Workers Credit Union Adds Nationally Available 16-Month No Penalty CD


Deal Summary: Holiday Dash 16-Month No Penalty CD Special, 4.60% APY, $500 minimum deposit, one penalty-free withdrawal, available through December 31, 2022.

Availability: Nationwide

Massachusetts-based Workers Credit Union (WCU) has added a Holiday Dash 16-month No Penalty CD Special. Earning 4.60% APY, this limited-time offering can be opened with a minimum $500 deposit, with a maximum deposit of $250k per member.

According to the landing page, there is one penalty-free withdrawal allowed during the term. CSR clarified that a partial withdrawal is allowed, as long as the $500 minimum remains on deposit. Any further withdrawals are subject to the following Early Withdrawal Penalty:

For Certificates of Deposit 18 months or less - The penalty we may impose will be equal to twenty-five percent (25%) of the dividends that the withdrawn amount (that is subject to penalty) would have earned for the remaining term of the certificate.

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 two 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 Holiday Dash 16-Month No Penalty CD Special can be done online, on 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*, wire ($15 fee), check, mobile check, or internal transfer.
  • CO-OP Shared Branch Participant – Yes.
  • Dividends – Must remain on deposit in the CD and may not be withdrawn.
  • Maturing Funds – Cashier’s check 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 as a 24-month CD.
  • Credit Check – Soft pull.

*There was some discussion in the Comments in the July 2020 blog post about “ACH Origination Fee.” According to CSR, the $10 Origination Fee applies to ACHs initiated by WCU; there is no fee is the ACH is initiated by an external institution.

Credit Union Overview

Workers Credit Union has an overall health grade of "B" at, with a Texas Ratio of 8.34% (excellent) based on September 30, 2022 data. In the past year, WCU decreased its total non-brokered deposits by $-28.11 million, an average annual growth rate of -1.76%. 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 union. Currently the fourth largest credit union in Massachusetts, Workers Credit Union has nearly 123,000 members and assets in excess of $2.5 billion.

How the Holiday Dash 16-Month No Penalty CD Special Compares

In addition to being a unique product, no-penalty CDs are somewhat rare, with the longer the term, the more competitive the CD. When compared to the nationally available no-penalty CDs tracked by, the Workers Credit Union 16-month No Penalty CD Special APY currently ranks first.

The above information and rates are accurate as of 12/19/2022.

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, 1-year CD rates, nationwide deals

  |     |   Comment #1
Waited a few days to see if there were any comments before I go for this. Surprised there aren't any. Any issues with this rate and Workers CU?
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Availability: Nationwide

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Availability: Massachusetts

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  • 2.50% APY 6-year CD
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