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Empower Federal Credit Union


Overview / Commentary
www.empowerfcu.com
315-477-2200
1 Member Way
Syracuse, NY 13212

Empower Federal Credit Union is headquartered in Syracuse and is the 11th largest credit union in the state of New York. It is also the 147th largest credit union in the nation. It was established in 1939 and as of September of 2019, it had grown to 518 employees and 207,767 members at 26 locations. Empower Federal Credit Union's money market rates are 3X 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

Giveback Of 8% Announced For 2019 - 1/1/2020

As can happen each year at year end, Empower last night at midnight announced their giveback for 2019. While customary for the last several years, the giveback itself is not guaranteed to be awarded and the size is not guaranteed. This time there was a giveback and the size was set at 8%. For Empower CD owners, as an example: If your CD paid a nominal interest rate of 3.00% APY, your actual return after the giveback became 3.24%. However, the giveback is paid separately from your CD into your Empower savings, so the giveback money does not add on and compound going forward. But the giveback money can obviously be withdrawn and invested elsewhere . . or spent . . or whatever you wish. I know other credit unions feature givebacks. The dilemma for me: I do not know which ones . . except for Empower of course. I surely wish I did know.  That's real money they are giving back and I'd like to get more if I could.

Empower Federal Credit Union (NY) Offers 2.90% APY On 18-Month CD - 7/17/2019

Empower Federal Credit Union (NY) currently offer seven APYs between 2.60% ($500 min) and 2.90% ($100k min) on its 18-month Share Certificate. Also as an IRA.

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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!

1

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!

1


Health
A

Data as of Q3 2019

Learn why bank health matters

Health Grade Components

Overall
NCUA #3025
Year Chartered1939
Employees518
Primary Regulator
Profit Margin
Return on Assets - YTD1.43%
Return on Equity - YTD12.87%
Annual Interest Income$68.2MM
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$1.89B$1.76B
LoansQ3 2019vs Q3 2018$1.65B$1.48B
DepositsQ3 2019vs Q3 2018$1.65B$1.53B
Equity CapitalQ3 2019vs Q3 2018$209.8MM$180.3MM
Loan Loss AllowanceQ3 2019vs Q3 2018$18.5MM$15.5MM
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$12.8MM$8.8MM
Real Estate OwnedQ3 2019vs Q3 2018$609.00K$77.00K
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Giveback Of 8% Announced For 2019

  |  
As can happen each year at year end, Empower last night at midnight announced their giveback for 2019. While customary for the last several years, the giveback itself is not guaranteed to be awarded and the size is not guaranteed. This time there was a giveback and the size was set at 8%.

For Empower CD owners, as an example:

If your CD paid a nominal interest rate of 3.00% APY, your actual return after the giveback became 3.24%. However, the giveback is paid separately from your CD into your Empower savings, so the giveback money does not add on and compound going forward. But the giveback money can obviously be withdrawn and invested elsewhere . . or spent . . or whatever you wish.

I know other credit unions feature givebacks. The dilemma for me: I do not know which ones . . except for Empower of course. I surely wish I did know.  That's real money they are giving back and I'd like to get more if I could.
8

Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%--Health Savings Account (HSA)
0.25%--Regular Share Savings
0.25%--IRA Share Account
0.25%--Club Accounts
0.25%--Business Share Savings

Empower Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.51%*$100k*-Premium Money Market
OTHER TIERS: 1.01% → $2.5k - $25k | 1.26% → $25k - $100k
1.51%*$100k*-Premium Money Market IRA
OTHER TIERS: 1.01% → $2.5k - $25k | 1.26% → $25k - $100k
1.51%*$100k*-Business Money Market Account
OTHER TIERS: 1.01% → $2.5k - $25k | 1.26% → $25k - $100k

