At the end of last week, Sperry Federal Credit Union (Sperry FCU) raised the rate on its 18-month CD (1.80% APY). The minimum opening deposit is $500, with no stated balance cap.
The 18-month CD is also offered as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.
Part of the product line for nearly two years, the 18-month CD has experienced six rate changes, three of which occurred in the last two months. A total of 105 bps has been added to the rate since early April.
As stated in the Agreements and Disclosures document, the Early Withdrawal Penalty (EWP) reads as follows:
For Accounts with a term to maturity greater than six
months, the penalty imposed will equal 180 days' dividends.
With such a mild EWP, it’s worth mentioning Sperry FCU’s 60-month, which currently earns 2.30% APY. DA’s Early Withdrawal Penalty Calculator shows what the effective yields would be:
- 1.15% APY – broken at 1 year
- 1.54% APY – broken at 18 months
- 1.73% APY – broken at 2 years
- 1.93% APY – broken at 3 years
- 2.03% APY – broken at 4 years
Headquartered in Garden City, New York, Sperry Federal Credit Union’s field of membership (FOM) includes individuals who live, work, worship, attend school, volunteer, or do business in Nassau County (Long Island).
Immediate family members and household members of current Sperry FCU members also qualify for membership.
Joining Sperry FCU and/or opening a CD must be done in person at the single Long Island branch located on the Jericho Turnpike in Garden City. The Membership Application is available as a download to expedite the process.
Credit Union Overview
Sperry Federal Credit Union has an overall health grade of "C+" at DepositAccounts.com, with a Texas Ratio of 24.54% (average) based on March 31, 2017 data. In the past year, Sperry FCU has increased its total non-brokered deposits by $4.5 million, an above average annual growth rate of 1.91%. Please refer to our financial overview of Sperry Federal Credit Union (NCUA Charter # 1787) for more details.
Sperry Federal Credit Union was founded in 1936 as Sperry Associates Federal Credit Union by a group of Sperry Gyroscope Corporation employees. The Corporation and the Credit Union were both named for Elmer Ambrose Sperry, the developer of the first ballistic gyrocompass system. The Sperry gyroscope was used by the U.S. Navy on many of its battleships, including the U.S.S. Delaware, U.S.S. Drayton, U.S.S. Utah, and U.S.S. Worden.
In 2005, membership was extended to all Nassau County residents and the Sperry Federal Credit Union rebrand occurred. Sperry FCU is currently New York’s 44th largest credit union, with more than 14,600 members and assets in excess of $259 million.
How the CD Compares
When compared to the 290 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Sperry Federal Credit Union's 18-Month CD Special APY currently ranks first.
These rates are accurate as of 6/12/2017.