While the CDs offered by New York-based SeaComm Federal Credit Union (SeaComm) experienced modest rate drops about two months ago, the long-term CDs have remained quite competitive. The 5-year CD currently earns 1.55% APY, with the 4-year CD currently earning 1.55% APY. The minimum opening deposit is $1k, with no stated balance cap.
Both CDs are also available as IRA CDs (Traditional and Roth), earning the same APYs with the same deposit requirements.
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, or St. Lawrence, or the Vermont counties of Chittenden, Franklin, or Grand Isle eligible to join.
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 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 2.43% (excellent), based on March 31, 2020 data. In the past year, SeaComm has increased its total non-brokered deposits by $22.39 million, an excellent annual growth rate of 4.78%. 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 most recent FOM expansion occurred in late 2017 when three Vermont counties were added. SeaComm Federal Credit Union is currently the 26th largest credit union headquartered in New York, with nearly 49,000 members and assets in excess of $589 million.
How the CDs Compare
As the FOM crosses state lines, a comparison to nationally available CDs is appropriate.
When compared to 186 nationally 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 174 nationally 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.
The above rates are accurate as of 7/25/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.