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 to become more eco-conscious and is urging its members to “go green” with paperless statements and notifications.
Both 9-month Specials are offered as IRAs (Traditional, Roth, CESA), earning the same APYs with the same requirements.
There are no partial withdrawals allowed on the eCertificate Special, only early closures. As stated in the Certificate Rates page, the Early Withdrawal Penalty reads as follows:
The early withdrawal penalty for a 9 month eCertificate is 3 months of
dividends regardless of when, prior to maturity, you redeem the certificate.
There is a ten day grace period before the 9-month eCertificate Special automatically renews as a regular 9-month Certificate at the current rate.
Headquartered in Taunton, Massachusetts, Taunton Federal Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, worship, or attend school in Bristol County, Massachusetts, 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.
A Primary Share Savings Account establishes your TFCU membership and requires a minimum balance of $5. A passbook style account is also available.
TFCU also participates in the CO-OP Shared Branch network.
Visit tellers for loan payments, deposits, transfers and inquiries at more than 5,400 CO-OP Shared Branch locations nationwide.
Credit Union Overview
Taunton Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 9.34% (excellent), based on June 30, 2019 data. In the past year, TFCU increased its total non-brokered deposits by $14.41 million, an excellent annual growth rate of 10.37%. Please refer to our financial overview of Taunton Federal Credit Union (NCUA Charter # 5602) for more details.
On a cold November day in 1947, Mr. 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 70 years later, Taunton Federal Credit Union serves over 18,300 members, throughout Bristol County and nearby Rhode Island.
How the eCertificate Special Compares
When compared to 244 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Taunton Federal Credit Union’s 9-month eCertificate Special APY currently ranks second.
The above rates are accurate as of 9/4/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.