Empower Federal Credit Union

Overview / Commentary
1 Member Way
Syracuse, NY 13212

Empower Federal Credit Union is headquartered in Syracuse and is the 10th largest credit union in the state of New York. It is also the 126th largest credit union in the nation. It was established in 1939 and as of March of 2024, it had grown to 632 employees and 266,853 members at 28 locations. Empower Federal Credit Union's CD rates are 4X the national average, and it has an A health rating.

Field of Membership Restrictions

Membership in Empower Federal Credit Union is open to those who live, work, worship, or attend school in the following areas: (1) the Cities of Buffalo, Binghamton, Syracuse, and Utica; (2) the towns of Geddes, Cheektowaga, and Union; (3) Oswego County; (4) designated areas of Liverpool, Montgomery County, Village of New York Mills, City of Elmira (except census tract #5, West Elmira, and Big Flats), Village of Elmira Heights, Nedrow, and Village of Horseheads. Membership is also open to employees and members of over 300 Select Employee Groups.
See current membership details

Related Posts

Empower 30 Month 5.25%-5.3% APY: Rate Is Holding - 1/3/2024

Amidst any number of falling CD interest rates, the subject Empower deal is holding so far. At least that is true at time of this post. I found the rate decent and the term a compromise for those, like myself, who have been burned by locking into 60 month CDs in the past. 2029 is a LONG way out and only God knows what will happen in the interim. I didn't think this deal would hold and survive into the new year. I was wrong.

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Reviews (3)

Empower Credit Union

Posted by: |

I have never banked with a credit union until I decided to open an account at Empower. I had heard great things about them for years from friends and work colleagues. I was tired of banking with other institutions because of crazy fees and ridiculous overdraft charges. I finally had enough and decided to go in and check out Empower to see what they had to offer. I was immediately impressed with the level of professionalism and friendliness I encountered as soon as I walked into the bank! The gentleman that helped me open the account was very helpful, kind, and patient. I was also surprised to find that the requirements to sign up for an account with Empower was easy and very doable for someone like me with a limited income. Only a $50 minimum deposit and I was able to open not only a checking account, but also a savings account with no additional cost! No annual fees, respectable overdraft charges with excellent overdraft protection, and I only needed to keep a minimum balance of $25 in my savings account. I also received a several books of checks for free and free debit transactions each month! They also offered direct deposit which is very convenient because I work a lot and don't always have the time to go and cash my checks. I was also offered a line of credit with great interest rates (which I politely turned down). I was also happy to learn that they have a program in which they help new homeowners purchase houses! They also offer a wide variety of savings and investment options, I can get my taxes done for a very reasonable fee, and they even have a free coin counter in house which is great because I love turning my change into cash to put into my account! Overall my experience with Empower was and continues to be amazing! I am completely satisfied and never happier that I decided to bank with them!

Amazing - Bye Bye Solvay Bank

Posted by: |

Once you try this organization, you will wonder how you banked anywhere else. once upon a time I was with Solvay Bank. Terrible, especially in comparison.
My wife and I have now moved everything over to Empower, and have not regretted it one bit.
Just the savings from fees is worth it. Rates are great and the customer service is second to none.

If you qualify to bank here - do it!

Terrible Experience With Management

Posted by: |

Terrible response from management when there was fraud on my credit card. They were ignoring me and telling me essentially not to worry about it as if they were speaking to someone stupid would say "Oh, OK. I won't worry about it". Being patronizing and not showing me respect. Trying to get me to just let it blow over. That is so unprofessional.


