Last week, GPO Federal Credit Union (GPO) introduced two limited-time Share Certificate Specials: 24-month (1.50% APY) and 48-month 2.25% APY). Of the two, the 48-month is the most competitive.
|2.25%||$1k||-||G.P.O. Federal Credit Union||48 Month Share Certificate Special|
|1.50%||$1k||-||G.P.O. Federal Credit Union||24 Month Share Certificate Special|
The minimum deposit for either is $1k of new money, with no stated balance cap.
According to CSR, the Early Withdrawal Penalty for the 48-monthe Share Certificate Special is 210 days of interest.
Headquartered in New Hartford, in New York’s Mohawk Valley, GPO Federal Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, or attend school in Herkimer County, and the following cities/town in Oneida County: Annsville, Ava, Boonville, Floyd, Florence, Forestport, Marcy, New Hartford, New York Mills, Oneida, Oriskany, Remsen, Rome, Utica, Whitestown, Whitesboro, and Yorkville.
Employees and retirees of a variety of SEGs, which are located in the Greater Utica area (92), the Oneida area (24), and the Ilion/Dolgeville area (35).
GPO has an Online Membership Request, to begin the application process. “Upon receiving your online membership request, you will be contacted by a member service representative from your chosen branch.”
For quicker service, the Credit Union suggests an in-person visit to at any of seven New York branches located in Barneveld, Dolgeville, Ilion, New Hartford, Oneida, and Utica (2).
Credit Union Overview
GPO Federal Credit Union (NCUA Charter # 22931) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 19.43% (above average) based on June 30, 2016 data. In the past year, GPO has increased its total deposits by $20.37 million, an excellent annual growth rate of 10.39%. Please refer to our financial overview of GPO Federal Credit Union for more details.
GPO’s history began in 1931 when Utica postal employees recognized they had few banking options.
The Great Depression was paralyzing the country. Banks weren’t always the safest option. So, a group of forward-thinking postal employees got together and started the Utica, NY Postal Credit Union.
While the original FOM included only postal workers based in Utica’s Federal Building, it was constantly changing as more companies began to offer GPO membership to their employees. The Credit Union was re-branded as GPO (Government, Postal, and Occupational) in 1984 to better represent the changing FOM. GOP is currently New York’s 46th largest credit union, with more than 28,600 members and assets in excess of $242 million.
How the Share Certificate Compares
When compared to the 185 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available with the FOM, GOP Federal Credit Union’s 48-Month Share Certificate Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.25% APY||48-Month Share Certificate Special||GPO Federal Credit Union|
|2.00% APY||49-Month Share Certificate Special||NASA Federal Credit Union|
|1.81% APY||4-Year Share Certificate||Melrose Credit Union|
The above rates are accurate as of 11/21/2016.