Olean Area Federal Credit Union (Olean Area) is currently offering two CD Specials: 14-month (1.10% APY) and 27-month (0.75% APY). Of the two, the 14-month obviously has the most competitive APY. The minimum opening deposit for the CD Specials is $500, with no stated balance cap.
|1.10%||$500||-||Olean Area Federal Credit Union||14 Month CD Special|
|0.75%||$500||-||Olean Area Federal Credit Union||27 Month Special CD|
|0.75%||$500||-||Olean Area Federal Credit Union||27 Month IRA Special (Traditional, Roth)|
The 27-month CD Special is also available as an IRA CD Special (Traditional, Roth, SEP), earning the same APY with the same deposit requirements.
According to CSR, the Early Withdrawal Penalty for the 14-month CD Special is 120 days of interest on the amount being withdrawn, with partial withdrawals allowed.
Lucky Savers Share Certificate
The 12-month Lucky Savers Share Certificate (0.75% APY) has been part of Olean Area’s product line for more than five years. Lucky Savers is a prize-linked savings share certificate that offers the chance to win prizes, in addition to earning a fixed interest rate.
As stated on the Lucky Savers landing page,
- Automatically entered into monthly cash drawings for every $25 increase in balance
- Maximum monthly deposit of $250 ($3,000 per year)
- Maximum of 10 entries per member per month
- Allowed one withdrawal per 12-month term for a fee of $25
Olea Area’s myDividendChecking is a rewards checking account that earns 2.00% APY on qualify balances up to $10k.
|2.00*%||$300||$10k||Olean Area Federal Credit Union||myDividendChecking|
|OTHER TIERS: 0.10% → $10k+|
The monthly qualification requirements are easily met and do not include a direct deposit or ACH transaction.
- At least 15 POS debit card transactions
- Receive E-statements
Headquartered in Olean, New York, Olean Area Federal Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, or attend school in the New York counties of Cattaraugus or Allegany, or the Pennsylvania counties of McKean or Potter, eligible to join. Businesses and organizations in those four counties also qualify for membership.
Immediate family members and household members of current Olean Area members are also eligible. “Immediate family member” is defined as spouse, child, sibling, parent, grandparent, or grandchild, including step- and adoptive relationships. “Household” is defined as “persons living in the same residence maintaining a single economic unit.”
Joining Olean Area can be done online or at any of four New York branches, located in Allegany, Olean (2), and Porterville (recently opened). There is no mention of any branch COVID-related restrictions (hours, appointments, etc.) on Olean Area’s website.
Visit our Portville location between February 1st – 12th and
enter to win a $25 gift certificate, Amazon Echo or 65" TV!
According to CSR, opening a CD cannot be done online, but can be opened at any of the above-mentioned branch locations.
We hold $5 in your primary share savings account as your ownership interest.
Olean Area participates in the CO-OP ATM network, but not the Shared Branch network.
Credit Union Overview
Olean Area Federal Credit Union has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 0.96% (excellent) based on September 30, 2020 data. In the past year, Olean Area has increased its total non-brokered deposits by $38.89 million, an excellent annual growth rate of 15.43%. Please refer to our financial overview of Olean Area Federal Credit Union (NCUA Charter # 21083) for more details.
Established in 1972 as the Olean Dresser Federal Credit Union, the original FOM was exclusive to the employees of Dresser Clark. (As one of the largest employers in Olean, Dresser Clark produced 75% of the country's direct driven angle engine compressors during the leadup to WWII.) In 1981, a community charter was adopted. For sentimental reasons, the “Dresser Clark” name continued to be included in the credit union’s name, with the Olean Area rebrand occurring in 2002. Currently the 42nd largest credit union headquartered in New York, Olean Area Federal Credit Union has more than 19,200 members and assets in excess of $342 million.
How the CD Special Compares
When compared to the similar length of term CDs tracked by DepositAccounts.com that require a similar minimum deposit of and are available within the FOM, Olean Area Federal Credit Union’s 14-month CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.10% APY||14-Month CD Special||Olean Area Federal Credit Union|
|0.80% APY||1-Year Fixed CD||Lafayette Federal Credit Union|
|0.75% APY||14-Month CD||Evansville Teachers Federal Credit Union|
The above rates are accurate as of 2/8/2021.
Looking for the best CD rates, either nationwide or state-specific? Please refer to our CD Rates Table page.