Xceed Financial Credit Union has a limited time special on its 5-year CD and IRA CD with a 2.50% APY. Minimum deposit is $500. This rate is listed on the credit union's rates page as of 6/23/2011.
I contacted the credit union yesterday for some additional details. I was told that the early withdrawal penalty is a loss of 180 days of interest. I was hoping this CD would have the bump-up and add-on features that are highlighted in the certificates overview page. However, I was told that since this is a special CD, these features do not apply.
Even without these bump-up and add-on features, this 5-year CD is still a fairly good deal especially for those who prefer to open CDs at a branch. The credit union has several branches in California, Connecticut, Illinois, New Jersey, New York and Texas. The credit union is also part of the shared branch network which allows you to perform many banking transactions from branches of other credit unions around the nation.
One additional nice feature to note about this credit union is that it offers a free checking account with no monthly service fees. Members have surcharge-free access to CO-OP ATMs nationwide.
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. You can also be eligible to join the credit union without joining an association if you live, work, worship or attend school in various communities around the nation. Some of these include San Jose, California, St. Petersburg, Florida and Dallas, Texas. For the full details of eligibility, please refer to the credit union's Membership page. Membership requires a minimum deposit of $5 in the Membership Savings account.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 5.29% (excellent) based on March 2011 data. Please refer to our financial overview of Xceed Financial Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 20068).
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