Sunmark Federal Credit Union (Sunmark) raised the rate on its 18-month Regular Share Certificate (1.50% APY) yesterday. The minimum deposit is $150K, with no balance cap. Unlike Sunmark’s other Certificates, no additional deposits are permitted.
This is a new product (added in early October), and yesterday’s 25 basis point increase was the first rate change.
The 18-month Regular Share Certificate is also available as an IRA (Traditional), earning the same APY with the same funding requirements.
As stated on Sunmark’s Truth In Savings document, the Early Withdrawal Penalty reads as follows:
If you withdraw any principal, including any credited dividends, before the maturity date on a term share account with a term greater than one year, you will be penalized six months’ dividends.
Headquartered in Latham, Sunmark Federal Credit Union offers membership to individuals who live, work, worship, attend school, own a business, or volunteer in the following New York (Capital Region) counties of Albany, Montgomery, Rensselaer, Saratoga, Schenectady, and Schoharie.
In addition, there are hundreds of companies and organizations listed as membership eligible Community Business Partners. Complete details can be found on Sunmark’s Membership page.
Sunmark is a member of the CO-OP Shared Branch network, which gives members access to over 5,000 nationwide credit union branches and over 2,000 self-service locations.
Credit Union Overview
Sunmark Federal Credit Union (NCUA Certificate #1884) has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 14.76% (above average) based on September 30, 2015 data. In the past year, Sunmark FCU has increased its total deposits by $33.31 Million, an excellent annual growth rate of 8.57% APY. Please refer to our financial overview of Sunmark Federal Credit Union for more details.
Sunmark Federal Credit Union was established in 1937 as the Schenectady General Electric Turbine Department's Federal Credit Union. In 1983, the name was shortened to Turbine Federal Credit Union and soon after, two additional branch offices were opened in Glenville. The most significant growth happened in 2002, following a name change to Sunmark, with membership opened to all residents of the Capital Region. Today Sunmark Federal Credit Union has assets in excess of $473 Million and more than 48,800 members.
How the CD Compares
When compared to the 256 CDs tracked by DepositAccounts.com that are available to New York residents, Sunmark Federal Credit Union's 18-month CD APY currently ranks second, regardless of minimum deposit.
The above rates are accurate as of 12/23/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.