Sun East Fed Credit Union Offers 27-Month CD Special, 3.50% APY

POSTED ON BY

Deal Summary: 27-month CD Special, 3.50% APY, $500 minimum deposit, new money.

Availability: Easy membership requirement

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.50%$500-Sun East Federal Credit Union27 Month CD Special - New Money Only
3.50%$500-Sun East Federal Credit Union27 Month IRA Special - New Money Only (Traditional, Roth)
Rates as of December 18, 2018.

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  • The Early Withdrawal Penalty is 180 days interest on the amount being withdrawn.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.

Availability

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 RateCD Length of TermCredit Union/Bank
3.50% APY27-month CD Special Sun East Federal Credit Union
3.15% APY23-Month Online CDConnectOne Bank
3.14% APYSenior Citizen 2-Year CDState 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.

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

Comments
Att
Att   |     |   Comment #1
Hum What to do?
ddbrege
ddbrege   |     |   Comment #2
I think I'll pass on this one and maybe this move by Sun East will pressure some of the other institutions to bump rates a little higher before the end of the year.
Rosedala
Rosedala   |     |   Comment #32
I was hoping for some 4%s for under 5 years before the end of the year... Well, we still have half a month to go... :)
sadas
sadas   |     |   Comment #3
whats the ewp?
Carpline
Carpline   |     |   Comment #9
As Ken wrote above, "The Early Withdrawal Penalty is 180 days interest on the amount being withdrawn."
RJM
RJM   |     |   Comment #4
I might do a 24-27 month deal at 3.5%+ come Jan 16th...if it's somewhere withOUT a fee to join. (This is not for me)

Cannot do anything until then. Not liquid.
#5 - This comment has been removed for violating our comment policy.
Ann
Ann   |     |   Comment #6
When I called the CSR said this special was ending early next week and that they would not honor the rate if you opened the account but funding hadn’t arrived by the deadline.
QED
QED   |     |   Comment #7
The way I did it might work for some persons. Sun East allows a maximum deposit of $550, into your savings at time of opening, using a credit card (CC). For me they were willing a couple of days later to open the CD using $500 of that CC money. Thereafter, once the CD was open, they allowed me to add on to that opening $500 CD deposit as the money arrived at Sun East via ACH. It took me a couple of days to get all of my money to them, in increments. But it was not a problem, and the individual parcels of money went into the CD upon arrival.  I did have to telephone them each time and request they move the incoming parcel of money for that day from savings to the CD.  That transfer was not done automatically.  Also I should point out that my subsequent add-on deposits were FAR larger than that initial $500 opening deposit.  However, there was no impact on the maturity date of my CD.  My maturity date was set in stone when the CD was first opened with only the $500.  The subsequent much larger deposits did not change my maturity date.

What I do not know is how quickly they will make CC deposits available to open the CD. It would be best to check with them on that one. I actually never tried to open the CD itself online. All I did was open my savings that way. My CD was opened by telephone once funding was available in savings. I certainly agree the CD must be opened by the deadline, whatever that turns out to be. However, it is possible the CD does not have to be fully funded by the deadline. CD opening and CD full funding are not the same thing at Sun East.  At least that was my experience.  
Newbie1
Newbie1   |     |   Comment #14
Are you okay with the idea of a cashiers check for the maturing funds?
Rosedala
Rosedala   |     |   Comment #33
QED, I can't believe how money institutions have become like divas where they impose their arrogant methods for us to open accounts. Why all that merry-go-round??? Shame on them!!!
underdog
underdog   |     |   Comment #10
Pass. Too many problems with this CU it seems (in funding, in hoping you get a decent CSR, the low ACH amounts, etc). Too bad because I wouldn't mind this term -- looking for a good rate on a 30-month (or thereabouts) CD (not 36mo). But not worth the hoops I fear, for the amount I have left that I'd like to put into a 30-mo CD (about $10k).
edinperk
edinperk   |     |   Comment #21
Agreed. $10 to join and $5 to close, per the fee schedule: http://docs.suneast.org/disclosures/sun_east_fee_schedule.pdf This CU is about a 40 minute drive for me and I'm passing due to all of the strings attached. Sharon Bank is offering a 39 month 3.5% APY CD without those fees (also a 40 minute drive) -- hesitating but pondering that. Rather odd that a CU has more 'fees' than a competing local bank.
DCGuy
DCGuy   |     |   Comment #15
This account is open to residents of Nottingham. That would make the Robin Hood account also a perfect fit.
Sylvia
Sylvia   |     |   Comment #16
They're in the shared branch network, https://www.suneast.org/about/branches-atms/. I assume this would be the quickest (and cheapest) way to fund CD.
slimjimmy51
slimjimmy51   |     |   Comment #17
I went to a branch to open the CD. What I didn’t like was Sun East doing a hard pull on my credit report. There is no reason to do a hard pull, I’m not opening a credit card or taking out a loan. They will use my money to lend out to make money for the bank. Don’t make my credit score go down for making your credit union money.
larry
larry   |     |   Comment #18
Wow, that's like a punch below the belt! Why on earth do they have to do a hard pull? I also don't quite understand what Ken posted, "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." Wonder why they don't have the traditional deposit insurance?
FresnoMan
FresnoMan   |     |   Comment #20
Isn't coverage provided by NCUA considered "traditional" deposit insurance to you? It IS a Credit Union and that's who insures Credit Unions. The additional coverage seems to be a bonus; that is if it is trustworthy. Fortunately, or unfortunately for me, I don't have the additional $250K to worry about.
larry
larry   |     |   Comment #23
For some strange reason we do not trust NCUA nor the additional insurance. Call us old school, but we do not trust them to repay when s h i o t hits the fan. FDIC on the other hand is good as gold to us. We still do deals with CU's, but only if they are big and well established. From our prospective, we have to be sure because we invest in Max limits. We never invest in some two bit outfit regardless of their rates.
#24 - This comment has been removed for violating our comment policy.
#26 - This comment has been removed for violating our comment policy.
#34 - This comment has been removed for violating our comment policy.
#29 - This comment has been removed for violating our comment policy.
QED
QED   |     |   Comment #25
I am responding here to Newbie1's comment #14, above.

