United Teletech Financial Federal Credit Union (United Teletech Financial) is offering 1.15% APY on its U-Savers Money Market Plus account. The minimum deposit is $100K of new money, with no balance cap.
There is no monthly fee as long as a balance of $1K or greater is maintained.
This is a relatively new product that was introduced in late October 2015; the initial APY was 1.00% and was recently increased to the current 1.15% APY. United Teletech Financial also has a "non-Jumbo" U-Savers Money Market account that has been offered for almost 5 years, and earns much lower APYs (0.10% to 0.30%). I mention this as a cautionary note: attractive promotional rates may not necessarily last long if the institution doesn’t have a history of top rates. Caveat emptor.
Headquartered in Tinton Falls, New Jersey, United Teletech Financial Federal Credit Union’s field of membership is residency based, with individuals who live, work, worship, attends school or volunteer in all of Monmouth and Ocean Counties, and parts of central Middlesex County, eligible to join.
Joining United Teletech Financial and/or opening a U-Savers Money Market Plus account can be done by visiting any of six New Jersey branches located in Holmdel, Middletown, Morganville, Neptune, North Brunswick, and Tinton Falls, or by requesting an appointment. Currently, United Teletech's online platform can only be used for account management and bill payment services.
Credit Union Overview
United Teletech Financial Federal Credit Union (NCUA Certificate # 18195) has an overall health grade of "C+" at DepositAccounts.com, with a Texas ratio of 28.79% (average) based on September 30, 2015 data. In the past year, United Teletech Financial has increased its total deposits by $1.22 Million, an above average annual growth rate of 0.41%. Please refer to our financial overview of United Teletech Financial Federal Credit Union for more details.
Established in 1967, United Teletech Financial Federal Credit Union was originally chartered for the benefit of Bell Labs employees. As a smaller institution committed to community involvement, United Teletech Financial has actively participated in the Million Dollar Community Challenge, which is a campaign aimed at helping members save at least $1 Million in interest expense, while the Credit Union donates to local charities based on those savings. In the first two years of the Community Challenge, members saved more than $3.6 Million in interest expense, and United Teletech Financial donated more than $31K to local charities.
How the Money Market Account Compares
When compared to the 222 Money Market Accounts tracked by DepositAccounts.com that are available to New Jersey residents, United Teletech's U-Savers Money Market Plus currently ranks second, regardless of minimum deposit.
These rates are accurate as of 1/27/2016.
To look for the best nationwide Money Market rates and the best Money Market rates in your state, please refer to our Money Market rates table or our new Rates Map page.