Pioneer Valley Federal Credit Union (PVFCU) ended last week by introducing a new 49-month Share Certificate Special (2.27% APY). The minimum opening deposit is $1k, with no stated balance cap. This new Special is by far the most competitive Share Certificate in PVFCU’s product line.
The 49-month Share Certificate Special is also available as an IRA (Traditional, Roth,CESA), earning the same APY with the same funding requirements.
As stated in the Agreements and Disclosures (part of the online application), the Early Withdrawal Penalty for reads as follows:
For Accounts with a term to maturity greater than 12 months,
the penalty imposed will equal six months dividends.
Headquartered in Springfield, Massachusetts, Pioneer Valley Credit Union’s field of membership (FOM) covers six states, with residents of Connecticut, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont, eligible for membership by joining the Massachusetts chapter of the American Consumer Council ($5 lifetime membership fee).
Residents of Berkshire, Franklin, Hampden, or Hampshire Counties, Massachusetts can also qualify for membership by joining Pioneer Valley Local First ($25 membership fee).
PVFCU also offers membership to employees of more than 25 SEGs, including Baystate Health and several Springfield Division federal government agencies.
Credit Union Overview
Pioneer Valley Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.12% (excellent) based on March 31, 2017 data. In the past year, PVCU has increased its total non-brokered deposits by $809k, an above average annual growth rate of 1.41%. Please refer to our financial overview of Pioneer Valley Credit Union (NCUA Charter # 24443) for more details.
Chartered in 1923 as the Springfield Mass Post Office Employees Credit Union, Pioneer Valley Federal Credit Union is considered to be the oldest operating postal credit union, although the FOM has expanding substantially. The Pioneer Valley region is Massachusetts’ portion of the Connecticut River Valley and includes the counties Franklin, Hampden, Hampshire. While PVFCU is a relatively small credit union (8,700+ members and $66 million in assets), with its six-state easy membership requirement the potential for growth is significant.
How the Share Certificate Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, Pioneer Valley Credit Union’s 49-month Share Certificate Special APY currently ranks second.
The above rates are accurate as of 7/17/2017.