Millbury Credit Union (MCU) has added a new 30-month CD to its product line. Earning 5.30% APY, the 30-month CD can be opened with a $500 minimum deposit and has no stated balance cap. CSR confirmed that this a limited-time offering, but had no information as to how long it would be available.
|5.30%||$500||-||Millbury Federal Credit Union||30 Month CD|
|5.30%||$200||-||Millbury Federal Credit Union||30 Month IRA Certificate|
The 30-month CD is also available as an IRA CD (Traditional, Roth), earning the same APY with the same deposit requirements.
Massachusetts Share Insurance
In addition to the NCUA insurance, funds in excess of $250k on deposit with MCU are also covered by the Massachusetts Share Insurance Corporation.
MSIC fully insures excess shares and deposits above the federal insurance limit of $250,000 at ALL of its member credit unions. Prior to 2010, deposits were only insured up to $600,000 or $1.2 million for accounts held jointly or by organizations. As of November 7, 2010, these deposit limits have been removed and MSIC now fully insures excess shares and deposits without limits that exceed NCUSIF coverage..
Headquartered in Millbury, Massachusetts, Millbury Credit Union’s field of membership (FOM) is community-based, with U.S. citizens and resident aliens (18-years or older with a valid Social Security number) who live or work in Worcester County, Massachusetts qualify for membership.
Immediate family members of anyone eligible to join MCU also qualify for membership.
While MCU does have a online banking platform, there is no online membership application. Joining MCU and/or opening a CD must be done at any of five Massachusetts branches located in Auburn, Millbury, South Grafton, and Worcester (2). The membership application is available as a printable PDF that can be completed prior to visit a branch location.
Just open an account for $5 or more… and you’re a member!
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire, or internal transfer.
- Ownership – Individual, joint, or trust.
- CO-OP Shared Branch Participant – No.
- Dividends – Compounded daily/credited monthly, can be withdrawn penalty-free.
- Maturing Funds – Check to the address on file or internal transfer to a MCU savings account.
- Beneficiaries – Only one beneficiary can be named. Social Security number and DOB are required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – ChexSystems.
Credit Union Overview
Millbury Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 2.58% (excellent), based on June 30, 2023 data. In the past year, MCU’s total non-brokered deposits have decreased by -$8.87 million, an average annual growth rate of -2.13%. Please refer to our financial overview of Millbury Credit Union (NCUA Charter # 24543) for more details.
Established in 1934, Millbury Credit Union is currently the 28th largest credit union in Massachusetts, with more than 32,500 members and assets in excess in $473 million. Millbury is one of more than 50 historic “mill towns” in Massachusetts, although the last textile mill closed in the 1950s. The original FOM was expanded to include all of Worcester County, the second-most populous Massachusetts county (estimated at 863,000).
How the 30-Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM, have fixed rates, and have minimum deposit requirements of $10k or less, one bank has a higher rate than currently offered on the Millbury Credit Union 30-month CD. The following table compares the 30-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
|APY||CD Term (Early Withdrawal Penalty)||Credit Union/Bank|
|5.37%||30-month CD (EWP=15 months)||Luana Savings Bank|
|5.30%||30-Month CD (EWP=6 months)||Millbury Credit Union|
|5.25%||40-Month Certificate (EWP=270 days)||Jovia Financial Credit Union|
|5.25%||36-month CD (EWP=90 days)||Prime Alliance Bank|
|5.23%||36-Month Share Certificate (EWP=270 days)||United States Senate Federal Credit Union|
The above information and rates are accurate as of 11/6/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.