Taunton Federal Credit Union Adds Rate-Leading 13-Month CD Special

POSTED ON BY

Deal Summary: 13-month CD Special, 6.00% APY, $250 minimum opening deposit.

Availability: 3 southeast Massachusetts counties and most of Rhode Island.

For a limited-time, Massachusetts-based Taunton Federal Credit Union (TFCU) is offering a 13-month CD Special earning 6.00% APY. According to the landing page, the minimum opening deposit is $250 with no stated balance cap.

The 13-month CD Special is also available as an IRA CD Special (Traditional, Roth, CESA), earning the same APY with the same deposit requirements.

Caveat Lector

The rates offered on the TFCU non-special CDs are ridiculously low, ranging from 0.25% APY to 1.10% APY. TFCU is mirroring the recent behavior of many banks and credit unions: using CD Specials with competitive rates to increase deposits, rather than raising rates on their standard CDs. This is a great example of why it is important not let to a CD Special automatically renew as a standard CD: miss the 10-day grace period and your rate-leading 13-month CD Special becomes a 12-month CD – likely with a very low rate. (As of this writing, the TFCU 12-month CD earns 0.45% APY.)

Early Withdrawal Penalty

As stated in the Account Disclosures document (page 4), the Early Withdrawal Penalty reads as follows:

We will impose a penalty if You withdraw any of the funds before the maturity date. For Accounts with a term to maturity equal to 12 months, but less than 24 months, the penalty imposed will equal 270 days' dividends.

According to CSR, the 13-month CD Special can only be closed early: no partial withdrawals are possible. Closing a 13-month CD Special within 9 months of opening will reduce the principal.

Availability

Headquartered in Taunton, Massachusetts, Taunton Federal Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, or attend school in the Massachusetts counties of Barnstable, Bristol, or Plymouth, or the Rhode Island counties of Bristol, Kent, Newport, or Providence, eligible to join.

Individuals who live, work, worship, or attend school in the Rhode Island towns of Charlestown, Exeter, Hopkinton, Narragansett, New Shoreham, North Kingstown, Richmond, or South Kingstown also qualify.

Immediate family member of current TFCU members are also welcome to apply.

Account Opening

Joining TFCU can be done online or at any of five Massachusetts branches, located in Middleboro, New Bedford (2), and Taunton (2).

A Primary Share Savings Account establishes your TFCU membership and requires a minimum balance of $5. A passbook style account is also available.

Joining TFCU and opening a CD Special simultaneously can be done at any of the above-mentioned branch locations. If joining TFCU online, a CD Special can be opened by phone (508.824.6466) after the membership application is approved.

Existing TFCU members can open a CD Special at any of the above-mentioned branches, by phone (508.824.6466), or through the TFCU Online Banking platform.

Funding and Other Details

The following information was obtained from the TFCU website and a conversation with CSR.

  • Initial Funding – ACH, wire ($15 fee), internal transfer, or check (if opening in-branch).
  • CO-OP Shared Branch Participant – Yes.
  • Ownership – Individual or joint personal or business accounts; “no institutional funds will be accepted.”
  • Dividends – Compounded/credited monthly and can be paid out by check to the address on file.
  • Maturing Funds – Cashier’s check to address on file or internal transfer to a TFCU savings account.
  • Beneficiaries – Unlimited with equal shares; Social Security number required for all beneficiaries.
  • Grace Period – 10 calendar days before automatic renewal as a 12-month CD.
  • Credit Check – None.

Credit Union Overview

Taunton Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.79% (excellent), based on June 30, 2023 data. In the past year, TFCU increased its total non-brokered deposits by $60.98 million, an excellent annual growth rate of 25.82%. Please refer to our financial overview of Taunton Federal Credit Union (NCUA Charter # 5602) for more details.

On a cold November day in 1947, Gerard Bonenfant established the Taunton Municipal Credit Union in the basement of Taunton City Hall. Each week, Mr. Bonenfant would collect as little as 25¢ from City Hall workers, recording the deposits in a hand-written ledger book. Within a year, Taunton’s police and fire departments were included in the FOM, and soon thereafter, loans up to $100 were granted to the Credit Union’s members. In 1950, several other Taunton City departments, including the Taunton Municipal Lighting Plant, were added to the FOM. More than 75 years later, Taunton Federal Credit Union serves nearly 19,000 members in three southeast Massachusetts counties and nearby Rhode Island.

How the 13-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Taunton Federal Credit Union 13-Month CD Special. The following table compares the 13-Month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 10/3/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: Boston CD rates, Providence CD rates, 1-year CD rates, IRA CD rates

Comments
Taunton Federal Credit Union Has Rate-Leading 9-Month CD Special
Deal Summary: 9-month CD Special, 5.50% APY, $250 min/$100k max deposit.

Availability: 3 southeast Massachusetts counties and most of Rhode Island.

For nearly four years, Massachusetts-based Taunton Federal Credit Union (TFCU) has offered a limited-time 9-month CD Special. The latest version of the 9-month CD Special earns a very competitive 5.50% APY. The minimum opening deposit is $250, and the maximum is $100k. There is also a limit of one 9-month CD Special per Social Security number.

The 9-month CD Special is also available as an...

Continue Reading
Taunton Federal Credit Union (MA/RI) Adds 9-Month eCD, 2.40% APY
Deal Summary: 9-month eCertificate Special, 2.40% APY, $250 minimum deposit.

Availability: Residents of Bristol County, Massachusetts and most of Rhode Island.

Massachusetts-based Taunton Federal Credit Union (TFCU) recently added two 9-month CD Specials. With a 25 bps difference between the two APYs, the 9-month eCertificate Special (2.40% APY) is clearly the more competitive CD. The minimum opening deposit is $250, with no stated balance cap.

Qualify for the 2.40% APY “requires active enrollment in eStatements, eNotices, and Online Banking.” TFCU is making a concerted effort...

Continue Reading
Taunton Federal Credit Union (MA/RI) Hikes 11-Month CD To 3.11% APY
Deal Summary: 11-month Term Share Certificate, 3.11% APY, $250 minimum deposit.

Availability: Residents of Bristol County, Massachusetts and most of Rhode Island.

Massachusetts-based Taunton Federal Credit Union (TFCU) has raised the rate on its 11-month Term Share Certificate to 3.11% APY. The minimum opening deposit is $250, with no stated balance cap.

The 11-month Certificate is also being offered as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.

The 61 bps added this week makes the 11-month the most competitive certificate in TFCU’s...

Continue Reading
Taunton Federal Credit Union Adds 20-Month CD Special
Deal Summary: 20-month Share Certificate Special, 3.00% APY, $250 minimum deposit.

Availability: Residents of Bristol County, Massachusetts and most of Rhode Island.

Massachusetts-based Taunton Federal Credit Union (TFCU) added a 20-month Share Certificate Special (3.00% APY) earlier this week. This competitive Share Certificate Special can be opened with a minimum $250 deposit, with no stated balance cap.

The 20-month Certificate is also being offered as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.

According to the fine print on the promotion page,...

Continue Reading
$200 Checking Account Bonus at Taunton FCU in MA - Local Only

We have seen several big banks offering checking account bonuses this week. It's nice to see some bonuses from credit unions. Here's a good one from Taunton Federal Credit Union which is offering up to $200 for opening a checking account with direct deposit. The offer is scheduled to expire on 8/31/2012. The details are listed at this Taunton FCU promotions page.

Here's what is required to qualify for the full $200 bonus:

  • $50 for opening checking account and initiating direct deposit
  • $50 when first direct deposit is confirmed
  • $100 when direct deposit has...
Continue Reading


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.