Earlier this month, New Dimensions Federal Credit Union (New Dimensions) added a 15-month Share Certificate (1.51% APY) to its product line. The minimum opening deposit is $1k, with no stated balance cap.
As stated on New Dimensions’ Deposit Rates page, the Early Withdrawal Penalty for the 15-month Share Certificate is 270 days of dividends.
Headquartered in Waterville, New Dimensions Federal Credit Union’s field of membership is primarily residency based, with individuals who live, work, worship, or attend school in the Maine counties of Kennebec and Somerset eligible to join.
In addition, current New Dimensions members’ immediate family or household members also qualify for membership.
According to New Dimensions’ Membership page, immediate family is defined in this instance as “grandparents, parents, step-parents, spouses, siblings, step-siblings, children, step-children, adopted children, and grandchildren.”
Household members is defined as “persons living in the same residence and who maintain a single economic unit, including family members, domestic partners, foster children, and legal guardian relationships.”
Joining New Dimensions and/or opening a Share Certificate must be done by visiting either of the two Maine branches, located in Augusta and Waterville. At this time, New Dimensions’ online banking platform is limited to account management and bill payment services.
Credit Union Overview
New Dimensions Federal Credit Union (NCUA Charter # 11253) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 9.96% (excellent) based on March 31, 2016 data. In the past year, New Dimensions has increased its total deposits by $6.52 million, an excellent annual growth rate of 10.64%. Please refer to our financial overview of New Dimensions Federal Credit Union for more details.
New Dimensions Federal Credit Union was originally known as the Notre Dame Credit Union (NDCU), which was established in 1956 by parishioners and a parish priest from Waterville’s Notre Dame Church. The Credit Union’s first “office” was a hallway in the Notre Dame School that was opened for 2 hours on Friday and Saturday evenings. In 1992, NDCU merged with Calvary Temple Berean Federal Credit, and in 2002, expanded its charter to include all of Kennebec and Somerset Counties. The New Dimensions name was adopted in 2006 “to better reflect the community that it serves.”
How the CD Compares
When compared to the 176 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents of Maine, New Dimensions Federal Credit Union’s 15-Month Share Certificate APY currently ranks first.
The above rates are accurate as of 8/29/2016.