GPO Federal Credit Union (NY) Short-Term CDs Have Top Rates
For the past two years, GPO Federal Credit Union (GPO) has offered excellent rates on a variety of CD Specials. While GPO hasn’t added any "wow-worthy" CD Specials so far this year, its 12-month and 24-month Choice Share Certificates are offering competitive rates. The current 0.80% APY (12-month) and 0.85% APY (24-month) have been in effect since dramatic rate drops of 145 bps and 150 bps, respectively, in March 2020. The minimum opening deposit for either Choice Share Certificate is $1k, with no stated balance cap.
The Choice Share Certificates are also available as IRA Certificates (Traditional and Roth), earning the same APYs with the same deposit requirements.
As stated in the Truth-in-Savings document, the Early Withdrawal Penalty (EWP) is based on the term length of the Choice Share Certificate.
Terms of 6 and 12 month – 90 days’ dividends
Terms of 24 month – 120 days’ dividends
Headquartered in New Hartford, in New York’s Mohawk Valley, GPO Federal Credit Union’s field of membership (FOM) expanded two years ago, with individuals who live, work, worship, or attend school in the New York counties of Fulton, Hamilton, Herkimer, Madison, Montgomery, Oneida, or Otsego now eligible to join. (The previous FOM included only Herkimer and Oneida Counties.)
Immediate family members of current GPO members are welcome to apply.
Joining GPO Federal Credit Union and/or opening a Choice Share Certificate can be done online or at any of seven New York branches located in Barneveld, Dolgeville, Ilion, New Hartford, Oneida, and Utica (2). According to GPO’s Locations page, a new branch in Rome is “Coming Soon!” Appointments are available and can be scheduled online.
Every new GPO ownership begins with a Share Savings Account
(minimum $5 deposit), which is our regular savings account.
GPO participates in both the CO-OP Shared Branch network and ATM network.
Credit Union Overview
GPO Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.06% (excellent) based on March 31, 2021 data. In the past year, GPO has increased its total non-brokered deposits by $80.67 million, an excellent annual growth rate of 27.84%. Please refer to our financial overview of GPO Federal Credit Union (NCUA Charter # 22931) for more details.
GPO’s story began in 1931 when Utica postal employees realized there were very few banking options available to them.
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 37th largest credit union, with nearly 34,000 members and assets in excess of $410 million.
How the Choice Share Certificate Compares
When compared to 235 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, GOP Federal Credit Union’s 12-Month Choice Share Certificate APY currently shares the top spot with the APYs offered on Abound Credit Union’s 13-month CD Special and Lafayette Federal Credit Union’s 1-year Fixed CD.
When compared to 222 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, GOP Federal Credit Union’s 24-Month Choice Share Certificate APY currently ranks second.
The above information and rates are accurate as of 8/13/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.