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 135th largest credit union in the nation. It was established in 1939 and as of June of 2021, it had grown to 561 employees and 216,578 members at 26 locations. Empower Federal Credit Union 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

Reviews (2)

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!


Health Grade Components

NCUA #3025
Year Chartered1939
Primary Regulator
Profit Margin
Return on Assets - YTD0.95%
Return on Equity - YTD10.34%
Annual Interest Income$44.1MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$2.65B$2.29B
LoansQ2 2021vs Q2 2020$1.81B$1.70B
DepositsQ2 2021vs Q2 2020$2.37B$2.02B
Equity CapitalQ2 2021vs Q2 2020$241.4MM$224.3MM
Loan Loss AllowanceQ2 2021vs Q2 2020$30.9MM$22.2MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$8.1MM$12.4MM
Real Estate OwnedQ2 2021vs Q2 2020$215.00K$366.00K
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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

0.45%--Health Savings Account (HSA)
0.15%--Membership Share Savings
0.15%--IRA Share Account
0.15%--Club Accounts
0.15%--Business Share Savings
0.15%--Secondary Share Savings
0.15%--Business Membership Savings

Empower Federal Credit Union Money Market Rates

0.35%$2.5k-Premium Money Market
0.35%$2.5k-Premium Money Market IRA
0.35%$2.5k-Business Money Market Account

Empower Federal Credit Union CD Rates

0.80%$500-5 Year Share Certificate
0.80%$500-10 Year Share Certificate
0.80%$500-Business 5 Year Share Certificate
0.80%$500-Business 10 Year Share Certificate
0.75%$500-4 Year Share Certificate
0.75%$500-Business 4 Year Share Certificate
0.65%$500-3 Year Share Certificate
0.65%$500-Business 3 Year Share Certificate
0.55%$500-24 Month Share Certificate
0.55%$500-30 Month Share Certificate
0.55%$100-24 Month Generation Wealth Builder Share Certificate
0.55%$500-Business 24 Month Share Certificate
0.55%$500-Business 30 Month Share Certificate
0.50%$500-18 Month Share Certificate
0.50%$500-Business 18 Month Share Certificate
0.45%$500-12 Month Share Certificate
0.45%$100-12 Month Generation Wealth Builder Share Certificate
0.45%$500-Business 12 Month Share Certificate
0.35%$500-6 Month Share Certificate
0.35%$500-Business 6 Month Share Certificate
0.25%$500-3 Month Share Certificate
0.25%$500-Business 3 Month Share Certificate

Empower Federal Credit Union IRA Rates

0.80%$500-5 Year IRA
0.80%$500-10 Year IRA
0.75%$500-4 Year IRA
0.65%$500-3 Year IRA
0.55%$500-24 Month IRA
0.55%$500-30 Month IRA
0.50%$500-18 Month IRA
0.45%$500-12 Month IRA
0.35%$500-6 Month IRA
0.25%$500-3 Month IRA


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