Rockland Federal Credit Union (RFCU) has raised the rate on its 15-month Share Certificate to 3.00% APY. This week’s addition of 100 bps is the fifth rate increase in the past year, with the 15-month Share Certificate gaining a total of 200 bps during that time. The minimum opening deposit is $500, with a $250k maximum deposit per member.
The 15-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 15-month Share Certificate is “a loss of six months of interest.”
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, or Suffolk eligible for membership.
Immediate family members of current members or membership-eligible individuals can join, whether they live or work in one of the qualifying counties or not. In this instance, immediate family members are defined as spouse, parent, child, sibling, grandparent or grandchild.
The RFCU online membership application process for 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 ten Massachusetts branches located in Attleboro (2), Hanover, Mansfield, Marshfield, North Attleboro, Plymouth, Rockland, Walpole, and Weymouth.
Credit Union Overview
Rockland Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.12% (excellent), based on March 31, 2018 data. In the past year, RFCU increased its total non-brokered deposits by $61.73 million, an excellent annual growth rate of 4.82%. Please refer to our financial overview of Rockland Federal Credit Union (NCUA Charter #24224) for more details.
Rockland Federal Credit Union is a relatively young financial institution, having been established 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; by early 2004, assets had grown to $610 million. RFCU is currently Massachusetts’ third largest credit union, with more than 181,000 members and assets in excess of $1.6 billion.
How the Share Certificate Compares
When compared to the 318 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 15-month Share Certificate APY currently ranks second.
The above rates are accurate as of 8/3/2018.
To search for the best CD rates, both nationwide and state-specific, please refer to our CD rates table page.