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 entire product line: the next highest rate is 1.65% APY on the 60-month Term Share Certificate. In the past eight months, the 11-month Certificate has had three rates increases, adding a total of 286 bps.
According to CSR, partial withdrawals are permitted, even though the TIS states,
You may not withdraw the principal balance in your TSC account prior to maturity.
As stated in the Truth-In-Savings disclosure, the Early Withdrawal Penalty reads as follows:
In the event of a withdrawal of the principal in your TSC account prior to maturity, the penalty assessed is as follows:
Original Maturity for 4-11 Month Certificate, 3 months of dividends
There is a ten day grace period before the 11-month Term Share Certificate automatically renews to a 12-month Term Share Certificate.
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. You can now take advantage of TFCU’s products & services. A passbook style account is also available.
TFCU also participates in the CO-OP Shared Branch network.
As a TFCU member, you can visit any of the more than 5,000 locations where you see the CO-OP Shared Branch logo, and conduct transactions just like you were at a TFCU branch!
Credit Union Overview
Taunton Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.36% (excellent), based on December 31, 2018 data. In the past year, TFCU increased its total non-brokered deposit by $13.12 million, an excellent annual growth rate of 10.16%. 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 18,600 members, throughout Bristol County and nearby Rhode Island.
How the Term Share Certificate Compares
When compared to 274 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available within the FOM, Taunton Federal Credit Union’s 11-month Term Share Certificate APY currently ranks first.
The above rates are accurate as of 5/10/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.