I wrote about the long-term CDs offered by SeaComm Federal Credit Union (SeaComm) in July. While these CDs had modest rate drops in April, they were still competitive months later as other CD rates continued to fall. With the rates unchanged since April, the 3-year (1.40% APY), 4-year (1.55% APY), and 5-year (1.75% APY) CDs have only become more competitive. The minimum opening deposit is $1k, with no stated balance cap.
All three CDs are also available as IRA CDs (Traditional and Roth), earning the same APYs with the same deposit requirements.
SeaComm’s Enhanced Loyalty Rewards Program can add an additional 10, 15, 25, or 30 bps to longer-term CDs opened by existing members.
As stated in the Truth-in-Savings document, the very mild Early Withdrawal Penalty reads as follows.
Terms of longer than 1 year, 90 days’ dividends
Headquartered in Masena, New York, SeaComm Federal Credit Union’s field of membership (FOM) is residency-based, with individuals who live, work, worship, or attend school in the New York counties of Clinton, Essex, Franklin, Jefferson, Lewis, or St. Lawrence, or the Vermont counties of Chittenden, Franklin, or Grand Isle, eligible to join. (Jefferson and Lewis Counties have been added to the FOM since I wrote about SeaComm last summer.)
Immediate family or household members of an existing SeaComm member (in good standing) are also welcome to apply.
Joining SeaComm and/or opening a CD can be done online, by calling Member Services (800.764.0566), or in-branch. SeaComm has re-opened the lobbies of its six New York branches (Canton, Malone, Massena, Ogdensburg, Plattsburgh, and Potsdam) and South Burlington, Vermont branch in accordance with Governor Cuomo’s Phase-In Transition Plan.
Begin to open up teller transactions in the lobby, again with social distancing and reduction of actual number of people in our lobbies. Every other teller window open 6’ distance enforced.
Extended hours discontinued.
All NYS Department of Health & CDC guidance in effect. Masks mandatory in our lobbies.
A $5 minimum deposit in a Regular Share Account is required to establish a new membership.
SeaComm participates in both the CO-OP Shared Branch and ATM networks.
Make yourself at home at credit unions nationwide.
Our members can visit more than 5,400 CO-OP Shared Branch Locations and hundreds of CO-OP Shared Branch express self-service terminals.
Credit Union Overview
SeaComm Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.91% (excellent), based on September 30, 2020 data. In the past year, SeaComm has increased its total non-brokered deposits by $66.47 million, an excellent annual growth rate of 14.11%. Please refer to our financial overview of SeaComm Federal Credit Union (NCUA Certificate # 15672) for more details.
In 1963, ten Chevrolet Aluminum Foundry employees each contributed $5 for a share in a newly formed credit union in Massena. Like many fledgling credit unions, the first “branch location” was modest: it was a tool box. Within three years, there were more than 350 members and a new location in the local UAW Hall. In the mid-80s, the FOM had expanded to included the residents of St. Lawrence County. Following the closure of the Foundry in 1986, the FOM became solely community-based. The FOM expanded in 2017 (three Vermont counties added) and last fall two New York counties were added. SeaComm Federal Credit Union is currently the 26th largest credit union headquartered in New York, with nearly 50,000 members and assets in excess of $645 million.
How the CDs Compare
As the FOM crosses state lines, a comparison to nationally available CDs is appropriate.
When compared to 179 nationally available similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit, SeaComm Federal Credit Union’s 5-year CD APY currently ranks first.
When compared to 170 nationally available similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit, SeaComm Federal Credit Union’s 4-year CD APY currently ranks first.
When compared to 199 nationally available similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit, SeaComm Federal Credit Union’s 3-year CD APY currently ranks first.
The above rates are accurate as of 1/20/2021.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.