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:
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.
No, you don’t have to be a teacher to join Teachers Federal Credit Union. Any U.S. citizen or resident alien who lives, works (or regularly conducts business) worships, or attends school in Nassau County, New York, or the following portions of Suffolk County, New York, can join Teachers Federal Credit Union: Town of Huntington; Town of Babylon; Town of Smithtown; Town of Islip; Town of Brookhaven; the Poospatuck Reservation; Town of Riverhead; or Town of Southold.
Joining Teachers FCU can be done online, or in person at any of 25 branches located in Amityville, Bay Shore (2), Central Islip, Commack, East Northport, Farmingville, Hauppauge (2), Holbrook, Huntington, Nesconset, North Babylon, Oakdale, Port Jefferson, Riverhead, Rocky Point, Selden, Shirley, Smithtown, South Setauket, Stony Brook (2), Upton, and Wading River.
TFCU does have online banking for managing accounts, but opening a CD requires an in-person branch visit.
Credit Union Overview
Teachers Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 2.38% (excellent) based on June 30, 2014 data. Teachers FCU has an above average capitalization level of 10.20%, holding assets of $4.97 Billion, with $506.53 Million in equity. Please refer to our financial overview of Teachers FCU for more details.
Teachers Federal Credit Union, one of the largest credit unions in the country, is a full-service, not-for-profit financial institution. TFCU was founded on Long Island in 1952 (NCUA Charter # 8116) and now has over $4.9 billion in total assets, serving more than 239,000 members. According to TFCU’s President/CEO Robert G. Allen, "approximately 20% of all Suffolk County households are already TFCU members," and future expansion plans aim to increase that number.
How the Rate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com requiring a $1K minimum deposit and available to New York State residents, Teachers Federal Credit Union’s 18-month CD Special is highly competitive.
|Interest Rate||CD Length||Institution|
|1.50% APY||18-month CD Special||Teachers Federal Credit Union|
|1.20% APY||18-month CD||The Berkshire Bank|
|1.06% APY||18-month CD||Nationwide Bank|
These rates are accurate as of 9/28/2014.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.