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Tower Federal Credit Union

Overview / Commentary
7901 Sandy Spring Rd
Laurel, MD 20707

Tower Federal Credit Union is headquartered in Laurel and is the 2nd largest credit union in the state of Maryland. It is also the 73rd largest credit union in the nation. It was established in 1953 and as of March of 2019, it had grown to 493 employees and 188,507 members at 18 locations. Tower Federal Credit Union's CD rates are 2X the national average, and it boasts an A+ health rating.

Field of Membership Restrictions

Tower Federal Credit Union membership is open to employees, volunteers, and donors of any one of over 300 select employer groups, associations and organizations (extensive lists can be found on the credit union's website). Immediate family and household members are also eligible to join.
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Reviews (4)

Tower Federal Credit Union

Posted by: dionwood | Oct 26, 2017

I have been banking with Tower Federal Credit Union for the past 5 years. I was lucky enough to gain membership with this credit union through a previous job that was not linked to the government. The services I have with this credit union is primary checking and savings. Although this credit union is only located in Maryland, I have the convenience of using my debit card at certain gas stations to withdraw cash free of surcharge fees. This is a great benefit to having this account. I have found their mobile app to be very easy to use and very responsive. The biggest benefit I have experienced with this banking institution over others in my past is how responsive they have been to inquiries I have placed over the past few years. There have been questions regarding address changes and direct deposit - both which were address and resolved quicker than other institutions I have dealt with. I have also acquired a refinanced auto loan with them. I understand that in the instructions it says you are not interested in this type of service offered by my bank, I wanted to include it because the refinance process was very hassle-free and the rate, of course, was cheaper than some of the big named banks. I have no intention of changing my banking needs in the future!

Credit Union with a family-feel

Posted by: Dorian | Jun 28, 2015

I joined Tower Federal Credit union a year and a half ago when my new employer told me they were members of the credit union. I opened a savings account, which does not offer a credit/debit card, because it would force me to save. The people at the bank made it very easy to open an account with them, and it took less than 10 minutes to have my account open and active. Online banking is pretty simple, however I had to memorize my account number as I could not figure out how to change my username. I thoroughly enjoy the bank, the interest rates are very competitive and they offer very tech-savvy options- a tv-teller for instance. The one drawback, and the reason I don't have a checking account with Tower, is the short business hours. Unlike most banks they do not have extended hours and are closed 2 days out of the week. Over the winter, there was a small winter storm scare as a result Tower prepared to close their branches for the day. The day of the storm, our weather was clear, and sunny. I drove out to Tower figuring that they would be open since the storm never happened, unfortunately they were still closed and gave no indication of being closed on their doors. Several other bankers were as frustrated as me when they approached the doors only to find them locked. I'm not too angry about the situation, although I could have used a warning in my email to let me know.

tfcu review

In daily banking activities, we (wife & I) are pleased with credit union service and quality. We have had same experience through small loans (car), but have found more competetive rates and loans offerred through local community banks

I like it

Posted by: TowerFan | May 3, 2014

Excellent service, no fees to have an account, and low fees for everything else. I've been a member for almost ten years, and haven't had a single complaint. The tellers are very friendly, and managers have been quick to resolve any clerical issues. This is the way banking should be.


Health Grade Components

NCUA #8333
Year Chartered1953
Primary Regulator
Profit Margin
Return on Assets - YTD1.19%
Return on Equity - YTD9.89%
Annual Interest Income$31.1MM
Assets and Liabilities
AssetsQ1 2019vs Q1 2018$3.19B$3.06B
LoansQ1 2019vs Q1 2018$2.43B$2.20B
DepositsQ1 2019vs Q1 2018$2.78B$2.64B
Equity CapitalQ1 2019vs Q1 2018$375.1MM$336.1MM
Loan Loss AllowanceQ1 2019vs Q1 2018$15.6MM$14.5MM
Unbacked Noncurrent LoansQ1 2019vs Q1 2018$11.7MM$13.2MM
Real Estate OwnedQ1 2019vs Q1 2018$0$202.00K
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Always verify rates and promotions with the bank or credit union. We are not Tower Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Tower Federal Credit Union Savings Account Rates

0.75%--Prime Share Account
0.75%$5-Holiday Club Account
0.75%--You Name It Club Account
0.75%--IRA Club Account

Tower Federal Credit Union Money Market Rates

0.85%*$2.5k*-Money Market Account
OTHER TIERS: 0.10% Up to $2.5k

Tower Federal Credit Union Checking Account Rates

0.10%--Regular Checking Account
0.10%--Request Checking Account

Tower Federal Credit Union CD Rates

2.75%$5k-18 Month Limited Time Share Certificate
2.65%$20k-5 Year Mini-Jumbo Share Certificate
2.55%$500-5 Year Regular Share Certificate
2.50%$5k-9 Month Limited Time Share Certificate
2.30%$5k-5 Year Bump-Up Share Certificate
2.30%$20k-4 Year Mini-Jumbo Share Certificate
2.25%$500-2 Year Regular Share Certificate
2.20%$500-4 Year Regular Share Certificate
2.05%$500-3 Year Regular Share Certificate
1.95%$500-1 Year Regular Share Certificate
1.95%$5k-4 Year Bump-Up Share Certificate
1.95%$100k-274-365 Day Jumbo Share Certificate
1.70%$100k-183-273 Day Jumbo Share Certificate
1.60%$500-6 Month Regular Share Certificate
1.25%$100k-91-182 Day Jumbo Share Certificate
1.15%$100k-30-90 Day Jumbo Share Certificate
0.75%$5k-3 Month Limited Time Share Certificate

Tower Federal Credit Union IRA Rates

2.65%$20k-5 Year Mini-Jumbo IRA Share Certificate
2.55%$500-5 Year Regular IRA Share Certificate
2.30%$5k-5 Year Bump-Up IRA Share Certificate
2.30%$20k-4 Year Mini-Jumbo IRA Share Certificate
2.25%$500-2 Year Regular IRA Share Certificate
2.20%$500-4 Year Regular IRA Share Certificate
2.05%$500-3 Year Regular IRA Share Certificate
1.95%$500-1 Year Regular IRA Share Certificate
1.95%$5k-4 Year Bump-Up IRA Share Certificate


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