In mid-February, Nutmeg State Financial Credit Union (NSFCU) raised the rate on its 9-month Share Certificate (1.25% APY) and 60-month Share Certificate (2.25% APY). The minimum deposit for either is $2.5K, with no balance cap.
While the 60-month’s APY has bounced around in 14 rate changes since July 2011, the 9-month’s current APY is the highest since being added to the product line in August 2012.
Both Share Certificates are also available as Fixed IRAs (Traditional, Roth, and CESA), earning the same APY and with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for the 9-month Share Certificate is 90 days interest, and 180 days interest for the 60-month Share Certificate.
Nutmeg State Financial Credit Union (NSFCU) is primarily a residency-based credit union.
Residency: Individuals who live, work, worship, attend school, or volunteer in the Connecticut counties of Hartford, Middlesex, New Haven, or Tolland are eligible to join.
Relationship: Membership is also open to spouses of current members, immediate family of current members, and employees of the credit union.
Joining NSFCU and opening a Share Certificate can be done online or at any of eight Connecticut branches located in Rocky Hill (main office), Bristol, Cromwell, Glastonbury, Hartford, Manchester, Newington, and New Britain. NSFCU’s membership application is available as a download to expedite joining.
Credit Union Overview
Nutmeg State Financial Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 4.13% (excellent) based on September 30, 2015 data. NSFCU has an excellent capitalization level of 14.0%, a result of holding $376.9 Million in assets, with $52.76 Million in equity. Please refer to our financial overview of Nutmeg State Financial Credit Union for more details.
Nutmeg State Financial Credit Union (NCUA Charter # 68657) was established in 1936 as the Hartford Telephone Federal Credit Union by workers at Southern New England Telephone. Today, NSFCU is a residency-based credit union with membership of over 37,200 and assets in excess of $376 Million.
I knew that Connecticut was known as "The Nutmeg State," but I didn’t know why. According to Wikipedia,
Unofficially (but popularly) Connecticut is also known as "The Nutmeg State." The origins of the nutmeg connection to Connecticut are unknown. It may have come from its sailors returning from voyages with nutmeg (which in the 18th and 19th centuries was a very valuable spice). It may have originated in the early machined sheet tin nutmeg grinders sold by early Connecticut peddlers. It is also facetiously said to come from Yankee peddlers from Connecticut who would sell small carved nobs of wood shaped to look like nutmeg to unsuspecting customers.
How the Share Certificates Compare
When compared to the 186 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents of the greater Hartford area, Nutmeg State Financial Credit Union’s 9-Month Share Certificate currently ranks first.
When compared to the 166 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents of the greater Hartford area, Nutmeg State Financial Credit Union’s 60-Month Share Certificate currently ranks third.
The above rates are accurate as of 3/1/2016.