Polish National Credit Union (PNCU) has raised the rate on its 13-month Term Share Certificate Special to 2.83% APY. A minimum opening deposit is $500 of new money is required, and there is a balance cap of $250k.
While the rate may not be outstanding, the additional deposit feature certainly increases the Certificate Special’s competitiveness. According to the fine print on the Deposit Rates page,
Additional deposits may be added during the term up to $250,000.
CSR confirmed that there is no limit on the number of additional deposits or the amount of the deposits, as long as the total balance in the Certificate Special does not exceed $250k.
As stated in the Fee Schedule, the Early Withdrawal Penalty reads as follows:
Maturity date of more than one year will impose 180 days of interest penalty.
Excess Share Insurance
Share and deposits at PNCU in excess of NCUA limits ($250k) are fully insured by the Massachusetts Credit Union Share Insurance Corporation, which was established in 1961 through a special act issued by the Massachusetts Legislature.
Excess Share and Deposit Insurance from MSIC provides credit unions an extra layer of deposit insurance coverage. Balances above the federal limit, currently $250,000, carry additional deposit insurance through MSIC, up to certain thresholds. With Excess Share
and Deposit insurance, credit union members can deposit large balances without needing
to worry about diversification..
Headquartered in Chicopee, Massachusetts, Polish National Credit Union's field of membership (FOM) is residency based, with individuals who live, work, or attend school in the Massachusetts counties of Berkshire, Franklin, Hampden, or Hampshire, or the Connecticut counties of Hartford, Litchfield, or Tolland eligible to join.
Joining PNCU and/or opening a 13-month CD Special must be done at any of ten Massachusetts branches located in Chicopee (4), Granby, Hampden, Southampton, Springfield, Westfield, and Wilbraham.
I was surprised there are no Connecticut branch locations, given three Connecticut counties are included in the FOM. CSR explained that the FOM is based on 60-mile radius from the Chicopee headquarters, but not limited to Massachusetts. Chicopee is only about 10 miles from the Connecticut border, so the FOM includes both states.
Credit Union Overview
Polish National Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.39% (excellent) based on September 30, 2018 data. PNCU has an excellent capitalization level (13.37%), the result of holding $586.76 million in assets with $78.42 million in equity Please refer to our financial overview of Polish National Credit Union (NCUA Charter #66597) for more details.
The Polish National Credit Union was established in 1921 by 15 Polish immigrants with $325, the equivalent of approximately $4,100 today. PNCU is currently the 18th largest credit union in Massachusetts, with more than 24,200 members and assets in excess of $586 million.
How the CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, Polish National Credit Union's 13-month CD Special APY currently ranks fifth. The unlimited additional deposits only increases the CD Special’s intrinsic value.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.95% APY||1-Year Senior Citizen CD||State Bank of India (IL)|
|2.89% APY||Online 13-Month CD||MutualOne Bank|
|2.85% APY||14-Month Select CD||Ally Bank|
|2.83% APY||13-Month Term Share Certificate Special||Polish National Credit Union|
The above rates are accurate as of 1/25/2019.
To look for the best CD rates, both nationwide and state specific, please refer to DA’s CD Rates Table, page.