When I first wrote about CFCU Community Credit Union’s (CFCU) limited-time 33-month Celebration Certificate Special, summer was the cause for celebration. As DA reader, ChasR, pointed out in his Forum post, “summer turns to autumn” and CFCU has turned the limited time CD into an autumnal special.
The three tiered APY levels have remained the same: 1.50% APY, $10k+; 1.75% APY, $25k+; and 2.10% APY, $100k+. The minimum opening deposit is $10k of new money, which is defined as “not on deposit for the last 180 days.”
|2.10*%||$100k||-||CFCU Community Credit Union||33 Month Celebration Certificate Special|
The fine print’s wording about the APY had me concerned when I first read it and saw the words, “variable rate.”
Compounded Monthly. The APY is a variable rate and may change after the account is opened.
CSR reassured me with this explanation - if the interest, which is compounded monthly, is withdrawn or transferred to another account, the APY may be lower than what is stated.
As stated in the FAQs page, the Early Withdrawal Penalty reads as follows:
For 18 months term or more: all interest earned to date or 180 days, whichever is less.
Note: An alumnus of Cornell, ChasR was able to join CFCU and open a Celebration Certificate Special, while he was attending a week-long class at Cornell’s Adult University. He detailed his experience in both the Comments section of this blog post and in his recent Forum post.
Thank you very much, ChasR.
Headquartered in Ithaca, CFCU Community Credit Union’s field of membership is primarily residency based, with individuals who live, work, or attend school in Tompkins or Cortland Counties eligible to join.
Membership is also offered to any eligible person’s “spouse, and their lineal ancestors and descendants, including persons related by adoption.” In other words, if you are eligible for membership, but not necessarily a member, your brother in Pennsylvania is also eligible for membership.
Complete details (including an illustrative membership family tree if you’re not sure who your lineal relatives might be) are available on CFCU's Join Today page.
CFCU is a member of Allpoint ATM Network that provides free access to over 43,000 nationwide ATMs.
Credit Union Overview
CFCU Community Credit Union (NCUA Charter # 68322) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 4.06% (excellent) based on June 30, 2016 data. In the past year, CFCU has increased its total deposits by $57.26 million, an excellent annual growth rate of 7.03%. Please refer to our financial overview of CFCU Community Credit Union for more details.
In 1953, the Cornell Federal Credit Union first opened its doors to the employees of Cornell University. The original charter remained in effect for almost 45 years, at which time a state charter was adopted and the Credit Union became Cornell Finger Lakes Credit Union. In 2003, a community charter was put in place and the name changed to CFCU Community Credit Union. CFCU is currently the 20th largest credit union in New York, with more than 67,200 members and assets in excess of $1 billion.
How the CD Compares
When compared to the 197 similar length-of-term CDs tracked by DepositAccounts.com that are available to residents in Central New York State, CFCU Community Credit Union's 33-month Celebration Certificate Special APY currently ranks first, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.10% APY||33-month Celebration Certificate Special ($100k min)||CFCU Community Credit Union|
|1.87% APY||36-Month Jumbo CD ($99k min)||Hughes Federal Credit Union|
|1.75% APY||33-month Celebration Certificate Special ($25k min)||CFCU Community Credit Union|
|1.75% APY||36-47 Month Partner Certificate ($500 min)||AmeriCU|
The above rates are accurate as of 9/14/2016.