Spring is here and Scient Federal Credit Union (Scient) wants to “help your wealth bloom with our Share Certificate Specials” (SCS). There is a limit of one SCS per Social Security number. Although no end-date is specified for the promotional rates, the landing page states it is a limited-time offer that may be canceled at any time.
Rather than paraphrase the description of the SCS, I’m just going to quote the Share Certificates page.
1.25% APY is valid on the special 9-month Share Certificate and minimum balance is $1,000, maximum balance is $25,000 for new or existing money.
1.75% APY is valid on the special 11-month Share Certificate and minimum balance is $1,000, maximum balance is $100,000 with 50% of the total funds deposited being new funds.
2.00% APY is valid on the special 36-month Bump-up Share Certificate and minimum balance is $1,000, maximum balance is $100,000 with 50% of the total funds deposited being new funds. The special bump-up share certificate allows you to increase your rate once during the term of the certificate, should the rate for that specific certificate increase during the term. Member must contact Scient in writing to initiate rate increase.
According to CSR, the Early Withdrawal Penalty is 60 days of dividends for the 9-month SCS and 182 days of dividends for the 11-month SCS and 36-month Bump-Up SCS.
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.
The Membership Application is also available as a download and can be returned in-person or by mail.
Opening a Share Certificate Special can be done in-branch. You can also start the application process by calling 877.860.6928 or sending an email to Scient.
No matter how you qualify to join, a one-time membership fee of $5 is all that’s required to become a Scient member for life.
Scient is a member of the CO-OP Shared Branch network and ATM network, giving its members access to “more than 5,000 branches and 30,000 surcharge-free ATMs in a vast network that covers 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 0.53% (excellent), based on December 31, 2021 data. In the past year, Scient increased its total non-brokered deposits by $13.62 million, an excellent annual growth rate of 5.9%. 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 12th largest credit union, with nearly 20,000 members and assets in excess of $290 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 9-Month Share Certificate Special Compares
How the 11-Month Share Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, three banks currently have higher rates than offered on the Scient Federal Credit Union 11-Month Share Certificate Special. The following table compares the 11-Month Share Certificate Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 5/17/2022.
To search for the best CD rates, both nationwide and state-specific, please refer to our CD rates table page.