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

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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 product line is the 18-month. Like all of Empower’s Share Certificates, the 18-month has seven APY tiers (between 2.60% and 2.90% in increments of 5 bps), with deposit levels ranging from $500 to $100k.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.30*%$100k-Empower Federal Credit Union18 Month Share Certificate
OTHER TIERS: 2.00% $500 - $2.5k | 2.05% $2.5k - $5k | 2.10% $5k - $10k | 2.15% $10k - $25k | 2.20% $25k - $50k | 2.25% $50k - $100k
2.30*%$100k-Empower Federal Credit Union18 Month IRA (Traditional, Roth, CESA)
OTHER TIERS: 2.00% $500 - $2.5k | 2.05% $2.5k - $5k | 2.10% $5k - $10k | 2.15% $10k - $25k | 2.20% $25k - $50k | 2.25% $50k - $100k
Rates as of November 14, 2019.

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

The 30-month and 5-year Share Certificates are also competitive and merit a mention.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50*%$100k-Empower Federal Credit Union5 Year Share Certificate
OTHER TIERS: 2.20% $500 - $2.5k | 2.25% $2.5k - $5k | 2.30% $5k - $10k | 2.35% $10k - $25k | 2.40% $25k - $50k | 2.45% $50k - $100k
2.50*%$100k-Empower Federal Credit Union5 Year IRA (Traditional, Roth, CESA)
OTHER TIERS: 2.20% $500 - $2.5k | 2.25% $2.5k - $5k | 2.30% $5k - $10k | 2.35% $10k - $25k | 2.40% $25k - $50k | 2.45% $50k - $100k
2.30*%$100k-Empower Federal Credit Union30 Month Share Certificate
OTHER TIERS: 2.00% $500 - $2.5k | 2.05% $2.5k - $5k | 2.10% $5k - $10k | 2.15% $10k - $25k | 2.20% $25k - $50k | 2.25% $50k - $100k
2.30*%$100k-Empower Federal Credit Union30 Month IRA (Traditional, Roth, CESA)
OTHER TIERS: 2.00% $500 - $2.5k | 2.05% $2.5k - $5k | 2.10% $5k - $10k | 2.15% $10k - $25k | 2.20% $25k - $50k | 2.25% $50k - $100k
Rates as of November 14, 2019.

As stated in the Truth-in-Savings Disclosure for Share Certificates, the Early Withdrawal Penalty reads as follows:

Terms of 12 months or less: 90 days’ dividends on amounts withdrawn.

Terms of longer than 12 months: 180 days’ dividends on amounts withdrawn.

Availability

Headquartered in Syracuse, New York, Empower Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in a variety of Central and Western New York State locales in eight difference 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 8,000 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.

Joining Empower can be done online or at any of 25 full-service New York branches located in Auburn, Baldwinsville, Canandaigua, Cheektowaga, Chittenango, Cicero, East Syracuse, Elmira, Fayetteville, Fulton (2), Johnson City, Liverpool (2), Oswego, Palatine Bridge, Syracuse (8), and Utica.

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

While several types of accounts can be opened online, Share Certificates must be opened at any of the above-mentioned branch locations or by calling 800.462.5000.

In addition to participating in the CO-OP Shared Branch network, Empower provides its members with access to,

a surcharge-free ATM network with 55,000+ locations, including Empower ATMs, Sharenet network ATMs, select southern [NY] tier ATM locations, and Allpoint's nationwide network.

Credit Union Overview

Empower Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.64% (excellent) based on March 31, 2019 data. In the past year, Empower has increased its total non-brokered deposits by $60.08 million, an excellent annual growth rate of 3.9%. Please refer to our financial overview of Empower Federal Credit Union (NCUA Charter # 3025) for more details.

When I see a non-traditional 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 11the largest credit union in New York, Empower has nearly 200,000 members and assets in excess of $1.8 billion.

How the Share Certificate Compares

When compared to 188 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Empower Federal Credit Union’s 18-month Share Certificate top APY currently ranks third, regardless of minimum deposit.

The above rates are accurate as of 7/17/2019.

Searching for the best CD, either nationwide or in your state? 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, 1-year CD rates, 5-year CD rates

Comments
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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