Now through May 31, 2018, Scient Federal Credit Union (Scient) is offering three Special Rate Share Certificates, all with different funding requirements. Of the three, the 50-month (3.00% APY) is the most competitive.
The 50-month requires a minimum $500 opening deposit, and is capped at $10k for existing money and $250k for new money. According to CSR, the Early Withdrawal Penalty is 182 days of interest.
The other two Special Rate Share Certificates are a 5-month (5.00% APY) and a 25-month (2.50% APY).
As stated in the fine print on the Share Certificates page,
2.50% APY is valid on the special 25-month Share Certificate for new deposits only to Scient Federal Credit Union. Minimum balance is $1,000, maximum is $250,000.
5.00% APY is valid on the special 5-month Share Certificate for new and existing deposits to Scient Federal Credit Union. Minimum balance is $500, maximum is $5,000.
According to CSR, the Early Withdrawal Penalty for the 25-month is 182 days of interest and 60 days of interest for the 5-month.
With the $5k cap, the 5-month Special Rate Share Certificate will earn approximately $104. This might be tempting as a companion Share Certificate, if you were thinking of opening the 50-month, but as stated on the Share Certificates page,
Promotional rates are limited to one special Share Certificate per Social Security number.
Headquartered in Groton, Connecticut, Scient Federal Credit Union’s field of membership (FOM) includes all residents of Connecticut, Massachusetts, New York, and Rhode Island through membership in the American Consumer Council.
Individuals who live, work, worship, or attend school in any of twelve specified Census tracts in New London County, Connecticut, qualify for membership.
Employees and retirees (and their immediate family members) of more than 90 SEGs (including Pfizer and Connecticut USPS) are eligible to join.
Joining Scient and/or opening a Special Rate Share Certificate can be done online or at any of three Connecticut branches located in Groton, New Haven, and Wallingford. There are also six branches with restricted access at Pfizer facilities in California, Connecticut, Massachusetts (2), New York City, and New Jersey.
The Membership Application is also available as a download and can be returned in-person or by mail.
Scient is a member of the CO-OP Shared Branch network giving its members access to “more than 5,000 branches in all 50 states, Puerto Rico, Guam and military bases around the globe.”
Credit Union Overview
Scient Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.80% (excellent), based on December 31, 2017 data. In the past year, Scient increased its total non-brokered deposits by $8.78 million, an excellent annual growth rate of 4.53%. Please refer to our financial overview of Scient Federal Credit Union (NCUA Charter #24029) for more details.
Scient Federal Credit Union is currently Connecticut’s ninth largest credit union, with more than 19,800 members and assets in excess of $239 million. Although its NCUA charter was granted in 1983, a small group of Pfizer pharmaceutical scientists formed the original Pfizer Employees Credit Union in 1968. The first Credit Union “office” was set up in a Pfizer conference room and every time,
a meeting was held, the credit union would have to stop operations and allow Pfizer to use the conference room.
The conference room quickly became too small for the credit union operations and Pfizer allowed (and bore the expense for) the credit union to move to No. 1 Bill Avenue, the last residential structure of what was once Bill Park, a wartime housing development where President Carter lived while attending Submarine School.
How the Special Rate Share Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Scient Federal Credit Union's 50-month Special Rate Share Certificate APY currently ranks first.
The above rates are accurate as of 5/14/2018.
To search for the best CD rates, both nationwide and state-specific, please refer to our CD rates table page.