SJP Federal Credit Union Offers Rate-Leading Long-Term CDs

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UPDATE: 7/15/2021 – Membership is no longer nationally available

Deal Summary: CDs – 36-month (1.20% APY), 48-month (1.50% APY), 60-month (1.70% APY), and 84-month (2.00% APY), $500 minimum deposit.

Availability:Easy membership requirement in Buffalo, NY area only

As DA reader, ichaelm, noted in a recent Forum post, New York-based SJP Federal Credit Union offers its product line nationwide and currently has very competitive long-term CDs. With APYs ranging from 1.20% to 2.00%, the 36-, 48-, 60-, and 84-month CDs can be opened with a $500 minimum deposit and no stated balance cap.

As stated on the Savings Rates page, the Early Withdrawal Penalty (EWP) reads as follows:

The early withdrawal penalty is equal to half the days interest to maturity earned on the respective term.

I read the EWP several times, but wasn’t quite sure what it actually meant. CSR translated that awkwardly worded sentence for me: the EWP (no matter the term length) is half of the interest that has been earned. Only early closures are allowed; no partial withdrawals are permitted. Earned interest cannot be withdrawn, as dividends are paid at maturity.

According to CSR, the funding a CD can be done by ACH or by check. Unfortunately, SJP FCU does not participate in the CO-OP Shared Branch network.

Maturing funds can be distributed through a cashier’s check to the address on file or transferred into an SJP FCU savings or checking account. There is a 10-day grace period before a CD automatically renews.

Availability

Headquartered in Buffalo, New York, SJP Federal Credit Union’s field of membership (FOM) has historically been affiliated with a number of Catholic churches and Catholic organizations in the Buffalo area. The FOM now includes an easy membership requirement (EMR), making virtually every U.S. citizen or resident alien (with a valid Social Security number) eligible to join.

While it’s always great to find another EMR FOM, I have reservations about SJP FCU. This is a small credit union: $111 million in assets, 6,700+ members, 12 employees, and one branch location. The excellent rates will probably result in a lot of applications, which might cause SJP FCU to lower rates or put limitations on membership or on the CDs.

Easy Membership Requirement – The last membership eligibility option on the online application reads, “I do not currently belong to any of these [15] organizations.” Selecting that option brings up the following,

If you do not currently belong to any of these organizations you may qualify for membership by joining the Buffalo Sports & Wellness Association (DBA Healthy Buffalo). Click here to become a member.

A Healthy Buffalo Basic Membership costs $10 and according to the “Join Now” page,

gives you voting rights in the organization, discounts and invitations to members events, and eligibility to join SJP Federal Credit Union.

Employees of seven Buffalo area businesses (including St. Joseph’s Collegiate Institute) are also eligible to join, as are the parishioners of St. Joseph University Parish, St. James Roman Catholic Church (Buffalo), St. Amelia’s Parish (Tonawanda), and Blessed Sacrament Roman Catholic Church. Members of the Knights of Columbus Councils #2535 and #3076 and the Blessed Sacrament Home School Association also qualify for membership.

Family members of an existing SJP FCU member are welcome to apply.

Joining SJP FCU can be done online or at the sole New York branch located on Englewood Avenue in the Kenilworth neighborhood of Buffalo.

While opening a checking account or Money Market account can be done online, opening a CD must be done at the Englewood branch location, or over the phone once a new membership is established.

Establishing a new SJP FCU membership requires a $1 membership fee and $5 minimum deposit into a share account.

Credit Union Overview

SJP Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.01% (excellent) based on March 31, 2021 data. In the past year, SJP FCU has increased its total non-brokered deposits by $16.89 million, an excellent annual growth rate of 20.51%. Please refer to our financial overview of SJP Federal Credit Union (NCUA Charter # 3306) for more details.

SJP Federal Credit Union was established in 1939 as the St. Joseph’s Parishioners Credit Union.

It all started in 1939, in an era when big banks catered almost exclusively to the wealthy, leaving ordinary citizens without access to fair and competitive financial services. It was then, that a small group of St. Joseph’s Parishioners set out on a mission to create a place where fellow parishioners could save and borrow money safely, confidentially and at a fair rate of interest.

SJP FCU is currently the 83rd largest credit union headquartered in New York, with more than 6,700 members and assets in excess of $111 million.

How the CDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, all of SJP Federal Credit Union's long-term CD APYs currently rank first.

The above information and rates are accurate as of 7/14/2021.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Buffalo CD rates, 5-year CD rates, nationwide deals



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