Kinecta Federal Credit Union And Xceed Financial Credit Union Merge
It’s been almost three years since I last wrote about California-based Kinecta Federal Credit Union (Kinecta). While not the most familiar name in EMR credit unions and rarely having top rates, Kinecta has consistently offered good Share Certificate rates for several years. With the recent merger of Xceed Financial Credit Union (approximately $900 million in assets and 50,000+ members nationwide), Kinecta may be positioned to offer more competitive products and rates.
The most competitive Share Certificate currently in the product line is the 2-year, with rates of 0.75% APY ($100k min) and 0.70% APY ($1k min).
All of Kinecta’s Share Certificates are available as IRA Certificates (Traditional, Roth), earning the same tiered APYs with the same deposit requirements.
According to the fine print on the VIP Page, Promotional Certificates qualify for a VIP Bonus. Kinecta’s Gold Club and Hughes Gold Elite Club offer an additional 0.05% and 0.10% rate increase, respectively, on new and renewing Share Certificates.
Kinecta offers two outstanding complimentary VIP programs for our members who qualify. No extra effort needed: you’ll get a welcome letter when you are automatically enrolled.
As stated on the VIP Membership page, the requirements for the Gold Club reads as follows:
Gold Club - Minimum of $150,000 in combined balances (loans, deposits, & investments) including minimum of $10,000 in deposits & investments.
Either of the following: (A) minimum monthly average direct deposit of $250 to share accounts; OR (B) minimum monthly average of 3 transactions tied to share accounts.
The requirements for the Hughes Gold Elite Club are the same as for the Gold Club, but the Hughes Gold Elite Club also requires 20 or more years of Kinecta membership.
As stated in Kinecta’s Truth-in-Savings document, the Early Withdrawal Penalty reads as follows:
The Credit Union will terminate the Term Share Certificate Account and impose a penalty on the amount of withdrawal from the account if a withdrawal of principal is made prior to the Maturity Date.
If the Term Share Certificate has a term to maturity greater than one (1) year, the penalty imposed will equal one-hundred eighty (180) days of dividends.
Availability
Headquartered in Manhattan Beach in Southern California, Kinecta Federal Credit Union's field of membership (FOM) offers a qualifying option for almost any U.S. citizen/resident alien with a valid Social Security number.
Easy Membership – Joining Innovision Society qualifies for Kinecta membership. Kinecta’s online application allows you to join Innovision Society and Kinecta simultaneously, with Kinecta paying the $10 membership fee.
Residency – Individuals who live, work, or attend school in select Zip Codes of Anaheim, Lancaster, Rialto, Santa Ana, and the Greater Los Angeles area qualify for membership.
Employment – Any current or retired employee of 500+ Select Employee Groups and their immediate family and household members are eligible for membership.
Association – Members of the El Segundo Sunshine Lions Club, Grand View Elementary PTA, Manhattan Beach Lions Club, Manhattan Heights Senior Citizens Club, Neptunian Woman's Club, and Riviera United Methodist Church are eligible to join.
Relationship – Immediate family (spouse, parent, child, sibling, grandparents, grandchild, step-family) or a household member of a Kinecta member qualify for membership.
Joining Kinecta and/or opening a Certificate can be done online, or in-person at any of 23 California branches located in Brea, El Segundo (3), Fountain Valley, Gardena, Goleta, Hawthorne, Hermosa Beach, Lakewood, Malibu, Manhattan Beach, Newport Beach, Redondo Beach, Rolling Hills Estates, Santa Monica, Torrance (2), Tustin, Westchester, Westlake Village, Westminster, and Woodland Hills.
Kinecta will keep branches, ATMs, and digital banking services open.
If you are in a designated high-risk group (such as over 65 years of age, or with a chronic health condition like heart disease, lung disease or diabetes), our branch locations will serve you by appointment 1-hour prior to opening (8am – 9am).
A minimum $5 deposit in a Regular Share Account establishes a Kinecta membership.
Kinecta participates in both the CO-OP Share Branch and ATM networks.
Credit Union Overview
Kinecta Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.87% (excellent) based on March 31, 2021 data. In the past year, Kinecta has increased its total non-brokered deposits by $548.14 million, an excellent growth rate of 12.4%. Please refer to our financial overview of Kinecta Federal Credit Union (NCUA Charter # 4142) for more details.
Hughes Aircraft Employees Federal Credit Union (HAEMFCU) was established in 1940 because of an inconvenience: employees of the Hughes Aircraft Company were using too much of their lunchtime driving downtown to handle their finances. The solution? An employee credit union located in the Hughes Aircraft plant. HAEMFCU continued to grow and service its members for 60 years, and in July 2001, the name was changed to Kinecta Federal Credit Union. On April 1, 2021, Xceed Financial Federal Credit Union officially merged into Kinecta,
after which the continuing credit union will operate as Kinecta Federal Credit Union. With approximately $6 billion in assets, nearly 300,000 members and 32 locations, it will be the nation’s 35th largest credit union, California’s eighth largest in terms of asset size, and the largest credit union operating in the South Bay area of Los Angeles County.
How the Share Certificate Compares
When compared to 204 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Kinecta Federal Credit Union’s 2-year Share Certificate APY currently ranks fourth, regardless of minimum deposit requirements.
The above rates are accurate as of 6/4/2020
To look for the best CD rates, either nationwide or state specific, please refer to our CD Rates Table page.
