Empower Federal Credit Union (NY) 30-Month Share CD Rate Shoots Up


Deal Summary: 30-month Share Certificate, 5.30% APY ($100k), 5.25% APY ($500).

Availability: Eight Western and Central New York counties.

Following a 225 bps increase at the beginning of the month, the Empower Federal Credit Union (Empower) 30-month Share Certificate now offers rates of 5.30% APY ($100k) and 5.25% APY ($500). When I last wrote about Empower in 2019, all the Share Certificates had seven APY tiers (in increments of 5 bps), with deposit levels ranging from $500 to $100k. Empower has simplified the deposit tiers, with all Share Certificates now having two tiers: $500 and $100k.

4.85*%$100k-Empower Federal Credit Union30 Month Share Certificate
OTHER TIERS: 4.75% $500 - $100k
4.85*%$100k-Empower Federal Credit Union30 Month IRA (Traditional, Roth, CESA, SEP)
OTHER TIERS: 4.75% $500 - $100k
Rates as of April 18, 2024.

Empower Share Certificates are also available as IRA Certificates (Traditional, Roth, CESA), earning the same tiered APYs with the same deposit levels.

If you join Empower for this 30-month Share Certificate, you might also want to open Empower's 3-month Share Certificate. Its rate has been 6.00% APY since May. Its short term may not make it worthwhile, but if you're already a member, it can be easy money.

4.10*%$500-Empower Federal Credit Union3 Month Share Certificate-New Money
Rates as of April 18, 2024.


Headquartered in Syracuse, New York, Empower Federal Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, or attend school in a variety of Central and Western New York State locales in eight different counties eligible for membership.

Counties – Montgomery and Oswego

Cities – Binghamton, Buffalo, Elmira (with some exceptions), Syracuse, and Utica

Towns – Cheektowaga, Geddes, and Union

Villages – Elmira Heights, Horseheads, Liverpool (portions), and New York Mills

Hamlet – Nedrow

Employees of more than 11,800 Member Companies in Syracuse, Central New York, and throughout the state are eligible to join.

Immediate family members (spouse, child, sibling, parent, grandparent, grandchild, stepparents, stepchildren, stepsiblings and adoptive relationships) or household members of current Empower members also qualify for membership.

Account Opening

Joining Empower and/or opening a Share Certificate can be done online or at any of 27 full-service New York branches located in Auburn, Baldwinsville, Binghamton (2), Canandaigua, Central Square, Cheektowaga, Chittenango, Cicero, East Syracuse, Elmira, Fayetteville, Fulton (2), Johnson City, Liverpool (2), Oswego, Palatine Bridge, Syracuse (6), Utica, and Vestal.

With a required minimum balance of only $1, this
account is Step 1 in establishing your membership.

Funding and Other Particulars

The following information is from a conversation with CSR.

  • Funding – ACH, wire, internal transfer, shared branch transaction. CDs must be funded within 30 days of opening.
  • Ownership – Individual, joint, or trust.
  • CO-OP Shared Branch Participant – Yes.
  • Early Withdrawal Penalty – 180 days on amount withdrawn, with partial withdrawals allowed; any withdrawal made within 180 days of account opening will reduce the principal.
  • Dividends – Compounded/credited monthly and cannot be withdrawn penalty free.
  • Maturing Funds – Cashier’s check to address on file or internal transfer to an Empower Share Savings account.
  • Beneficiaries – Unlimited, with equal shares; Social Security numbers are required.
  • Grace Period – 10 calendar days before automatic renewal.
  • Credit Check – Soft pull utilizing Equifax.

Credit Union Overview

Empower Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.60% (excellent) based on June 30, 2023 data. In the past year, Empower has increased its total non-brokered deposits by $186.66 million, an excellent annual growth rate of 7.06%. Please refer to our financial overview of Empower Federal Credit Union (NCUA Charter # 3025) for more details.

When I see an atypical credit union name, I usually wonder about its etymology. While the “Empower” brand could be construed to convey strength or leadership, it’s simply derived from the 2007 merger of Empire Federal Credit Union and Power Federal Credit Union. Empire FCU and Power FCU brought a combined 148 years of operation to the newly christened Empower FCU. Five other mergers occurred between 2008 and 2016, establishing Empower’s dominance in Central New York State. Currently the tenth largest credit union headquartered in New York, Empower has more than 255,000 members and assets in excess of $3.2 billion.

