Rockland Federal Credit Union’s (RFCU) 9-month Share Certificate (2.10% APY) was a “New to Summary” CD in this week’s CD Rates Summary. The minimum opening deposit is $500, with a maximum deposit of $250k per member.
|2.10%||$500||$250k||Rockland Federal Credit Union||9 Month Share Certificate|
The 9-month Share Certificate was added to the product line in June 2019, earning 2.40% APY. The rate dropped dramatically to 1.50% APY in early September, with 60 bps added in early November.
According to CSR, the Early Withdrawal Penalty for any RFCU Share Certificate with a term of 1 year or less is 3 months of interest, with partial withdrawals permitted.
Massachusetts Share Insurance
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 RFCU members or membership-eligible individuals 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: while the application is available online, it must be submitted online, 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.
Opening a Share Certificate can be done by using the ”online application” or at any of the nine Massachusetts branches located in Attleboro, Hanover, Mansfield, Marshfield, North Attleboro, Plymouth, Rockland, Walpole, and Weymouth.
There is a Term Certificate Application for existing RFCU members. Like the Membership Application, it must be submitted online, then printed out and mailed to RFCU.
Credit Union Overview
Rockland Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.58% (excellent), based on September 30, 2019 data. In the past year, RFCU increased its total non-brokered deposits by $155.81 million, an excellent annual growth rate of 11.1%. Please refer to our financial overview of Rockland Federal Credit Union (NCUA Charter #24224) for more details.
Rockland Federal Credit Union opened its doors for business in 1922, with the current charter put in place in 1985. RFCU has not always traveled 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, but by early 2004, assets had grown to $610 million. RFCU is currently Massachusetts’ third largest credit union, with more than 185,000 members and assets in excess of $1.8 billion.
How the Share Certificate Compares
When compared to 339 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 9-month Share Certificate APY currently ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.50% APY||9-Month CD Special||SRP Federal Credit Union|
|2.10% APY||9-Month Share Certificate||Rockland Federal Credit Union|
|2.05% APY||9-Month CD||BankUnitedDirect|
The above rates are accurate as of 1/16/2020.
To search for the best CD rates, both nationwide and state-specific, please refer to our CD rates table page.