Visions Federal Credit Union's new branch in Rochester New York is offering two hot CD specials: 5.00% APY 5-month CD and 3.50% APY 35-month CD. Minimum deposit is $2,500, and the maximum is $100,000. These are relationship rates that require the member to open a checking account with a debit or credit card. These specials are not listed at Visions website. A reader emailed me news of this (hat tip), and I just called for additional details. According to the CSR, these specials are scheduled to last until June 30, 2011.
The new Rochester branch used to be the Progressive Neighborhood Credit Union. This small credit union was merged into Visions FCU in 2010.
Standard CD Rates
For those who can qualify for Visions membership but are not in the Rochester area, Visions FCU offers competitive standard CD and IRA CD rates. Some of the best include a 1.36% APY 6-month CD, a 1.46% APY 1-year CD and a 1.82% APY 30-month CD. These rates are listed at the credit union's share certificates rates page as of 5/17/2011. Members can receive an extra 25 basis points with an account relationship. Refer to the bottom of the rate table for details about eligible relationships.
Since the Rochester branch is new, Visions FCU's membership page doesn't yet include any mention of Rochester or its county Monroe. I asked the CSR about this, and I was told membership is open to anyone who lives, worships or does business in Rochester.
For those outside of Rochester, membership is available to those who live, work or worship in Broome, Chenango, Tioga, Chemung, Schuyler (NY), the City of Syracuse, or Bradford County (PA). Membership requires a $25 minimum balance in the share savings account and a one-time fee of $1.
In addition to the new Rochester branch, Visions Federal Credit Union branches are located in several cities in Upstate and Western New York. Some of the cities include Binghamton, Elmira, Owego and Syracuse. There are also two branches in Bradford County in Northern Pennsylvania.
Visions FCU is part of the CU Service Centers network which allows you to take care of many bank transactions at member branches around the nation.
Visions Federal Credit Union Overview
Visions is a large credit union with $2.60 billion in assets. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 0.06% (excellent) based on March 2011 data. Please refer to our financial overview of Visions Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 17429).
How These Compare to the Best Nationally Available CDs
Any short-term CD rate over 1.50% these days is a great deal. The best nationally available 6-month CD rate is 1.50% APY at Connexus Credit Union (this requires an active checking account). For CDs with terms around 3 years, any rate above 2.50% is a great deal. The best nationally available 3-year CD rate is 2.27% APY at Velocity Credit Union (rates accurate as of 5/17/2011).
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.