Tower Federal Credit Union

Overview / Commentary
7901 Sandy Spring Rd
Laurel, MD 20707

Tower Federal Credit Union is headquartered in Laurel and is the 3rd largest credit union in the state of Maryland. It is also the 88th largest credit union in the nation. It was established in 1953 and as of March of 2024, it had grown to 591 employees and 221,286 members at 16 locations. Tower Federal Credit Union's money market rates are 7X 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.
See current membership details

Reviews (6)

Tower Federal Credit Union

Posted by: |

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: |

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: |

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.

Tower Is An Awful Bank

Posted by: |

I went to sell my car and the Original title still have a lien on it, although it's been paid off for years. tower issued me a lien release that did Not contain the original lien cost and date, which Maryland MVA requires, they should know this being a Maryland formed bank. i then had to go back to tower and delay my sale to get a correct and true lien release that the Maryland MVA would accept with the title. Annoying, this incompetence is why im leaving.

this is the second time dealing with their incompetence. a few years ago i was tryign to purchase an R32 GTR Skyline (car from japan). i informed tower of this and they said they would approve me for the loan - $25k, nothing crazy. hoop after hoop they made me jump through, delaying the purchase for a month. i had to get an appraisal done of the vehicle which came back at $37,000.... $12k more than i was buying it for. after about 4 weeks of jumping through hoops, answering all their questions and having no debt with a 750 credit score, they told me they would not be interested in giving me a loan. screw this bank, find another credit union. you'll thank me later

one more instance, while overseas on a mil base i couldnt send tower an email USING THEIR OWN APP since they said the server isnt secure. i was on a US military base. due to the time change i couldnt call them, tower talk 24 is a joke, you can talk to a robot 24 hours a day which is no different than literally any other bank, it's 2021 after all.

just dont use this place. they'll waste you're time, string you along just to screw you


Posted by: |

I came across TFCU via credit karma and looks very promising so I applied for a car refinance and the process went through 3rd party (MotoRefi). My credit report was pulled by TFCU and then I submitted all document to 3rd party (MotoRefi) site. The 3rd party did not approve or process my file because they wanted my wife's credit to be pulled and reason for that our both name was in the registration.The loan amount was $5600 only. I called TFCU and they said that they did not require my wife's credit and I mentioned same to MotoRefi. I spent 3 to 4 weeks to find out a way and logical explanation but no answer. They said it's a rule. There was no point for me to pull my wife's credit just for $5600 amount. Very frustrated from both TFCU and MotoRefi. I just wasted my time and there's one hard enquiry in my report.


Health Grade Components

NCUA #8333
Year Chartered1953
Primary Regulator
Profit Margin
Return on Assets - YTD1.04%
Return on Equity - YTD9.75%
Annual Interest Income$55.5MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$4.72B$4.51B
LoansQ1 2024vs Q1 2023$3.3B$3.39B
DepositsQ1 2024vs Q1 2023$3.91B$3.76B
Equity CapitalQ1 2024vs Q1 2023$491MM$440.1MM
Loan Loss AllowanceQ1 2024vs Q1 2023$34.5MM$33.9MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$5.7MM$7.5MM
Real Estate OwnedQ1 2024vs Q1 2023$0$0
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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

0.85%$0-Prime Share Account
0.85%$5-Holiday Club Account
0.85%$0-You Name It Club Account
0.85%$0-IRA Club Account

Tower Federal Credit Union Money Market Rates

3.00%*$500k*-Money Market Account
OTHER TIERS: 0.15% $0 - $2.5k | 1.00% $2.5k - $50k | 1.75% $50k - $100k | 2.25% $100k - $250k | 2.75% $250k+

Tower Federal Credit Union Checking Account Rates

0.15%$0-Regular Checking Account
0.15%$0-Request Checking Account

Tower Federal Credit Union CD Rates

4.85%$100k-274-365 Day Jumbo Share Certificate
4.80%$500-1 Year Regular Share Certificate
4.65%$5k-18 Month Limited Time Share Certificate Special
4.40%$100k-183-273 Day Jumbo Share Certificate
4.35%$5k-9 Month Limited Time Share Certificate Special
4.30%$500-2 Year Regular Share Certificate
3.90%$500-3 Year Regular Share Certificate
3.80%$20k-4 Year Mini-Jumbo Share Certificate
3.70%$20k-5 Year Mini-Jumbo Share Certificate
3.65%$500-4 Year Regular Share Certificate
3.55%$500-5 Year Regular Share Certificate
3.15%$5k-4 Year Bump-Up Share Certificate
3.05%$5k-5 Year Bump-Up Share Certificate
1.95%$100k-91-182 Day Jumbo Share Certificate
1.90%$500-6 Month Regular Share Certificate
1.45%$100k-30-90 Day Jumbo Share Certificate
1.40%$5k-3 Month Limited Time Share Certificate Special

Tower Federal Credit Union IRA Rates

4.80%$500-1 Year Regular IRA Share Certificate
4.30%$500-2 Year Regular IRA Share Certificate
3.90%$500-3 Year Regular IRA Share Certificate
3.80%$20k-4 Year Mini-Jumbo IRA Share Certificate
3.70%$20k-5 Year Mini-Jumbo IRA Share Certificate
3.65%$500-4 Year Regular IRA Share Certificate
3.55%$500-5 Year Regular IRA Share Certificate
3.15%$5k-4 Year Bump-Up IRA Share Certificate
3.05%$5k-5 Year Bump-Up IRA Share Certificate


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