Ken wrote:

"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."

I cannot be certain. But I think what Ken is saying there is that the Sun East platform has no capability at all to initiate ACH transfers. All Sun East can do on their own is to snail mail you a check.

However, and I'm still guessing and uncertain, I do not believe Ken is foreclosing the possibility of initiating an ACH transfer external to Sun East and pulling your money out of savings at maturity that way.  That is how most of us with a hub account would do the transfer anyway.

I do agree with Newbie1 that Ken's words convey a situation possibly a bit draconian.  But his use of the word "available", instead of the word "allowed", I think offers us a large measure of hope it all will be OK.
QED
QED   |     |   Comment #27
Responding to my own post here to add a word about hub accounts. Hub accounts would be off topic generally on any CD deal thread. Except it appears anyone doing the Sun East deal had better have one. I have been reading Ken's work for many years. I'm pretty certain he once did a feature on hub accounts, though perhaps not recently.

OK, I just used Ken's search feature. Sure enough he did do a special write up regarding hub accounts over eight years ago. Here is the link:

https://www.depositaccounts.com/blog/best-internet-banks-to-use-as-your-hub-account.html

That write up is still worth a read by anyone who does not already have a hub account.
#28 - This comment has been removed for violating our comment policy.
Anon
Anon   |     |   Comment #30
I originally joined when Ken posted a couple of weeks ago since it said I lived in the area that qualified, only to find out it was not correct but the the CSR said you can join by making a contribution to the charity. The only thing that was different from all the other Credit Unions I joined over the years that were posted here is that this one would not open the CD until my check cleared after making a deposit at the share branch even though it posted in my savings. This set me back about 6-7 days and made me nervous, but the CSR said the rate was going to be around for two weeks. If that person was correct it will probably end sometime in the middle of the week. I know from experience you also get a different story when you speak to a different CSR.
PabloSavin
PabloSavin   |     |   Comment #31
Go long folks . 5 to 10 years. You may loss a little up front but when the feds lower the rates you’ll be happy
Slimjimmy51
Slimjimmy51   |     |   Comment #35
Reply to comment 21. Before going to Sharon Bank, check out the early withdrawal penalty. 730 days isn’t a penalty it’s a ripoff.
5.25% 60-Month CD at Sun East FCU in Pennsylvania
Sun East Federal Credit Union is offering a special 60-month certificate with a yield of 5.25% APY and an interest rate of 5.12%. This special CD rate is listed in the credit union's certificate rate table as of 11/18/08. The other two certificate specials listed are not nearly as competitive. These include a 3.75% APY 15-month certificate and a 3.50% APY 25-month certificate. According to the Certificates Overview Page, you may choose to have your monthly interest credited to the certificate balance, posted to a Share Account or have a...
Continue Reading
5.25% 60-Month No-Penalty CD at a PA CU
The Sun East Federal Credit Union has a unique type of CD special. You can get 5.00% APY on a 60-month term. You can get 5.25% APY if you open a checking account with direct deposit. The minimum deposit requirement is $500. What's interesting about this certificate of deposit is that there's no penalty after the first 12 months.

This no-penalty feature potentially makes this 60-month CD better than a 5.25% 12-month CD. Like a 12-month CD, you can have access to the money for better investments or for other needs...

Continue Reading
4.50% Money Market Account at a PA CU
The Sun East Federal Credit Union has a Premier Money Market Account that pays 4.50% APY. It requires $25K to open and the balance must be over $25K to earn interest. There's no mention of fees for low balances.

The credit union has a field of membership that includes all those who live, work or worship in parts of the Philadelphia area. There's also a long list of eligible companies and organizations.

The main office is in Aston Pennsylvania. Seven other branches are in Philadelphia, Boothwyn, Concordville, Upper Darby and Nottingham.

This Premier...





Continue Reading


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.