Empower Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.35%*$100k*-5 Year Share Certificate
OTHER TIERS: 2.05% → $500 - $2.5k | 2.10% → $2.5k - $5k | 2.15% → $5k - $10k | 2.20% → $10k - $25k | 2.25% → $25k - $50k | 2.30% → $50k - $100k
2.35%*$100k*-10 Year Share Certificate
OTHER TIERS: 2.05% → $500 - $2.5k | 2.10% → $2.5k - $5k | 2.15% → $5k - $10k | 2.20% → $10k - $25k | 2.25% → $25k - $50k | 2.30% → $50k - $100k
2.35%*$100k*-Business 5 Year Share Certificate
OTHER TIERS: 2.05% → $500 - $2.5k | 2.10% → $2.5k - $5k | 2.15% → $5k - $10k | 2.20% → $10k - $25k | 2.25% → $25k - $50k | 2.30% → $50k - $100k
2.35%*$100k*-Business 10 Year Share Certificate
OTHER TIERS: 2.05% → $500 - $2.5k | 2.10% → $2.5k - $5k | 2.15% → $5k - $10k | 2.20% → $10k - $25k | 2.25% → $25k - $50k | 2.30% → $50k - $100k
2.25%*$100k*-4 Year Share Certificate
OTHER TIERS: 1.95% → $500 - $2.5k | 2.00% → $2.5k - $5k | 2.05% → $5k - $10k | 2.10% → $10k - $25k | 2.15% → $25k - $50k | 2.20% → $50k - $100k
2.25%*$100k*-Business 4 Year Share Certificate
OTHER TIERS: 1.95% → $500 - $2.5k | 2.00% → $2.5k - $5k | 2.05% → $5k - $10k | 2.10% → $10k - $25k | 2.15% → $25k - $50k | 2.20% → $50k - $100k
2.20%*$100k*-3 Year Share Certificate
OTHER TIERS: 1.90% → $500 - $2.5k | 1.95% → $2.5k - $5k | 2.00% → $5k - $10k | 2.05% → $10k - $25k | 2.10% → $25k - $50k | 2.15% → $50k - $100k
2.20%*$100k*-Business 3 Year Share Certificate
OTHER TIERS: 1.90% → $500 - $2.5k | 1.95% → $2.5k - $5k | 2.00% → $5k - $10k | 2.05% → $10k - $25k | 2.10% → $25k - $50k | 2.15% → $50k - $100k
2.15%*$100k*-30 Month Share Certificate
OTHER TIERS: 1.85% → $500 - $2.5k | 1.90% → $2.5k - $5k | 1.95% → $5k - $10k | 2.00% → $10k - $25k | 2.05% → $25k - $50k | 2.10% → $50k - $100k
2.15%*$100k*-Business 30 Month Share Certificate
OTHER TIERS: 1.85% → $500 - $2.5k | 1.90% → $2.5k - $5k | 1.95% → $5k - $10k | 2.00% → $10k - $25k | 2.05% → $25k - $50k | 2.10% → $50k - $100k
1.95%*$100k*-24 Month Share Certificate
OTHER TIERS: 1.65% → $500 - $2.5k | 1.70% → $2.5k - $5k | 1.75% → $5k - $10k | 1.80% → $10k - $25k | 1.85% → $25k - $50k | 1.90% → $50k - $100k
1.95%*$100k*-24 Month Generation Wealth Builder Share Certificate
OTHER TIERS: 1.65% → $100 - $2.5k | 1.70% → $2.5k - $5k | 1.75% → $5k - $10k | 1.80% → $10k - $25k | 1.85% → $25k - $50k | 1.90% → $50k - $100k
1.95%*$100k*-Business 24 Month Share Certificate
OTHER TIERS: 1.65% → $500 - $2.5k | 1.70% → $2.5k - $5k | 1.75% → $5k - $10k | 1.80% → $10k - $25k | 1.85% → $25k - $50k | 1.90% → $50k - $100k
1.90%*$100k*-18 Month Share Certificate
OTHER TIERS: 1.60% → $500 - $2.5k | 1.65% → $2.5k - $5k | 1.70% → $5k - $10k | 1.75% → $10k - $25k | 1.80% → $25k - $50k | 1.85% → $50k - $100k
1.90%*$100k*-Business 18 Month Share Certificate
OTHER TIERS: 1.60% → $500 - $2.5k | 1.65% → $2.5k - $5k | 1.70% → $5k - $10k | 1.75% → $10k - $25k | 1.80% → $25k - $50k | 1.85% → $50k - $100k
1.80%*$100k*-12 Month Share Certificate
OTHER TIERS: 1.50% → $500 - $2.5k | 1.55% → $2.5k - $5k | 1.60% → $5k - $10k | 1.65% → $10k - $25k | 1.70% → $25k - $50k | 1.75% → $50k - $100k
1.80%*$100k*-12 Month Generation Wealth Builder Share Certificate
OTHER TIERS: 1.50% → $100 - $2.5k | 1.55% → $2.5k - $5k | 1.60% → $5k - $10k | 1.65% → $10k - $25k | 1.70% → $25k - $50k | 1.75% → $50k - $100k
1.80%*$100k*-Business 12 Month Share Certificate
OTHER TIERS: 1.50% → $500 - $2.5k | 1.55% → $2.5k - $5k | 1.60% → $5k - $10k | 1.65% → $10k - $25k | 1.70% → $25k - $50k | 1.75% → $50k - $100k
1.50%*$100k*-6 Month Share Certificate
OTHER TIERS: 1.20% → $500 - $2.5k | 1.25% → $2.5k - $5k | 1.30% → $5k - $10k | 1.35% → $10k - $25k | 1.40% → $25k - $50k | 1.45% → $50k - $100k
1.50%*$100k*-Business 6 Month Share Certificate
OTHER TIERS: 1.20% → $500 - $2.5k | 1.25% → $2.5k - $5k | 1.30% → $5k - $10k | 1.35% → $10k - $25k | 1.40% → $25k - $50k | 1.45% → $50k - $100k
1.00%*$100k*-3 Month Share Certificate
OTHER TIERS: 0.85% → $500 - $25k | 0.90% → $25k - $50k | 0.95% → $50k - $100k
1.00%*$100k*-Business 3 Month Share Certificate
OTHER TIERS: 0.85% → $500 - $25k | 0.90% → $25k - $50k | 0.95% → $50k - $100k

