Last week, St. Jean’s Credit Union (St. Jean’s CU) raised the rate on its 25-month CD Special to 3.00% APY. The CD Special requires new money and can be opened with a minimum $500 deposit, with a balance cap of $250k.
The CD Special is also offered as an IRA (Traditional), earning the same APY with the same funding requirements.
There have been two rates increases since the 25-month CD Special was added to the product line in March, adding a total of 70 bps.
As stated in the Truth-in-Savings Disclosure Statement, the Early Withdrawal Penalty reads as follows:
You may withdraw all or some of the principal balance in your TERM CERTIFICATE (TC) Account prior to maturity.
If the TC maturity date is greater than one (1) year from the date of issuance or renewal, the penalty is an amount equal to 91 days dividends.
Massachusetts Share Insurance
In addition to the NCUSIF insurance, deposits at St. Jean's CU 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 Lynn, Massachusetts, St. Jean’s Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live or work in the Massachusetts counties of Essex, Middlesex, or Suffolk eligible to join.
Employees of HP Hood (a large dairy company based in Lynnfield, MA) qualify for membership, as to family members of current St. Jean’s CU members.
Joining St. Jean’s CU and/or opening a 25-month CD Special can be done at any of five Massachusetts branches located in Lynn, Newburyport, Revere, and Salem (2).
Credit Union Overview
St. Jean’s Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.63% (excellent), based on March 31, 2018 data. In the past year, St. Jean’s CU has increased its total non-brokered deposits by $5.57 million, an above average annual growth rate of 2.91%. Please refer to our financial overview of St. Jean’s Credit Union (NCUA Charter # 67959) for more details.
St. Jean’s Credit Union has a distinguished history: established in 1910, it was Massachusetts’ first credit union and also the second oldest credit union in the country. Founded by the immigrant French-Canadian community in Lynn, the Credit Union was run out of Saint Jean Baptiste Parish. In addition to organic growth, the FOM benefitted from three mergers: Newburyport Municipal Credit Union (1978), Key Credit Union (2004), and Seaport Credit Union (2015).
How the CD Special Compares
When compared to the 398 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, St. Jean’s Credit Union's 25-month CD Special APY currently shares the top spot with Blue Hills Bank’s 29-month Flexible CD Special APY.
The above rates are accurate as of 8/29/2018.
Searching for the best CD rates, both nationwide and in your state? Please refer to our CD Rates table.