Teachers FCU (NY) Adds 15-Month CD Special

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Deal Summary: 15-month CD Special, 1.75% APY, $1k minimum deposit.

Availability: Residents of Long Island’s Nassau County and portions of Suffolk County.

In celebration of its 65th anniversary, Teachers Federal Credit Union (TFCU) is offering a 15-month CD Special (1.75% APY). This limited-time offer requires a minimum $1k opening deposit, with no stated balance cap.

The 15-month CD Special is also available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.

As stated on the Certificates page, the Early Withdrawal Penalty reads as follows:

Terms of MORE THAN ONE YEAR, the penalty for premature withdrawal will be the lesser
of the following: all dividends earned since the date of issuance or 270 days dividends.

TFCU is also giving 65 members a $100 VISA® Gift Card as part of the anniversary celebration. Entry forms are available at all branch locations now through July 31, 2017. The drawing will take place “on or about August 9.”

Availability

No, you don’t have to be a teacher to join Teachers Federal Credit Union.

Headquartered in Hauppauge, New York, TFCU’s field of membership (FOM) is residency based, with individuals who live, work, regularly conduct business, worship, or attend school in Long Island’s Nassau County or portions of Suffolk County eligible to join.

Suffolk County communities included in the FOM are the towns of Babylon, Brookhaven, Huntington, Islip, Riverhead, Smithtown, Southold, as well as the Poospatuck Reservation.

Immediate family members of current TFCU members also qualify. TFCU uses the NCUA Chartering Manual definition of immediate family: “a spouse, child, sibling, parent, grandparent, or grandchild. This includes stepparents, stepchildren, stepsiblings, and adoptive relations.”

Joining TFCU can be done online, or in person at any of 26 Long Island branches located in Amityville, Bay Shore (2), Central Islip, Commack, East Northport, Farmingville, Hauppauge, Holbrook, Huntington, Manorville, Massapequa, Merrick, Nesconset, North Babylon, Oakdale, Patchogue, Port Jefferson Station, Riverhead, Rocky Point, Selden, Shirley, Smithtown, South Setauket, Upton, and Wading River.

Credit Union Overview

Teachers Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.89% (excellent) based on March 31, 2017 data. In the past year, TFCU has increased its total non-brokered deposits by $201.7 million, an excellent annual growth rate of 4.2%. Please refer to our financial overview of Teachers Federal Credit Union (NCUA Charter # 8116) for more details.

Founded in 1952, Teachers Federal Credit Union is the 24th largest credit union in the country, with more than 583,400 members and assets in excess of $5.5 billion. TFCU was recently named by the New York Credit Union Association as the First Place winner of the 2017 Desjardins Youth Financial Education Award ($1+ billion asset category). In a June 2017 press release, Robert G. Allen, TFCU President and CEO, stated,

Receiving the First Place Desjardins Youth Financial Education Award highlights TFCU’s long-time commitment to teaching personal finance concepts to students. We hope to instill responsible money management skills that will translate to financial security in the future for these young people.

How the CD Special Compares

When compared to the 289 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Teachers Federal Credit Union's 15-Month CD Special APY currently ranks second.

These rates are accurate as of 6/12/2017.

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

Related Pages: New York CD rates, 1-year CD rates

Comments
barry_NY
barry_NY   |     |   Comment #1
Question about APY calculation: NEFCU offers a 1.75 APY, but the base rate is 1.712. TFCU's 1.75 CD has a base rate of 1.73. I think NEFCU is being dishonest with their APY. I tried to calculate NEFCU's APY, being as generous as possible, and couldn't get close to 1.75.

I had opened a NEFCU "1.75" CD at a branch (1.712 was still good), and asked about the APY. Of course the CSR had no clue.

I suggest base rates be listed along with APY becuase some banks are being dishonest with rates.
Kaight
Kaight   |     |   Comment #2
Good post and it is an interesting question you have raised. I am basing this post on the calculator here:

https://mindyourdecisions.com/blog/apr-to-apy-converter/

OK, let me try first with the TFCU base rate, but using 1.7300%. I'm going with daily compounding here though you are welcome to use hourly compounding if you wish. I have never run into hourly compounding unless it is the same as "continuous" compounding. So please, for the sake of this post, accept daily compounding. For a base rate of 1.7300% the calculator shows a rounded APY of 1.74501% which is less than 1.75%. Now if you try a base rate of 1.73499%, which rounds to 1.73%, you end up with an APY of 1.7501% rounded, which meets the 1.75% goal.

Bottom line, we really need more decimal places to know whether or not financial institutions are keeping their yield promises.

That said, and now regarding your NEFCU mention, there is no way in he!! that calculator can turn an APR of only 1.712% into 1.75% APY, not even if you compound every second, which I tried using 31,536,000 seconds in a 365 day year.
barry_NY
barry_NY   |     |   Comment #3
That's what I thought. All of NEFCU's rates are like this. This is a deceptive practice and makes it difficult to compare "unit pricing" between banks. I would like to get a response from them.
Ken Tumin
Ken Tumin   |     |   Comment #5
Good catch on the NEFCU rate issue. It does look like they made a mistake with their rates. I'm trying to get in contact with one of their officials on this matter. I will update when I hear back.
Anonymous
Anonymous   |     |   Comment #4
I spoke with a CSR at NEFCU a few times last week re the 1.75% APY shown. Finally, I was sent a copy of an Excel spreadsheet showing the calculations to get to 1.75% APY Looking at the formulas in the cells, it shows they are using 360 days instead of 365 in their formula but then actually posting interest for a full 365 days to come up with the 1.75% APY. (I don't think I should be posting a 365 line item calculation here.)

Note, some institutions use 365 days in their formulas so their rates are actually different but their APYs come out the same. I first questioned this when I saw Bethpage FCU offering a 1.75APY with a rate of 1.73. I believe they are using 365 days in their formula, although no one actually stated that.
barry_NY
barry_NY   |     |   Comment #6
Wow, they need to disclose that. I had the reverse happen to me with a commercial mortgage. I paid a 0.1% higher mortgage rate then stated due to a 360/365 calculation.
Teachers Federal CU (Long Island) Very Competitive 18-month CD Special

Over the weekend, Teachers Federal Credit Union (Long Island, NY) began offering a new 18-month CD Special (1.50% APY). According to the Teachers Federal Credit Union’s (TFCU) website, this is a limited time offer. The minimum opening deposit is $1K, with no maximum balance cap. This 18-month CD Special is also available as an IRA (Traditional and Roth) at the same rate.

As stated on the Teachers FCU Certificates page, the Early Withdrawal Penalty is as follows:

Availability

No, you don’t have to be a teacher...

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