Workers Credit Union Significantly Ups 36-Month and 60-Month CD Rates


Deal Summary: CDs – 36-month (5.50% APY) and 60-month (5.25% APY), $500 minimum deposit.

Availability: Easy membership requirement.

Thanks to DA reader, HankL, for yesterday’s Forum post about the new CD rates offered by Massachusetts-based Workers Credit Union (WCU). Following increases of 100 bps and 50 bps, respectively, the 36-month (5.50% APY) and 60-month (5.25% APY) are now offering rate-leading APYs. The minimum opening deposit is $500, with no stated balance cap. (While the WCU CD Rates page lists two balance tiers, $500 and $25k, the same APY applies to both tiers.)

3.75*%$500-Workers Credit Union36 Month CD
3.75*%$500-Workers Credit Union60 Month CD
Rates as of February 20, 2024.

Both CDs are available as IRA CDs (Traditional and Roth), earning the same APYs but requiring a $1k minimum opening deposit.

Early Withdrawal Penalty

According to the CD Account Disclosure, the Early Withdrawal Penalty reads as follows:

For Certificates of Deposit greater than 18 months - The penalty we may impose will be equal to fifty percent (50%) of the dividends that the withdrawn amount (that is subject to penalty) would have earned for the remaining term of the certificate.

You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.

Massachusetts Share Insurance

WCU also maintains excess share and deposit insurance through Massachusetts Share Insurance Corporation (MSIC) fully insuring deposits in excess of the NCUA limits.

As a member of Workers, take comfort in knowing that every dollar you deposit is safe, secure, and 100% insured. All deposits are fully insured by a combined insurance coverage of the NCUA, up to $250,000, and the MSIC covers the rest. Now that’s safe keeping.


Headquartered in Fitchburg, Massachusetts, Workers Credit Union’s field of membership (FOM) changed more than three years ago. What was previously a statewide FOM has become an easy membership requirement (EMR) FOM.

The Join Us page lists five different ways to qualify for membership, including two EMR options.

Financial Fitness Association Membership: “The FFA is a non-profit organization that provides educational resources to help its members improve their financial well-being.

”When opening an account online, select FFA Membership for your eligibility requirement and Workers will automatically sign you up and pay for a one-year FFA membership.

”Payment and renewal of the annual FFA membership will be your responsibility if you wish to continue to access their online library and resources. Continued membership is not required to maintain your Workers Credit Union membership.”

Charitable Organization: WCU will make a one-time $5 donation on your behalf to United Way of North Central Massachusetts. Ongoing donations are not required to maintain a WCU membership.

Community: Individuals who live, work, worship, or attend school in Lowell or Worcester, Massachusetts are eligible to join.

Employment: Employee/retirees of 12 participating employers qualify for membership, as do their immediate family members.

Family Relationship: Immediate family and household members of current WCU membership are also eligible for membership. WCU defines “immediate family” as spouses, domestic partners, children, grandchildren, parents, grandparents, and siblings, including adopted, in-law, and step relationships.

Account Opening

Joining WCU and/or opening a CD can be done online, or at any of 17 Massachusetts branches in Athol, Chelmsford, Fitchburg (2), Gardner, Groton, Hudson, Lancaster, Leominster (2), Lowell, Lunenburg, Orange, Shrewsbury, Townsend, Westford, and Worcester. Appointments are “encouraged for non-routine services" and can be scheduled online.

Opening a Share Savings (0.05% APY) account with a $5 minimum deposit establishes membership in Workers CU. A $50 minimum balance is required to earn the stated APY.

Funding and Other Particulars

The following information is from a conversation with CSR.

  • Funding – ACH (no fee), wire ($15 fee), check, mobile check, or internal transfer.
  • CO-OP Shared Branch Participant – Yes.
  • Ownership – Individual and joint.
  • Dividends – Compounded daily and credited monthly and can be withdrawn penalty free.
  • Maturing Funds – Cashier’s check to address on file or internal transfer to a WCU Share Savings account.
  • Beneficiaries – One beneficiary may be designated and a Social Security number is required.
  • Grace Period – 10 calendar days before automatic renewal.
  • Credit Check – Soft pull.

Credit Union Overview

Workers Credit Union currently has an overall health grade of "C-" at, with a Texas Ratio of 26.72% (average) based on June 30, 2023 data. In the past year, WCU’s total non-brokered deposits decreased by $-82.27 million, a below average annual growth rate of -5.06%. Please refer to our financial overview of Workers Credit Union (NCUA Charter # 66479) for more details.

Workers Credit Union was founded in 1914 by John Suominen, the owner of a successful printing company in Fitchburg. Suominen’s incentive to form a credit union was the economic welfare of his fellow Finnish immigrants. The original charter stated that the board of directors could only recommend members who were “honest, industrious and of good habits.” Between 1980 and 2007, WCU acquired or merged with 13 other Massachusetts credit unions. Currently the fourth largest credit union in Massachusetts, Workers Credit Union has more than 125,000 members and assets in excess of $2.6 billion.

How the 36-Month CD Compares

When compared to similar length-of-term CDs tracked by which are available nationwide, have fixed rates, and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Workers Credit Union 36-month CD. The following table compares the 36-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 60-Month CD Compares

When compared to similar length-of-term CDs tracked by that are available nationwide and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Workers Credit Union 60-month CD. The following table compare the 60-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 11/9/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Boston CD rates, Springfield CD rates, 5-year CD rates, IRA CD rates, nationwide deals

  |     |   Comment #1
The 2 longer term rates are dropped now (as of Dec 13). APYs: 36-mo: 4.25%; 60-mo: 4.00%;
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Availability: Nationwide

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According to the landing page, there is one penalty-free withdrawal allowed during the term. CSR clarified that a partial withdrawal is allowed, as...

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Availability: Nationwide

I first wrote about Workers Credit Union’s (WCU) SaveUp Savings account last summer. What seemed at first glance to be a gimmicky account turned out to be a competitive savings account with blended rates based on 18 rate tiers.

The highest rate tier currently is 4.23% on balances up to...

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Availability: Massachusetts

When I first saw the SaveUp Savings account offered by Workers Credit Union (Workers CU), I admit I dismissed it out of hand. My initial reaction was that it was probably more of a gimmick, rather than a competitive savings account, since the rate drops from 4.23% to 0.08% when the balance exceeds $1k. A closer look...

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Workers Credit Union is offering two competitive rates on its CDs and IRA CDs. The short-term CD deal is an 18-month CD with a 1.50% APY. The long-term CD deal is a 6-year CD with a 2.50% APY. Minimum deposit is $500 for CDs and $1,000 for IRA CDs. These are Member Relationship CD rates which require a Workers’ checking account with at least one monthly direct deposit of pay or Social Security. Without the relationship, the rates are 75 basis points lower. These are rates are listed in the...

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  • 2.50% APY 6-year CD
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