Empower Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.35%*$100k*-5 Year IRA
OTHER TIERS: 2.05% → $500 - $2.5k | 2.10% → $2.5k - $5k | 2.15% → $5k - $10k | 2.20% → $10k - $25k | 2.25% → $25k - $50k | 2.30% → $50k - $100k
2.35%*$100k*-10 Year IRA
OTHER TIERS: 2.05% → $500 - $2.5k | 2.10% → $2.5k - $5k | 2.15% → $5k - $10k | 2.20% → $10k - $25k | 2.25% → $25k - $50k | 2.30% → $50k - $100k
2.25%*$100k*-4 Year IRA
OTHER TIERS: 1.95% → $500 - $2.5k | 2.00% → $2.5k - $5k | 2.05% → $5k - $10k | 2.10% → $10k - $25k | 2.15% → $25k - $50k | 2.20% → $50k - $100k
2.20%*$100k*-3 Year IRA
OTHER TIERS: 1.90% → $500 - $2.5k | 1.95% → $2.5k - $5k | 2.00% → $5k - $10k | 2.05% → $10k - $25k | 2.10% → $25k - $50k | 2.15% → $50k - $100k
2.15%*$100k*-30 Month IRA
OTHER TIERS: 1.85% → $500 - $2.5k | 1.90% → $2.5k - $5k | 1.95% → $5k - $10k | 2.00% → $10k - $25k | 2.05% → $25k - $50k | 2.10% → $50k - $100k
1.95%*$100k*-24 Month IRA
OTHER TIERS: 1.65% → $500 - $2.5k | 1.70% → $2.5k - $5k | 1.75% → $5k - $10k | 1.80% → $10k - $25k | 1.85% → $25k - $50k | 1.90% → $50k - $100k
1.90%*$100k*-18 Month IRA
OTHER TIERS: 1.60% → $500 - $2.5k | 1.65% → $2.5k - $5k | 1.70% → $5k - $10k | 1.75% → $10k - $25k | 1.80% → $25k - $50k | 1.85% → $50k - $100k
1.80%*$100k*-12 Month IRA
OTHER TIERS: 1.50% → $500 - $2.5k | 1.55% → $2.5k - $5k | 1.60% → $5k - $10k | 1.65% → $10k - $25k | 1.70% → $25k - $50k | 1.75% → $50k - $100k
1.50%*$100k*-6 Month IRA
OTHER TIERS: 1.20% → $500 - $2.5k | 1.25% → $2.5k - $5k | 1.30% → $5k - $10k | 1.35% → $10k - $25k | 1.40% → $25k - $50k | 1.45% → $50k - $100k
1.00%*$100k*-3 Month IRA
OTHER TIERS: 0.85% → $500 - $25k | 0.90% → $25k - $50k | 0.95% → $50k - $100k
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