For a limited time, PSECU is offering special rates on its 24-month CD (3.00% APY) and 36-month CD (3.25% APY). The minimum opening deposit is $500, with no stated balance cap.
PSECU CDs are available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements and options.
48- and 60-month CDs
Two weeks ago, I wrote about PSECU’s competitive long-term CDs, which offered an add-on component. While the rates for the 48-month CD (2.75%) and 60-month CD (3.00% APY) are still in effect, the add-on feature is no longer available.
As stated in the Truth-In-Savings disclosure, the Early Withdrawal Penalty reads as follows:
For 3-24 month certificates, any early withdrawal will cause a forfeiture of 90 days’ worth of dividends on the principal amount withdrawn, whether or not the certificate has earned an initial dividend.
For 36-60 month certificates, any early withdrawal will cause a forfeiture of 180 days’ worth of dividends on the principal amount withdrawn, whether or not the certificate has earned an initial dividend.
Funding and Accessing Maturing Funds
CDs can be funding online through ACH, wire transfer, or by check. Maturing funds can be distributed through a cashier’s check or transferred to a PSECU checking or savings account. There is a 10-day grace period before a CD automatically renews.
Headquartered in Harrisburg, Pennsylvania, PSECU’s field of membership (FOM) provides a way to join for almost any Pennsylvania resident. When I wrote about PSECU earlier this month, I had been told by CSR that anyone, regardless of where they lived, could join PSECU. This morning, I was told that information was wrong: membership is limited to Pennsylvania residents.
Easy Membership: Joining the Pennsylvania Recreation and Park Society (PRPS) qualifies for membership. “PRPS membership costs $20 per year, but we will cover $10 of that when you join.” This is a one-time fee, as it is not necessary to renew the PRPS membership to maintain your PSECU membership.
Employment: Employees of Pennsylvania government agencies (both state and local), municipalities, or school districts are eligible to join, as are employees of more than 1,800 Pennsylvania companies.
Educational Relationship: Employees, students, and alumni of a number of Pennsylvania colleges and universities also qualify for membership.
Family Relationship: Household and immediate family members of current PSECU members are welcome to apply. “Immediate family” is defined as spouse, parent, child, sibling, grandparent, and grandchild, including step and adoptive relationships.
PSECU also has 21 eBranches throughout the state, where “members can ask staff about our products and services and how to use them.” While no teller-assisted transactions are available, the eBranches do have an ATM and computers available for members to use. The eBranches are located in Bethlehem, Bloomsburg, California, Cheyney, Clarion, East Stroudsburg, Elizabethtown, Indiana, Kutztown, Lancaster (2), Lock Haven, Mansfield, Millersville, Philadelphia, Reading, Selinsgrove, Shippensburg, State College, West Chester, and York.
Each member must maintain at least one share ($5 par value) in Regular shares.
PSECU participates in the CO-OP ATM network, with access to nearly 30,000 surcharge-free ATMs.
Getting cash, making deposits, and checking your balance just got easier. With our network of ATMs around the globe, we give you the access to manage your money easily. You’ll get an added benefit, too: Free ATMs (that is, ATMs with no surcharge).
PSECU also offers rebates on surcharge fees from non-network ATMS:
- For members with direct deposit – rebates up to $20 per month.
- Without direct deposit – rebates up to $8 per month.
Credit Union Overview
PSECU has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.26% (excellent) based on March 31, 2019 data. In the past year, the Credit Union has increased its total non-brokered deposits by $200.91 million, an excellent annual growth rate of 4.27%. Please refer to our financial overview of PSECU (NCUA Charter # 64131) for more details.
Originally known as the Pennsylvania State Employees Credit Union, PSECU was established in 1934 and was “born out necessity.”
Our 22 founders were state workers, struggling against low wages and a high cost of living. They were living paycheck to paycheck. Banks didn’t want to lend them money, and loan sharks were charging as much as 40% interest.
As Pennsylvania’s largest credit union, PSECU currently has nearly 456,000 members and assets in excess of $5.5 billion.
How the CDs Compare
When compared to 410 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, PSECU's 36-month CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.25% APY||36-Month CD||PSECU|
|3.00% APY||36-Month CD||MAC Federal Credit Union|
|2.89% APY||36-Month CD||Hughes Federal Credit Union|
When compared to 422 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, PSECU's 24-month CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.00% APY||24-Month CD||PSECU|
|2.85% APY||21-Month Promotional CD||First Peoples Community Federal Credit Union|
|2.80% APY||24-Month CD||MAC Federal Credit Union|
The above rates are accurate as of 8/20/2019.
To look for the best CD rates, either nationwide or state specific, please refer to our CD Rates Table page.