Health Grade Components

NCUA #3025
Year Chartered1939
Primary Regulator
Profit Margin
Return on Assets - YTD0.95%
Return on Equity - YTD11.46%
Annual Interest Income$45.1MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$3.58B$3.25B
LoansQ1 2024vs Q1 2023$2.72B$2.39B
DepositsQ1 2024vs Q1 2023$3.24B$2.82B
Equity CapitalQ1 2024vs Q1 2023$293.4MM$262.5MM
Loan Loss AllowanceQ1 2024vs Q1 2023$33.5MM$35.8MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$11.4MM$10.4MM
Real Estate OwnedQ1 2024vs Q1 2023$387K$403K
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Always verify rates and promotions with the bank or credit union. We are not Empower Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Empower Federal Credit Union Savings Account Rates

1.15%*$10k*-Health Savings Account (HSA)
OTHER TIERS: 1.00% $0 - $2.5k | 1.05% $2.5k - $5k | 1.10% $5k - $10k
0.55%$0-Membership Share Savings
0.55%$0-IRA Share Account
0.55%$0-Club Accounts
0.55%$0-Secondary Share Savings
0.55%$0-Business Membership Savings
0.55%$0-Business Secondary Share Savings

Empower Federal Credit Union Money Market Rates

1.55%*$250k*-Premium Money Market
OTHER TIERS: 1.05% $2.5k - $10k | 1.15% $10k - $25k | 1.25% $25k - $50k | 1.35% $50k - $100k | 1.45% $100k - $250k
1.55%*$250k*-Premium Money Market IRA
OTHER TIERS: 1.05% $2.5k - $10k | 1.15% $10k - $25k | 1.25% $25k - $50k | 1.35% $50k - $100k | 1.45% $100k - $250k
1.55%*$250k*-Business Money Market Account
OTHER TIERS: 1.05% $2.5k - $10k | 1.15% $10k - $25k | 1.25% $25k - $50k | 1.35% $50k - $100k | 1.45% $100k - $250k

Empower Federal Credit Union CD Rates

5.10%$500-Business 9 Month Share Certificate
5.10%$500-9 Month Share Certificate
4.85%*$100k*-30 Month Share Certificate
OTHER TIERS: 4.75% $500 - $100k
4.85%*$100k*-Business 30 Month Share Certificate
OTHER TIERS: 4.75% $500 - $100k
4.55%*$100k*-15 Month Share Certificate
OTHER TIERS: 4.50% $500 - $100k
4.55%*$100k*-Business 15 Month Share Certificate
OTHER TIERS: 4.50% $500 - $100k
4.10%$500-3 Month Share Certificate-New Money
4.10%$500-Business 3 Month Share Certificate-New Money
3.90%$500-5 Year Share Certificate
3.90%*$100k*-24 Month Generation Wealth Builder Share Certificate Special
OTHER TIERS: 3.85% $100 - $100k
3.90%$500-Business 5 Year Share Certificate
3.90%*$100k*-24 Month Share Certificate Special
OTHER TIERS: 3.85% $500 - $100k
3.90%*$100k*-Business 24 Month Share Certificate Special
OTHER TIERS: 3.85% $500 - $100k
3.80%$500-3 Year Share Certificate
3.80%$500-4 Year Share Certificate
3.80%$500-Business 3 Year Share Certificate
3.80%$500-Business 4 Year Share Certificate
3.35%$500-18 Month Share Certificate
3.35%$500-Business 18 Month Share Certificate
3.30%$500-12 Month Share Certificate
3.30%$100-12 Month Generation Wealth Builder Share Certificate
3.30%$500-Business 12 Month Share Certificate
3.05%$500-6 Month Share Certificate
3.05%$500-Business 6 Month Share Certificate
0.80%$500-10 Year Share Certificate
0.80%$500-Business 10 Year Share Certificate

Empower Federal Credit Union IRA Rates

5.10%$500-9 Month IRA
4.85%*$100k*-30 Month IRA
OTHER TIERS: 4.75% $500 - $100k
4.55%*$100k*-15 Month IRA
OTHER TIERS: 4.50% $500 - $100k
4.10%$500-3 Month IRA-New Money
3.90%$500-5 Year IRA
3.90%*$100k*-24 Month IRA Special
OTHER TIERS: 3.85% $500 - $100k
3.80%$500-3 Year IRA
3.80%$500-4 Year IRA
3.35%$500-18 Month IRA
3.30%$500-12 Month IRA
3.05%$500-6 Month IRA
0.80%$500-10 Year IRA


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