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 rates page as of 8/20/2012.
The CD details are listed in the credit union's disclosure, "Truth In Savings: Share Certificates". This is available in the credit union's disclosure page. According to this disclosure, the early withdrawal penalty for terms over 1 year is 180 days of dividends. One EWP exception that's listed is "where the account is an IRA or Keogh and the owner attains age 59½".
Empower FCU has a long list of employers and associations. However, I don't see any easy-to-join association that can qualify anyone for credit union membership. You can also qualify for membership if you live, work, worship, or attend school in one of several areas in New York State. Some of these include the City of Buffalo, City of Binghamton, City of Syracuse, City of Utica and Oswego County. Please refer to the credit union's membership page for more details. Membership requires a minimum $25 in the share savings account.
Credit Union Overview
Empower FCU is a sizable credit union with many branches located throughout New York State.
The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 6.74% (excellent) based on March 2012 data. Please refer to our financial overview of Empower FCU for more details. The credit union is federally insured by the NCUA (Charter # 3025).
Searching for the Best CD and IRA CD Rates
To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com: