Featured Savings Rates
Featured Accounts

Tower Federal Credit Union

Popular Accounts at this Credit Union

APYACCOUNT TYPEACCOUNT NAME
0.70%5-year CD5 Year Bump-Up Share Certificate
0.25%1-year CD1 Year Regular Share Certificate
0.15%SavingsPrime Share Account

Overview / Commentary
301-497-7000
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 63rd largest credit union in the nation. It was established in 1953 and as of June of 2016, it had grown to 424 employees and 148,714 members at 17 locations. Tower Federal Credit Union has an A health rating.

Field of Membership Restrictions

Membership is in Tower Federal Credit Union is open to members of the Maryland Chapter of the American Consumer Council. Membership is also open to employees Lorien Health Systems, McClendon Corporation, Next Century Corporation and over 300 Select Employer Groups and organizations.
See current membership details

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Reviews (3)

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
A

Health Grade Components

Overall
NCUA #8333
Year Chartered1953
Employees424
Primary Regulator
Profit Margin
Return on Assets - YTD0.32%
Return on Equity - YTD3.04%
Annual Interest Income$32.4MM
Assets and Liabilities
AssetsQ2 2016vs Q2 2015$2.91B$2.78B
LoansQ2 2016vs Q2 2015$1.54B$1.23B
DepositsQ2 2016vs Q2 2015$2.50B$2.33B
Equity CapitalQ2 2016vs Q2 2015$300.2MM$286.1MM
Loan Loss AllowanceQ2 2016vs Q2 2015$8.7MM$7.2MM
Unbacked Noncurrent LoansQ2 2016vs Q2 2015$12.6MM$6.5MM
Real Estate OwnedQ2 2016vs Q2 2015$0$1.7MM
Rates
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* 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

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%--Prime Share Account
0.15%--Holiday Club Account
0.15%--You Name It Club Account
0.15%--Roth IRA Club Account
0.15%--IRA Club Account

Tower Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.18%*$2,500*-Money Market Account
OTHER TIERS: 0.05% Up to $2,500

Tower Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%--Regular Checking Account
0.05%--Request Checking Account

Tower Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.95%$500-5 Year Regular Share Certificate
0.95%$20k-5 Year Mini-Jumbo Share Certificate
0.70%$500-4 Year Regular Share Certificate
0.70%$5k-5 Year Bump-Up Share Certificate
0.70%$20k-4 Year Mini-Jumbo Share Certificate
0.55%$500-3 Year Regular Share Certificate
0.45%$5k-4 Year Bump-Up Share Certificate
0.35%$500-2 Year Regular Share Certificate
0.25%$500-1 Year Regular Share Certificate
0.25%$100k-274-365 Day Jumbo Share Certificate
0.20%$100k-183-273 Day Jumbo Share Certificate
0.15%$500-6 Month Regular Share Certificate
0.15%$100k-91-182 Day Jumbo Share Certificate
0.10%$100k-30-90 Day Jumbo Share Certificate

Tower Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.95%$500-5 Year Regular IRA Share Certificate
0.95%$20k-5 Year Mini-Jumbo IRA Share Certificate
0.70%$500-4 Year Regular IRA Share Certificate
0.70%$5k-5 Year Bump-Up IRA Share Certificate
0.70%$20k-4 Year Mini-Jumbo IRA Share Certificate
0.55%$500-3 Year Regular IRA Share Certificate
0.45%$5k-4 Year Bump-Up IRA Share Certificate
0.35%$500-2 Year Regular IRA Share Certificate
0.25%$500-1 Year Regular IRA Share Certificate
Locations

Tower Federal Credit Union has 17 locations. Click to view all Tower Federal Credit Union locations.