Sun East Federal Credit Union Adds MAX-Yield MMA, 2.20% APY
Pennsylvania-based Sun East Federal Credit Union (Sun East) started September by offering a new version of its MAX-Yield Money Market Account. The latest MAX-Yield MMA earns 2.20% APY (guaranteed for 13 months following account opening) on balances between $5k and $250k. The minimum opening deposit is $5k of new money, defined as not being “existing Sun East Funds or Sun East transferred funds.”
After the initial 13-month promotional term, the MAX-Yield MMA and corresponding promotional APY, will then revert to a Classic MMA with the corresponding account terms and then-current APY; currently .10% as of 9/3/19.
This limited-time offer isn’t the typical MMA: fee-free withdrawals are restricted to only one per calendar quarter. Each withdrawal in excess of the one free withdrawal per calendar quarter will incur a $15 fee.
The $10 monthly service fee will be waived if an average daily balance of $5k is maintained.
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.
Availability
Headquartered in Ashton, in southeast Pennsylvania, Sun East Federal Credit Union expanded its field of membership (FOM) late last year. Virtually any U.S. citizen or resident alien (18 years or older) with a valid Social Security number now 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 MAX-Yield Money Market Account 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.
When you join Sun East Federal Credit Union and deposit as little
as $5, you become a member and shareholder of the credit union.
Sun East participates in the CO-OP Shared Branch Network with nearly 30,000 surcharge-free branches and ATM locations nationwide.
Credit Union Overview
Sun East Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.40% (excellent) based on June 30, 2019 data. In the past year, Sun East has increased its total non-brokered deposits by $65.86 million, an excellent annual growth rate of 13.5%. 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 16th largest credit union, with more than 51,300 members and assets in excess of $634 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 MAX-Yield Money Market Account Compares
With only one no-penalty withdrawal per quarter, the MAX-Yield Money Market Account is more like a No-Penalty CD than a traditional Money Market Account. When compared to the currently available No-Penalty CDs tracked by DepositAccounts.com that are available within the FOM, Sun East Federal Credit Union's MAX-Yield Money Market Account APY currently shares the top spot with Goldman Sachs Bank’s 11-month No Penalty CD APY.
The above rates are accurate as of 9/5/2019.
Ally Bank has an 11-month no-penalty CD, and with a $5,000 deposit the APY is 2.05%.
CIT bank has an 11-month no-penalty CD, with a $1,000 minimum and the APY is also 2.05%.
These are both major banks but neither is listed in the table of top comparisons of no-penalty CD rates.
Yet PurePoint Financial, with a $10,000 minimum (higher minimum in Sun East account), for a 13 month no penalty CD, and an APY of only 2.00% is listed.
What am I missing?
The only thing I can think of is that the PurePoint has the same 13 month term at the Sun East account has. Maybe that's why it's included? But I would think the value of the table would be to show you best options. And since the list he sorted by APY you would think these other two CDs (and possibly others I don't know) should be included.
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As to the advertising disclaimer, I know that there are some rate comparison sites out there that clearly exclude information that might adversely affect their advertising revenue. And I know that this site has to make a living so, understandably, they need to be cognizant of their advertisers best interests. But I'm not sure that explains this omission. If it does, that would severely limit the credibility of any analysis they provide. I think (hope) their intent is to be editorially neutral, but I'm still baffled by omissions like this.