TEG Federal Credit Union (NY) Adds 2.40% CD Specials
For a limited time, TEG Federal Credit Union (TEG FCU) is offering 2.40% APY on three short-term CD Specials, giving members “savings like snow other.” The minimum opening deposit is $500 of new money, with no stated balance cap.
Earned dividends can either be reinvested or deposited into a share account.
As stated in the Truth-in-Savings document, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of 24 months or less: The penalty we may
impose will equal 90 days dividends on the amount withdrawn subject to penalty.
There is a 7-day grace period before the CD Specials “automatically renew for at the same month term dividend rate and APY in effect at that time.”
Availability
Headquartered in Poughkeepsie, New York, TEG Federal Credit Union’s field of membership (FOM) is primarily residency-based, with those who live, work, worship, or attend school in the New York counties of Dutchess, Orange, or Ulster, qualifying for membership.
Immediate family members of individuals who are membership-eligible are welcome to apply.
Members of the Child Care Council of Dutchess and Putnam, Inc. or the Dutchess County SPCA are also eligible for membership.
Joining TEG FCU can be done online or at any of eight New York branches located in Hyde Park, Middletown, Newburgh, Poughkeepsie (2), Poughquag, and Wappingers Falls (2).
Opening a CD Special can be done at any of the above-mentioned branches or by calling 845.452.7323. There’s also a “Contact Me” form available on the CD Special landing page.
A $5 minimum deposit opens the door to all the benefits of being a valued TEG member.
TEG FCU participates in both the CO-OP Shared Branch and ATM networks.
Credit Union Overview
TEG Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 13.78% (above average) based on June 30, 2019 data. In the past year, TEG FCU has increased its total non-brokered deposits by $4.08 million, an above average annual growth rate of 1.51%. Please refer to our financial overview of TEG Federal Credit Union (NCUA Charter # 19401) for more details.
Chartered in 1969, TEG Federal Credit Union was originally known as the Wappingers Central Federal Credit Union, serving the teachers of the Wappingers Central school district. The FOM expanded in 1976 to include Dutchess County government workers, and the Credit Union rebranded as the Taconic Educational and Governmental Federal Credit Union, aka TEG FCU. In 2000, a community charter was granted, added the residents of Dutchess County to the FOM. Two years later, Orange and Ulster Counties were also added. TEG FCU is currently New York’s 39th largest credit union, with more than 34,600 members and assets in excess of $303 million.
How the CD Specials Compare
When compared to 362 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, TEG Federal Credit Union's 9-month CD Special APY currently ranks first.
When compared to 390 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, TEG Federal Credit Union's 14-month CD Special APY currently ranks first.
When compared to 289 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, TEG Federal Credit Union's 18-month CD Special APY currently ranks first.
The above rates are accurate as of 12/10/2019.
Looking for the best CD rates, either nationwide or state specific? Please refer to DepositAccounts.com’s CD Rates Table.