How the 30-Month Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide, have fixed rates, and have minimum deposit requirements of $100k or less, one bank has a higher rate than currently offered on the Empower Federal Credit Union Share Certificate. The following table compares the 30-month Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 12/14/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Binghamton CD rates, Buffalo CD rates, Utica CD rates, Albany CD rates, Rochester CD rates, Syracuse CD rates, Elmira CD rates, 5-year CD rates, IRA CD rates

  |     |   Comment #1
This is a very attractive deal in my view. However, for anyone who cares about the health of Empower, it's a mixed bag:

Bauer has them at five stars (highest rating) as of end of Q3 2023. Ken has not as yet published his Q3 rating. I'll be watching for that one.

Thing is, Weiss Research has downgraded Empower to "B-" from a very high rating of "A-" only one year ago. Weiss is saying Empower liquidity is quite poor. Nevertheless, Empower is among the highest rated credit unions (at Weiss) in their market region. And you have to remember this is New York State, not exactly a growth situation with many people leaving to enjoy greener pastures elsewhere.

All of the above blah, blah, blah aside, I'm grateful to Ken for making us aware of this fine deal!
  |     |   Comment #2
Finally grabbed this CD today; not prior because I did not have funds available until now. The term hit a sweet spot for me. I am frightened in the present environment to commit for a full 60 months. 30 is to me a decent compromise and the rate is quite good.

There are negatives:

You have to open this CD in person at an Empower branch. And even if you are an existing member, they will run ChexSystems on you.

Good luck to all. I might take another bite of this apple if the deal remains active next week when I will have more investable funds . . . . . but I doubt it will still be available in a week.  The rate is too high to last that long.
Empower Federal Credit Union (NY) Offers 2.90% APY On 18-Month CD
Deal Summary: 18-month Share Certificate, 2.90% APY ($100k), 2.85% APY ($50k), 2.80% APY ($25k), 2.75% APY ($10k), 2.70% APY ($5k), 2.65% APY ($2.5k), and 2.60% APY ($500)

Availability: Residents of eight Western and Central New York counties.

It's been nearly seven years since I wrote about Empower Federal Credit Union (Empower). While not known as a prolific producer of competitive CDs, Empower’s good Share Certificate rates established in February, have now become very good rates in July. The most competitive Share Certificate currently in the...

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Competitive CD Rates at Empower Federal Credit Union in New York

Empower Credit Union is one of the few credit unions still offering 2% CDs and IRA CDs. However, you will need a large balance. The top rate is 2.05% APY for 5-, 7- and 10-year terms. This has a $100,000 minimum deposit. The rate is 2.00% APY for a $50,000 minimum. There are 5 lower tiers with yields that range from 1.95% to 1.75%. The 3-year and 4-year CDs are also fairly competitive, but the short-term CD rates are low. These rates are listed in the credit union's deposit...

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6.14% 36-Month / 5.67% 18-Month CD at a New York CU (Telco)
Telco FCU is offering some high certificate rates including a 6.14% APY 36-month CD, a 5.77% APY 24-month CD and a 5.67% APY 18-month CD. These require a minimum deposit of $10,000. Certificates with a $1K minimum are available with lower rates.

Field of membership seems limited to select employer groups and immediate family of members. See site for the full details. Membership requires a minimum deposit of $5 into the share savings account.

Branches are located in Elmira, New York. The credit union is federally insured by the NCUA (Charter #...

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6.00% 6-Month CD Continues at Empower FCU in New York
Empower FCU continues to offer a 6.00% APY 6-month share certificate. It's scheduled to end on May 31st. I thought this was worth reminding folks before it's too late. I first reported on this in mid April. The minimum deposit is $500. It's available for both regular and IRA share certificates.

A reader mentioned being able to get 6.25% APY. There is a 0.25% CD rate bump provided for G-Smart members.

Field of membership includes those who live, work, worship or attend school in several New York cities including Buffalo, Fulton,...

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6.00% 6-Month CD at a New York CU (Empower)
Empower FCU is offering a 6.00% APY 6-month share certificate. The minimum deposit is $500. It's available for both regular and IRA share certificates. According to the front page, the certificate special runs through May 31st.

Field of membership includes those who live, work, worship or attend school in several New York cities including Buffalo, Fulton, Syracuse and Utica. See site for complete list. You can also be eligible to join via a company or an association. There are many societies and associations listed including the American Cancer Society and the...

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