 million, an excellent annual growth rate of 10.24% APY. Please refer to our financial overview of Metro Credit Union for more details.
Metro Credit Union is currently the second largest credit union in Massachusetts, with more than 189,700 members and assets in excess of $1.5 billion. Established in 1926, Metro CU’s assets 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 Online Money Market Compares
When compared to the 349 Money Market accounts tracked by DepositAccounts.com available with the FOM, Metro Credit Union’s Online Money Market’s APY shares the top spot with All America Bank ($35k max), Redneck Bank ($35k max) and EBSB Direct ($2m max), regardless of minimum deposit requirements.
The above rates are accurate as of 11/10/2016.