Sharonview FCU (SC) Has Competitive 36-Month IRA Special

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Availability: Residents of the NC Counties of Bladen, Cleveland, Gaston, and Robeson; NC Cities of Charlotte, Salisbury, and Wilmington; and Greenville, SC; hundreds of NC and SC SEGs.

South Carolina-based Sharonview Federal Credit Union (Sharonview FCU) is offering a 36-month IRA Special (2.00% APY). The minimum opening deposit is $500 of new money, with no maximum balance cap.

Unlike Sharonview FCU's other IRAs and CDs that have tiered APY rates, the 36-month IRA Special’s 2.00% APY applies to all deposit levels.

As stated in Sharonview FCU’s Membership Agreement and Disclosure brochure, the Early Withdrawal Penalty reads as follows:

Unless stated otherwise, owners of accounts with a stated term of more than one year shall forfeit an amount equal to up to 180 days dividends on the amount withdrawn, or the length of the term, whichever is less, when any withdrawal is allowed.

Availability

Headquartered in Fort Mill, South Carolina, Sharonview Federal Credit Union offers membership through a variety of ways.

Residency: Individuals who live, work, attend school, volunteer regularly, or worship in the North Carolina Counties of Bladen, Cleveland, Gaston, and Robeson; North Carolina Cities of Charlotte, Salisbury, and Wilmington; and Greenville (West End), South Carolina are eligible to join.

Employment: Employees and retirees of hundreds of North Carolina and South Carolina SEGs are eligible for membership.

Membership: Members of 22 organizations, including several churches and HOAs, are eligible to join.

Relationship: Family and household members of current Sharonview FCU members are eligible for membership.

Complete details concerning membership eligibility can be found on the first screen of Sharonview FCU’s online application.

Joining Sharonview FCU and/or opening an IRA can be done online, or at any of the nine North Carolina branches located in Charlotte (3), Fayetteville, Mount Holly, Salisbury, Shelby, Tar Heel, and Wilmington, or at any of the six South Carolina branches located in Florence, Fort Mill, Greenville, Greer, Simpsonville, and Spartanburg.

The membership application is also available as a download, which can be completed and then mailed or dropped off at a branch location.

Credit Union Overview

Sharonview Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.28% (excellent), based on June 30, 2015 data. In the past year, Sharonview FCU has increased its total deposits by $24.42 Million, an excellent annual growth rate of 3.2%. Please refer to our financial overview of Sharonview Federal Credit Union for more details.

Sharonview Federal Credit Union (NCUA Certificate # 22548) was founded in 1976 with $11K in assets, after 20 factory workers met with a North Carolina Credit Union League representative. As Sharonview FCU looks forward to its 40th anniversary, membership has grown to over 63,600 members, with assets in excess of $1.1 Billion.

How the IRA Compares

When compared to the 134 similar length-of-term IRAs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to South Carolina/North Carolina residents, Sharonview Federal Credit Union’s 36-month IRA currently ranks first.

The above rates are accurate as of 9/17/2015.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Comments
2.50% 12-Month Jumbo CD at Sharonview FCU in NJ, SC & NC - Limited Membership

Sharonview Federal Credit Union is offering some very competitive CDs and IRA CDs especially for large deposits. The most competitive CDs for a $100K minimum include:

  • 2.25% APY 6 months
  • 2.50% APY 12 months
  • 2.75% APY 24 months
  • 3.00% APY 36 months

Rates are 25 basis points less for a $50K minimum deposit and 50 basis points less for a $10K deposit. Even for a $10K deposit, the 6- and 12-month CD rates are still competitive.

Unfortunately, membership appears primarily limited to select employer groups. There's not many details on the credit union's Join page....

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6.25% 60-Month Variable CD at a Carolina CU (part 2)
Sharonview Federal Credit Union is offering a 6.25% APY 60-month CD. It's a variable rate based on the Prime Lending Rate minus 1%. It changes according to that rate every January 1 and July 1. The minimum required deposit is $500. The early withdrawl penalty is 180 days of interest. Sharonview also has a 5.25% APY 36-month variable certificate of deposit. The rate of that CD is based on the Prime Lending Rate minus 2.5% on January 1 and July 1 of each year.

I first mentioned this CD in January....

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6.25% 60-Month Variable CD at a Carolina CU
Sharonview Federal Credit Union is offering a 6.25% APY 60-month CD. It's a variable rate based on the Prime Lending Rate minus 1%. It changes according to that rate every January 1 and July 1. The minimum required deposit is $500. The early withdrawl penalty is 180 days of interest.

Even though this is a variable rate certificate, it still seems like a good deal. The Prime Lending Rate will likely not go down any time soon. A history of the Prime Rate is available here.

Sharonview FCU also has some high...



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