Teachers Federal Credit Union still offers their top cd rates for their 16 month certificate of deposit specials. The best cd rates apply for the Jumbo CD at 2.50% APY while the 16-month regular cd special earns 2.20% APY. These cd rates with a minimum of $100K deposit for the jumbo cd while the regular certificate requires at least $1000 of funding.

The current cd rates for their regular certificates are 2.25% APY for 24 months; 2.25% APY (30 months); 2.50% APY (36 months); 2.80% APY (48 months); 3.10% APY (60 months). These are also available as Roth IRA’s.

The interest rates that we have here are effective as of October 20 but they can be changed any time. It will be best to visit the credit union’s rate page before signing up for anything.

Earnings for the share certificates are compounded on daily basis. Certificates of deposit with a term of 12 months or shorter has an early withdrawal penalty of all the interest earned or 180 days of yield, whichever is lower. Early withdrawal penalties for CDs with longer terms will cost account holders 270 days of earnings or all of the interest, whichever is lower. Take note also that partial withdrawals are not allowed for share certificates.

Membership to the Teachers FCU is open for those who worship, work, or live in some parts of Suffolk County. Volunteers, family, employees, and students of the county schools of Suffolk are also qualified to join. You can see the full details about signing up for the credit union on their membership page. A $1 deposit to a share savings account is required when you sign up.

Members who want to apply for an account can drop by the credit union’s office or call 631-698-7000 extension 6780.

Teachers FCU has very strong ratings. BauerFinancial stamped their performance report 5 stars while Bankrate.com gave 4 stars. These were based on their June 2009 figures. The credit union has a declared asset amounting to $3 billion with membership base of 197,251. The credit union is covered by the NCUA through charter number 8116.