Dedicated to Deposits: Deals, Data, and Discussion

5% 5-Month CD ($25K Max) and $50 Money Market Account Bonus at Xceed Financial Credit Union.


Xceed Financial Credit Union
Update 5/07/08: The 5% CD special has ended early.

Xceed Federal Credit Union is still listing a 5% APY 5-month special CD. A reader in my previous post mentioned that it has been extended to 5/30/08. There are some extra details about this CD at the bottom of their rate table. One significant detail is the $25,000 maximum deposit per member.

There's also a $50 bonus for opening a money market account with a minimum of $1,000. Offer expires May 31, 2008 and is limited to one account per household. This seems to be for their Prime Money Market account which has a low rate of 0.75% so you probably won't want to keep too much more than the $1,000 minimum balance.

Membership is open to members of several organizations. One is the Friends of the Webster Public Library which anyone can join for a $8 fee ($5 for those 60 and over). Another is the Heal the Bay. Anyone can join this with a $35 fee ($10 for students).

You can also be eligible to join the credit union without joining an association if you live, work, worship or attend school in the Texas cities of Dallas, Carrollton, Farmers Branch, Irving or Lewisville, in Greater Rochester, New York, in Rosemont, Illinois, in San Jose, California or in St. Petersburg, Florida.

You can also be eligible to join based on Select Employer Groups which include Xerox and OfficeMax.

For the full details of credit union eligibility, please refer to their Membership page. Membership requires a minimum deposit of $5 in the Membership Savings account.

Branches seem to be located in or near all of the cities mentioned above in the field of membership. The credit union has recently changed it's name. The name used to be Xerox FCU. The credit union is federally insured by the NCUA (Charter # 20068). It has $771.1 million in assets and 77,486 members.

Thanks the reader who mentioned this money market bonus. If you find some good bank deals or other banking news, please leave a comment in the finding-the-best-deals post.

[Edit 4/21/08: Removed info about grace period and renewal. Fine print states that it'll automatically roll into the savings account.]

  Tags: New York, California, CD rates, Xceed Financial Credit Union, Texas, Florida

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Comment #1 by Anonymous posted on
If you click on Location tab it shows several CUs in my neighborhood.
Does it mean you can join by visiting those offices too?

Comment #2 by Anonymous posted on
I may have overlooked it but is this thing FDIC insured?

Comment #3 by Anonymous posted on
sorry my ignorance...its NCUA for credit unions

Comment #4 by Anonymous posted on
There is one branch next to my house, but I was not sure if I could open the special CD there, so I called the 1800 number to confirm. The customer rep told me that I could not open the CD through the branch next to my house, so I ended up sending the application to the main branch.

Just call the 1800 number before you go the the branch next to your house to save gas and time.

Comment #5 by trinidon2k (anonymous) posted on
The fine print on the offer says "At maturity, the 5-month Certificate, including all dividends, will automatically roll into your savings account at the rate and term current on that date, unless notified otherwise in writing. Limited time offer. May be discontinued at any time." i'm not sure about that 5 day grace period thing you mentioned in the first paragraph.

Comment #6 by Anonymous posted on
As with any credit union that is a member of a shared branching network, you can't open accounts, buy CDs, take out a loan, or do other things that have the CU making a commitment.

Obviously, the staff at one CU can't make commitments for another CU.

Shared branches are good for simple transactions like deposits and limited withdrawals.

Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
Thanks trinidon2k for noting that fine print. I've updated the post.

Comment #8 by Anonymous posted on
I phoned their CS today. Rates can change on any Tuesday so this rate may decrease before the end of May. Also if you are new and send in your downloaded application, assuming you don't qualify for membership any other way, you MUST include a receipt from joining one of the organizations listed, such as Webster Public Library and you have to snailmail your online application to them. It kinda' sours the deal as who knows how long all that will take? The rate could drop considerably by the time you get an actual receipt from the Webster Public Library. Too bad as it sounds like a fantastic deal.

Comment #9 by trinidon2k (anonymous) posted on
This deal is dead. It's no longer available.