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IBEW Local 56 Federal Credit Union


TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/5/2025
3.60%
Our Rating
4.3  / 5
American Express
American Express® High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/5/2025
3.80%
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to 3.80% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms apply. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/5/2025
3.50%
Our Rating
4.4  / 5
Capital One
360 Performance Savings
See Offer
Sponsored Note: It only takes about 5 minutes to open a fee-free account. Member FDIC.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/5/2025
4.31%
Our Rating
4.0  / 5
Vio Bank
Cornerstone Money Market
See Offer
Sponsored Note: Interest is compounded daily, growing your money fast
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/5/2025
4.44%
Our Rating
4.3  / 5
Peak Bank
Envision High Yield Savings
See Offer
Sponsored Note: Member FDIC: Insured up to $250,000. $100 Deposit Earns Interest Immediately.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/5/2025
4.00%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
See Offer
Sponsored Note: Earn more with a min. balance of $5K. Savings starts at $100. FDIC Insured.
Member FDIC
Bonus Amount
up to $300
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to $300 with direct deposit, plus 2-day-early-pay. FDIC insured!
Overview / Commentary
ibew56fcu.org
814-455-4307
962 West 20th Street
Erie, PA 16502

IBEW Local 56 Federal Credit Union is headquartered in Erie and is the 215th largest credit union in the state of Pennsylvania. It is also the 3,583rd largest credit union in the nation. It was established in 1961 and as of March of 2025, it had grown to 3 employees and 1,560 members at 1 location. IBEW Local 56 Federal Credit Union's CD rates are 5X the national average, and it has a B health rating.

Field of Membership Restrictions

IBEW Local 56 Federal Credit Union is open to employees of I.B.E.W. Local #56, Advanced Business Systems, Stroehmann Bakery, Birkmire Transportation Services, Advanced Protection Services, Metro Health Center, A-1 Automotive, Furman Enterprises, Inc., AAA West Penn/Erie County, Signal-Tech, West Erie County Democratic Committee members in select counties of Pennsylvania.
See current membership details

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Health
B

Data as of Q1 2025

Learn why bank health matters
Additional Factors: Institutions with a small asset base, a short operating history, or negative return on assets can represent an instability risk beyond what their financial ratios indicate. IBEW Local 56 Federal Credit Union has a low asset base.

Health Grade Components

Overall
NCUA #14247
Year Chartered1961
Employees3
Primary Regulator
Profit Margin
Return on Assets - YTD1.57%
Return on Equity - YTD14.19%
Annual Interest Income$128K
Assets and Liabilities
AssetsQ1 2025vs Q1 2024$11.1MM$10.6MM
LoansQ1 2025vs Q1 2024$4.8MM$4.7MM
DepositsQ1 2025vs Q1 2024$9.8MM$9.5MM
Equity CapitalQ1 2025vs Q1 2024$1.2MM$1MM
Loan Loss AllowanceQ1 2025vs Q1 2024$32K$30K
Unbacked Noncurrent LoansQ1 2025vs Q1 2024$64K$42K
Real Estate OwnedQ1 2025vs Q1 2024$0$0
TODAY'S FEATURED RATES
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/5/2025
3.60%
Our Rating
4.3  / 5
American Express
American Express® High Yield Savings Account
See Offer
Sponsored Note: Interest compounds daily, deposited monthly
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/5/2025
3.80%
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to 3.80% APY and up to $300 with direct deposit. Members can unlock our highest savings rate with direct deposit OR by depositing $5,000 or more every 30 days. Terms apply. Member FDIC
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/5/2025
3.50%
Our Rating
4.4  / 5
Capital One
360 Performance Savings
See Offer
Sponsored Note: It only takes about 5 minutes to open a fee-free account. Member FDIC.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/5/2025
4.31%
Our Rating
4.0  / 5
Vio Bank
Cornerstone Money Market
See Offer
Sponsored Note: Interest is compounded daily, growing your money fast
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/5/2025
4.44%
Our Rating
4.3  / 5
Peak Bank
Envision High Yield Savings
See Offer
Sponsored Note: Member FDIC: Insured up to $250,000. $100 Deposit Earns Interest Immediately.
Member FDIC
APY APY = Annual Percentage Yield Rates as of 7/5/2025
4.00%
Our Rating
4.2  / 5
CIT Bank
Platinum Savings
See Offer
Sponsored Note: Earn more with a min. balance of $5K. Savings starts at $100. FDIC Insured.
Member FDIC
Bonus Amount
up to $300
Our Rating
4.2  / 5
SoFi® Bank, N.A.
SoFi Checking and Savings
See Offer
Sponsored Note: Earn up to $300 with direct deposit, plus 2-day-early-pay. FDIC insured!
Rates
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Always verify rates and promotions with the bank or credit union. We are not IBEW Local 56 Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

IBEW Local 56 Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.81%*$50k*-Coverdell Educational IRA Savings Account
OTHER TIERS: 0.76% → $25 - $10k | 0.78% → $10k - $50k
0.30%$0-Regular Share Savings Account
0.30%$0-Vacation Share Savings Account
0.30%$0-Holiday Share Savings Account
0.30%$0-Investment Share Savings Account
0.30%$0-Christmas Club Savings Account

IBEW Local 56 Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.03%$0-Share Draft Checking Account

IBEW Local 56 Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.12%*$50k*-6 Month Dividend Paid at Maturity Share Certificate
OTHER TIERS: 4.06% → $1k - $25k | 4.09% → $25k - $50k
4.06%*$50k*-12 Month Dividend Paid Monthly Share Certificate
OTHER TIERS: 4.01% → $1k - $25k | 4.04% → $25k - $50k
3.49%*$50k*-36 Month Dividend Paid Monthly Share Certificate
OTHER TIERS: 3.42% → $1k - $25k | 3.46% → $25k - $50k
3.44%*$50k*-24 Month Dividend Paid Monthly Share Certificate
OTHER TIERS: 3.37% → $1k - $25k | 3.41% → $25k - $50k

IBEW Local 56 Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.81%*$50k*-IRA Savings Account
OTHER TIERS: 0.76% → $25 - $10k | 0.78% → $10k - $50k
Locations


IBEW Local 56 Federal Credit Union Locations
Branch Office962 W 20TH STErie, PA 16502-2401

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