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.
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.
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.
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.