Rockland Federal Credit Union (RFCU) ended 2016 by raising the rate on its 18-month Share Certificate (1.50% APY) by 40 basis points. The minimum opening deposit is $500, with no stated balance cap.
In the past six years, there have been 15 rate changes for the 18-month Share Certificate, with this week’s increase resulting in the highest APY to date.
The 18-month Share Certificate is also offered as an IRA (Traditional, Roth and CESA), earning same APY with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for the 18-month Share Certificate is 6 months interest.
In addition to the NCUSIF insurance, RFCU’s deposits are also covered by the Massachusetts Share Insurance Corporation.
MSIC now fully insures excess shares and deposits above the federal insurance limit of
$250,000 at ALL of member credit unions. As a result of the new law, MSIC will now
fully insure excess shares and deposits without limits that exceed NCUSIF coverage.
Headquartered in Rockland, Massachusetts, Rockland Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live or work in the Massachusetts Counties of Barnstable, Bristol, Middlesex, Norfolk, Plymouth, and Suffolk eligible for membership.
Immediate family members of current or eligible members can join, whether they live or work in one of the qualifying counties or not. Immediate family members are defined in this instance as spouse, parent, child, sibling, grandparent or grandchild.
The membership application process for RFCU is slightly different from what one usually encounters: while the application is available online, it must be submitted online and then printed out and mailed to RFCU.
When complete, please press SUBMIT. To complete the account opening process, please print
this completed form, sign and date it and mail it to us with your opening deposit of $5.00 or more.
Credit Union Overview
Rockland Federal Credit Union (NCUA Charter #24224) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.56% (excellent), based on September 30, 2016 data. In the past year, RFCU increased its total deposits by $117.5 million, an excellent annual growth rate of 10.55%. Please refer to our financial overview of Rockland Federal Credit Union for more details.
Rockland Federal Credit Union is a relatively young financial institution, having been established in 1985. RFCU has not always had an easy road: in 1994 the credit union was in conservatorship when a new CEO, Thomas White, was brought on board. White had developed a reputation for saving troubled credit unions, and his mission was to take charge and restore the credit union to health.
At its low point, RFCU's assets had shrunk to $189 million. By early 2004 the count was up to $610 million. Today, the Credit Union is a member of the billionaire's club, with $1.5 billion in assets and more than 182,000 members.
How the Share Certificate Compares
When compared to the 305 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Rockland Federal Credit Union's 18-month Share Certificate APY currently ranks fourth.
The above rates are accurate as of 1/3/2017.