Teachers FCU (NY) Hikes 30-Month CD To 2.35% APY

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Deal Summary: 30-month CD, 2.35% APY, $1k minimum deposit.

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

Earlier this year, Teachers Federal Credit Union (TFCU) celebrated of its 65th anniversary with a 15-month CD Special (1.75% APY). While that Special has expired, TFCU has raised the rate on its 30-month CD to 2.35% APY. This limited-time offer requires a $1k minimum deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.35%$1k-Teachers Federal Credit Union30 Month CD
2.35%$1k-Teachers Federal Credit Union30 Month IRA (Traditional, Roth)
2.35%$500-Teachers Federal Credit Union30 Month CESA
Accounts mentioned in this post. Rates as of December 14, 2017.

In the last eight months, there have been six rate increases for the 30-month CD, adding a total of 85 bps. The 2.35% APY is the highest rate since the CD was introduced in 2009 and is actually 10 bps higher than the current APY offered on TFCU’s 60-month CD.

The 30-month CD is also offered as an IRA (Traditional, Roth, and CESA), earning the same APY. The Traditional and Roth versions required a $1k minimum deposit, but the CESA can be opened with $500.

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.

Availability

Don’t let the name fool you: Teachers Federal Credit Union is just not for teachers.

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.

An in-person visit to any of the above mentioned full-services branches is required to open a CD.

Credit Union Overview

Teachers Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.28% (excellent) based on June 30, 2017 data. In the past year, TFCU has increased its total non-brokered deposits by $254.93 million, an excellent annual growth rate of 5.25%. 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 281,000 members and assets in excess of $5.7 billion. Earlier this year, TFCU was 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 Compares

When compared to the 371 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 30-Month CD APY currently ranks second.

Interest RateCD Length of TermCredit Union/Bank
2.40% APY35-Month CD SpecialUSALLIANCE Financial
2.35% APY30-Month CDTeachers Federal Credit Union
2.21% APY30-Month CDEBSB Direct

The above rates are accurate as of 12/11/2017.

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

Related Pages: New York CD rates, 5-year CD rates

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

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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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2.50% 16-Month Jumbo CD Continues at Teachers Federal Credit Union in New York - Local Only
Update 1/09/2010: The Jumbo 16-month CD special rate has fallen to 2.30% APY.

Teachers Federal Credit Union continues to offer a special 16-month Jumbo certificate with a 2.50% APY. Minimum deposit for Jumbos is $100,000. For a $1,000 minimum, the APY is 2.20% which is still very competitive. This special is also available in an IRA and Coverdell Education Savings Account. These rates are listed in the credit union's rate table as of 10/07/2009.

The credit union also continues to offer competitive rates on its Tiered Money Market Account. The rates have...



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2.40% 16-Month Jumbo CD at Teachers Federal Credit Union in New York - Local Only
Update 12/05/09: The Jumbo 16-month CD rate has fallen to 2.30% APY. The regular 16-month rate has fallen to 1.85% APY. Please check the credit union's website for the latest rates.

Teachers Federal Credit Union is still offering a special 16-month Jumbo certificate. The rate has gone down since October, but it's still very competitive with a 2.40% APY. Minimum deposit for Jumbos is $100,000. For a $1,000 minimum, the APY is 2.20% which is still very competitive. This special is also available in an IRA and Coverdell Education Savings...

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2.50% 16-Month CD at Teachers Federal Credit Union in New York - Local Only
Teachers Federal Credit Union is offering a special 16-month Jumbo certificate with a 2.50% APY. Minimum deposit for Jumbos is $100,000. For a $1,000 minimum, the APY is 2.20%. This special is also available in an IRA and Coverdell Education Savings Account. These rates are listed in the credit union's rate table as of 8/04/2009.

The credit union also has competitive rates on its Tiered Money Market Account. The rates are down from my May post, but they're still not bad for a brick-and-mortar institution. The rates include a 1.96% APY...

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