I haven’t written about Sun Community Federal Credit Union (Sun Community) in nearly six years. While all Sun Community CDs had substantial rates drops (between 32 and 53 bps) in early May, the APYs have remained competitive, particularly the 60-month Jumbo Share Certificate (2.05% APY, $100k minimum) and 60-month Share Certificate (2.00% APY, $500 minimum).
Both the 60-month Jumbo Share Certificate and Share Certificate are available as IRA Certificates (Traditional, Roth, CESA, or SEP), earning the same APYs with the same deposit requirements.
According to CSR, the Early Withdrawal Penalty for the 60-month is 180 days interest, with partial withdrawals allowed.
As stated on Sun Community’s Share Certificates page,
- We make funding your certificate easy using wire transfers, ACH, and checks.
- We offer a one-time rate bump if rate increases throughout the life of your term.
- If needed, we allow you to withdraw as much as 50% of your total funds with no withdraw penalty.
CSR stated a no-penalty withdrawal is possible in case of a medical emergency or imminent foreclosure/eviction.
The other competitive Share and Jumbo Share Certificates in Sun Community's product line include:
Headquartered in El Centro, California, Sun Community Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or volunteer in Imperial County or the Coachella Valley in California, eligible to join.
Joining Sun Community and/or opening a Jumbo Share Certificate requires an in-person visit (by appointment only) to any of seven Imperial Valley and three Coachella Valley branches, but according to the Membership page,
Our Imperial, Holtville, EC Cardenas, and Calipatria branches are temporarily closed. For additional updates on the coronavirus situation please visit the COVID-19 section in our website.
All members are required to open and maintain a Secure Savings account with a minimum balance of $5.
Sun Community participates in the CO-OP ATM network, but not the Shared Branch network.
Credit Union Overview
Sun Community Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.39% (excellent) based on March 31, 2020 data. In the past year, Sun Community has increased its total non-brokered deposits by $35.15 million, an excellent annual growth rate of 8.94%. Please refer to our financial overview of Sun Community Federal Credit Union (NCUA Charter # 9296) for more details.
Chartered in 1954, Sun Community Federal Credit Union was originally known as the Imperial Valley U.S. Employees Federal Credit Union. From the most humble of beginnings (the first office was an unused detention cell in the basement of the Calexico Port of Entry), Sun Community has grown to become the largest locally-owned financial institution in the Imperial Valley, with nearly 44,000 members and assets in excess of $480 million.
How the Jumbo Share Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that available within the FOM, Sun Community Federal Credit Union’s 60-month Jumbo Share Certificate APY currently ranks first, regardless of minimum deposit requirement.
These rates are accurate as of 7/10/2020.
To search for the best CD rates, either nationwide or state specific, please refer to our CD Rates Table page.