Industrial Credit Union offers competetive certificate of deposit rates. The credit union requires a minimum deposit of $1,000 to avail of these high interest certificate of deposit rates. The current cd rates are as follows:

6 months 1.40% APY
12 months 1.60% APY
24 months 1.75% APY
36 months 2.00% APY
48 months 2.50% APY
60 months 2.75% APY

In case you decide to make a withdrawal before the maturity date, you will shoulder penalties. If you have a CD which has a term of 12 months or shorter, early withrawal fees will be equivalent to one month’s interest. If you have a CD which has a term of more than 12 months, early withrawal fees will be equivalent to three month’s interest. These certificate of deposit rates are subject to change, so make sure to check the rates with the credit union from time to time.

Membership with Industrial Credit Union is open to individuals who work or live in the Greater Boston area. You do not need to worry about the membership fee since it is already free. The credit union will only require you to open an account with them. If you want to apply you may download the form on their website, fill up the application form and mail it to 1 Liberty Square, Boston, MA 02109. You may also call Industrial Credit Union’s customer service for questions on openning an account or other specifics thru 617-742-1616.

Industrial Credit Union started operating in 1910. This company is considered the first credit union in the United States. They also declared a total of $148 million in assets.

Industrial Credit Union is insured by National Credit Union Association for the first $250,000 deposit. They are covered by the NCUA charter number 67994. Funds beyond the NCUA coverage are insured by Massachusetts Share Insurance Corporation.