Teachers FCU (NY) Adds 15-Month CD Special
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.
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.
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.
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.