Rockland Federal Credit Union (MA) 20-Month CD Is Near Rate Leader
Rockland Federal Credit Union’s (RFCU) 20-month Share Certificate currently earns 0.70% APY. The minimum opening deposit is $500, with a $250k maximum deposit per member.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.50% | $500 | $250k | Rockland Federal Credit Union | 20 Month Share Certificate | |
| 3.50% | $500 | - | Rockland Federal Credit Union | 20 Month IRA Certificate (Traditional, Roth, CESA) |
The 20-month Share Certificate is also offered as an IRA Share Certificate (Traditional, Roth, and CESA), earning same APY with the same deposit requirements.
The 20-month Share Certificate made its debut three years ago, earning 2.00% APY. Within two months, the APY was raised to a wow-worthy 2.50%, a rate which lasted until January 2020. Over the next 14 months there were eight rate decreases, with the current 0.70% APY in effect since late March. Compared to 2.50%, 0.70% seems less than mediocre, but in the current rate climate, it’s actually quite competitive.
According to CSR, the Early Withdrawal Penalty for the 20-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.
Availability
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.
RFCU’s online application process has improved, but it’s still not completely seamless. While it’s no longer necessary to print out a completed online application and mail a copy to RFCU following online submission, the “online” application is just the initial step.
A Member Service Representative will call within (1) business day to complete the new account opening process and to review next steps with you. Including advanced security questions, branch most likely to frequent and to complete account opening required documentation.
Opening a Share Certificate can be initiated by using the ”online application” or at any of the eight Massachusetts branches located in Hanover, Mansfield, Marshfield, North Attleboro, Plymouth, Rockland, Walpole, and Weymouth. Appointments are available and can be scheduled using RFCU’s website.
A $5 minimum deposit in a Share Savings Account establishes an RFCU membership.
Credit Union Overview
Rockland Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.92% (excellent), based on December 31, 2020 data. In the past year, RFCU increased its total non-brokered deposits by $332.83 million, an excellent annual growth rate of 20.61%. 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 nearly 188,000 members and assets in excess of $2.2 billion.
How the Share Certificate Compares
When compared to the 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 20-month Share Certificate APY currently ranks third.
The above information and rates are accurate as of 4/30/2021.
To search for the best CD rates, both nationwide and state-specific, please refer to our CD rates table page.
