Many thanks to DA reader, QED, for posting in the Forum that Sun East Federal Credit Union (Sun East) has recently become an easy membership requirement credit union. This is great news because now virtually all DA readers are eligible to open Sun East’s 27-month CD Special (3.50% APY). The minimum deposit is $500 of new money, with no stated balance cap.
|3.50%||$500||-||Sun East Federal Credit Union||27 Month CD Special - New Money Only|
|3.50%||$500||-||Sun East Federal Credit Union||27 Month IRA Special - New Money Only (Traditional, Roth)|
The 27-month CD Special is also offered as an IRA (Traditional, Roth), earning the same APY with the same funding requirements.
Sun East’s website is light on documentation, so the following information is from CSR.
- The Early Withdrawal Penalty is 180 days interest on the amount being withdrawn.
- Funding a CD Special can be by check, wire, or ACH.
- Maturing CD funds are automatically transferred to a Sun East savings account. From there, a cashier’s check can be issued – no wire or ACH transfer available
Excess Share Insurance
Looking to deposit more than $250k, but concerned about deposit coverage at Sun East?
Deposits insured up to $500,000.
$250,000 by the National Credit Union Administration, a U.S. Government Agency, and $250,000 by ESI, a licensed property and casualty insurer.
Thanks again to the aptly-named QED for sharing his experience with Sun East.
Headquartered in Ashton, in southeast Pennsylvania, Sun East Federal Credit Union has recently expanded its field of membership (FOM). As of last month, virtually any U.S. citizen or resident alien (18 years or older) with a valid Social Security number qualifies for membership by joining the Sun East Charitable Foundation.
Sun East’s Membership Page lists five different ways to “pre-qualify for membership.” The fifth option is “Pre-Qualify by Support.”
Support the Sun East Charitable Foundation. For a donation of only $10, you not only help worthy individuals and organizations in the greater Brandywine Valley, but you will also pre-qualify for a Sun East membership.
Joining Sun East Charitable Foundation and the Credit Union can be done simultaneously using the online application.
The other options to pre-qualify include:
By Location: Residents of Nottingham, Oxford, and Philadelphia (Pennsylvania) or Newark and Wilmington (Delaware) qualify, with Zip Code being the final determinant.
By Family Member: Immediate family members (parent, child, spouse, sibling, grandparent, grandchild) of a current Sun East member are welcome to apply.
By Employer: Employees of more than 1,000 SEGs (drop-down menu available on membership page) also qualify for membership.
By Community: Individuals who worship, attend school, or volunteer in Nottingham, Oxford, and Philadelphia (Pennsylvania) or Newark and Wilmington (Delaware) are membership eligible.
Joining Sun East Federal Credit Union and/or opening a CD Special can be done online, or at any of seven Pennsylvania branches located in Ashton, Avondale, Concordville, Nottingham, Springfield, Upper Chichester, and Upper Darby. There is also a Wilmington, Delaware branch in the Concord Gallery Shopping Center.
Credit Union Overview
Sun East Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.42% (excellent) based on September 30, 2018 data. In the past year, Sun East has increased its total non-brokered deposits by $11.02 million, an above average annual growth rate of 2.36%. Please refer to our financial overview of Sun East Federal Credit Union (NCUA Charter #6160) for more details.
Founded in 1949 as the Sun Oil Marcus Hook Federal Credit Union, Sun East Federal Credit Union is currently Pennsylvania’s 17th largest credit union, with more than 50,000 members and assets in excess of $583 million. Along with five other southeast Pennsylvania credit unions, Sun East has partial ownership in First Heritage Mortgage Services.
First Heritage Mortgage Services provides versatile, cost effective and integrated turnkey mortgage solutions and services to nearly 90 partner credit unions that have combined assets of over $11 billion and more than 1.1 million members throughout Pennsylvania and Delaware. First Heritage is endorsed as the exclusive mortgage service provider for the Pennsylvania Credit Union Association (PCUA).
How the CD Special Compares
When compared to 205 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Sun East Federal Credit Union's 27-month CD Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.50% APY||27-month CD Special||Sun East Federal Credit Union|
|3.15% APY||23-Month Online CD||ConnectOne Bank|
|3.14% APY||Senior Citizen 2-Year CD||State Bank of India (IL)|
The above rates are accurate as of 12/15/2018.
To look for the best CD rates, both nationwide and state-specific, please refer to our CD Rates Table page.