Taunton Federal Credit Union Has Rate-Leading 9-Month CD Special

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 IRA CD Special (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.

As stated in the Account Disclosures document, 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 4 months, but less than 12 months, the penalty imposed will equal 90 days' dividends.

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.
• 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 6-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 7.45% (excellent), based on December 31, 2022 data. In the past year, TFCU increased its total non-brokered deposits by $32.66 million, an excellent annual growth rate of 15.39%. 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 over 18,700 members in three southeast Massachusetts counties and nearby Rhode Island.

How the 9-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally 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 9-Month CD Special. The following table compares the 9-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 5/11/2023.

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