Mills42 FCU Offers Competitive Short-Term CDs - Easy Membership


Availability: Easy membership

Massachusetts’ Mills42 Federal Credit Union (Mills42) started the week off by adding three short-term promotional CDs: 9-month CD Special (1.10% APY), 12-month CD Special (1.30% APY), and 18-month CD Special (1.40% APY).

The minimum opening deposit to earn these APYS is $500, with no maximum balance cap. The stated APYs are dependent on being enrolled in and receiving eStatements; if the eStatement requirement is not met, the APY decreases by 25 basis points.

1.05%$500-Mills42 Federal Credit Union12 Month CD Special w/eStatements
Accounts mentioned in this post. Rates as of October 27, 2016.

As stated in Mills42’s Certificate Disclosure, the Early Withdrawal Penalty reads as follows:

If the term is at least 90 days but not more than 2 years, I shall forfeit an amount equal to 90 days of dividends.

Accrued dividends, if applicable, will be credited prior to penalties being applied.


Headquartered in Lowell, Massachusetts, Mills42 Federal Credit Union offers membership through an assortment of ways:

Easy Membership: Joining either Mothers Against Drunk Driving, ($5 donation) or the Tewksbury Historical Society, qualifies for membership eligibility, regardless of residency status.

Residency: Individuals who live, work, worship, or attend school in Lowell, the northern portion of Chelmsford, and the western portion of Tewksbury are eligible for membership.

Relationship: Family members of current Mills42 members are also eligible for membership.

Complete membership details can be found on Mills42’s Build From Here page.

Joining Mills42 Federal Credit Union and/or opening a CD can be done online, at the sole branch location located on Merrimack Street in Lowell, or by phone (978.328.5100).

Credit Union Overview

Mills42 Federal Credit Union has an overall health grade of "B+" at, with a Texas ratio of 1.20% (excellent) based on March 31, 2015 data. In the past year, Mills42 increased its total deposits by $664K, an excellent annual growth rate of 4.66%. Please refer to our financial overview of Mills42 Federal Credit Union for more details.

Mills42 Federal Credit Union (NCUA Charter # 12666) was established in 1958 as the M/A-COM Federal Credit Union, for the benefit of the employees of M/A-COM Technology Solutions (a developer and producer of radio, microwave, and millimeter wave semiconductor devices and components). MA-COM eventually moved a large portion of their business out of Lowell, leaving the Credit Union with a diminished membership. In 2005, an expansion in the charter to include community members, regardless of employment status, led to a new name: Mills42 Federal Credit Union.

"Mills" is a nod to the heritage and diversity of our city with a note of intrigue, while "42" is a reference to the line of latitude where Lowell can be found on world maps and navigational charts.

People from all over the world followed the 42nd latitude line at the beginning of the 1900s to make their fortunes here during the Industrial Revolution.

How the CDs Compare

When compared to 113 similar length-of-term CDs tracked by requiring a similar deposit and available nationally, Mills42 Federal Credit Union's 9-Month CD Special currently ranks first.

When compared to 125 similar length-of-term CDs tracked by requiring a similar deposit and available nationally, Mills42 Federal Credit Union's 12-Month CD Special currently ranks second.

When compared to 94 similar length-of-term CDs tracked by requiring a similar deposit and available nationally, Mills42 Federal Credit Union's 18-Month CD Special currently ranks second.

The above rates are accurate as of 8/19/2015.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.

3.00% Reward Checking Account at a Massachusetts CU - Easy Membership (M/A-COM)
Update 1/02/09: The yield has fallen to 3.00% APY. Refer to the bottom of the post for the rate history.

M/A-COM Federal Credit Union has started a rewards checking account that pays 3.00% APY on balances up to $10K (0.25% for over) if the following monthly requirements are met: 1) 12 debit card transactions, 2) one recurring ACH or bill pay transaction, and 3) receive account statements electronically. If these requirements are not met, the rate falls to 0%.

Update 11/14/07: A branch visit is now required to open this checking account....

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6.00% 17-Month CD at a Massachusetts CU - IRA (M/A-Com)
M/A Com Federal Credit Union is offering a 6.00% APY 17-month IRA certificate. Minimum is $100, and it requires contributions only.

The field of membership includes those who are members of Mothers Against Drunk Driving (MADD) or the Tewksbury Historical Society. You can also be immediately eligible via a communities where you live and select employee groups. See site for details. Branches are located in Lowell, Massachusetts.

The credit union is federally insured by the NCUA. It has $20.6 million in assets and 2,771 members.

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