Business Banking

Local businesses need local attention, and that's why we're here. Direct Federal Credit Union has been proudly rooted in the community since 1953 and has always had a commitment to offer remarkable service and great rates to our members. We are committed to offering that same service to our local business community and understand what it takes to run a successful business. In addition to the products below, we offer a full suite of Commercial Loan and Commercial Real Estate Products. Talk to our team today about what we can do for you and your business.

  • Business Checking Account 
    Businesses transaction account with no monthly fees, no annual fees, no transaction fees, and no ATM fees. We offer one convenient branch location right off of 95 in Needham, or should you choose to do your banking online, we offer a robust and innovative online and mobile suite of products for your business to access 24/7. 
  • Business Certificate of Deposit 
    Provides your business a Federally-insured savings account with a fixed-interest rate that’s guaranteed to grow your businesses money over the entire term of the certificate. Both short and long terms available. Terms and rates are listed below.
  • Business Money Market Account 
    Provides your business a high-yield savings account with six free check withdrawals per month with a starting interest rate of 1.00% APY*. Your Business Money will have no monthly fees.
  • Business Savings Account 
    Safe and secure way to keep your hard earned money. Account access is available 24/7 through Online and Mobile Banking.

Open a business account today by contacting Chris Teachout, Vice President, Business Banking by clicking here or call 781.433.2992.


Business Certificate of deposit rates
Business Certificate RATE APY** Jumbo Rate Jumbo APY**
3-Month CD 1.09% 1.10% 1.14% 1.15%
7-Month CD 0.50% 0.50% 0.55% 0.55%
15-Month CD 0.90% 0.90% 0.95% 0.95%


*Annual Percentage Yield (APY) is 1.00%. The Premium Money Market APY and Dividend Rate are in effect as of 4/1/20. This offer may be discontinued by the Credit Union at any time. The minimum deposit to open a Premium Money Market Account is $500 and there is a minimum daily balance of $25,000 to earn the stated APY. If the balance in the Premium Money Market Account falls below $25,000 for any day during the month, no interest will be paid for that dividend period. The daily balance is the balance of your Account at the end of the day. Fees may reduce earnings. New money only. Federally insured by the NCUA.
**Annual Percentage Yield (APY). The APY and dividend rates are effective as of 03/28/20 and may change at any time without notice. Minimum deposit of $250.00 required to open and earn APY. The APY for all Share Certificates assumes the dividend will remain in the account until maturity. Withdrawal of dividends prior to maturity will reduce earnings. A penalty will be imposed for withdrawal of principal before maturity.

Jumbo rates apply for deposits of $100,000 or more.

Chris Teachout

Chris Teachout
Vice President, Business Banking

Meet Chris Teachout Or you may already know him.Chris Teachout was born and raised in Needham, MA. He is actively involved in our community, is the Chairman of the Newton Needham Chamber of Commerce, and is committed to helping local businesses thrive. He will deliver a level of service like no other--just ask the hundreds of businesses that have worked with him before. He brings over a decade experience to Direct Federal in Commercial Lending and Business Banking in the Needham area. Whether you need a loan for a 1-4 family investment property, a working capital line for your business, or a new business checking account, he will work with you to ensure your needs are being met. He will be your dedicated point of contact for all of your needs.

Contact Chris today to discuss your business needs. Don’t see exactly what you’re looking for? We have a wide range of Commercial Loan products, Business Banking products, and a popular bank-at-work program. We would love to learn more about your needs and see what we can do for you.