UPDATE: 3/10/2018 - As stated on Sharonview FCU's website, "Limited Time Offer Has Expired (As of 5:00 p.m. ET, March 9, 2018)"
4.00% APY. Do I have your attention?
South Carolina-based Sharonview Federal Credit Union (SFCU) is offering a 64-month Certificate Special earning the first 4.00% APY we’ve seen for a CD in quite a while. The minimum opening deposit is $500 of new money.
The 64-month Certificate is also available as an IRA (Traditional, Roth, and CESA), earning the same 4.00% APY and with the same funding requirements.
According to the fine print on the Savings Rates page,
For the 64-month certificate, Per Member deposit limit
of $250,000 new funds and $100,000 existing funds.
As stated on Savings Rates page, the Early Withdrawal Penalty reads as follows:
Penalty for early withdrawal is 365 days dividends on the amount withdrawn.
I want to thank DA reader, jrich444, for posting this great deal in the Forum. And many thanks to all who commented.
Headquartered in Fort Mill, South Carolina, Sharonview Federal Credit Union offers membership through a variety of ways.
Easy Membership: According to SFCU’s Eligibility page, “Anyone, anywhere in the Carolinas, GA, TN or VA has the opportunity to join Sharonview through the Carolina Consumer Council.” Using promo code, SFCU, when joining waives the membership dues.
Two other EMR organizations are the Hobby Farmers Association of America ($20 annual fee) and the Charlotte Folk Society (dues ranging from $20-$40). Descriptions of these organizations are listed on the Eligibility page, including links.
The comments from DA readers on jrich444’s Forum post provide a lot of good information concerning the EMR.
Residency: Individuals who live, work, attend school, volunteer regularly, or worship in the North Carolina counties of Bladen, Cleveland, Gaston, and Robeson; the North Carolina cities of Charlotte, Salisbury, and Wilmington; and the South Carolina counties of Florence, Greenville, and Spartanburg are eligible to join. There are some Zip Code restrictions, which are listed on SFCU’s online application.
Employment: Employees and retirees of more than 800 North Carolina, South Carolina, and New Jersey SEGs are eligible for membership.
Membership: Members of nearly 30 organizations, including several churches and HOAs, are eligible to join.
Relationship: Immediate family and household members of current SFCU members are welcome to apply.
Complete details concerning membership eligibility can be found on the first screen of SFCU’s online application.
Joining Sharonview FCU and/or opening a Certificate Special can be done online, or at any of the 11 North Carolina branches located in Charlotte (5), Fayetteville, Gastonia, 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. Since I last wrote about SFCU, a single branch location has been opened in Bridgewater, New Jersey.
The membership application is also available as a download, which can be completed and then mailed or dropped off at any branch location.
Credit Union Overview
Sharonview Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.56% (excellent), based on September 30, 2017 data. In the past year, SFCU has increased its total non-brokered deposits by $59.36 million, an excellent annual growth rate of 7.03%. Please refer to our financial overview of Sharonview Federal Credit Union (NCUA Charter # 22548) for more details.
Sharonview Federal Credit Union was founded in 1955 with $11k in assets, after 20 Celanese factory workers met with a North Carolina Credit Union League representative. The rather unusual name comes from two neighboring roads in Charlotte: Sharon Road and Fairview Road. After 60 years of growth and FOM expansion, Sharonview FCU has more than 73,500 members and assets in excess of $1.4 billion.
How the Certificate Special Compares
Allow me to state the obvious: Sharonview Federal Credit Union’s 64-month Certificate Special APY simply has no competition. I’ve chosen nationally available 5-year CDs for this comparison, given the SFCU’s easy membership requirement.
The above rates are accurate as of 3/2/2017.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.