At the end of last week, TruMark Financial Credit Union (TruMark Financial) raised the rate on its 60-month Jumbo CD (2.30% APY, $75k minimum) and 60-month CD (2.25% APY, $500 minimum).
|2.30%||$75k||-||TruMark Financial Credit Union||60 Month Jumbo CD|
|2.25%||$500||-||TruMark Financial Credit Union||60 Month CD|
In the past two months, both CDs have experienced three rate increases, with each CD adding 35 basis points to their APY.
As stated in TruMark Financial’s Truth in Savings Disclosure brochure, the Early Withdrawal Penalty reads as follows:
The amount of penalty is as follows: terms greater than 12 months - 180 days of interest.
In November, I wrote about TruMark Financial’s checking account bonus (up to $150). While it was advertised as a limited-time promotion two months ago, it’s still available today. All of TruMark Financial’s four checking accounts (Basic, Plus, Premium, and Smart Start), qualify for the bonus(es). Complete details can be found in my earlier blog post.
Headquartered in Fort Washington, Pennsylvania, TruMark Financial Credit Union’s field of membership is residency based, with individuals who live, work, worship, volunteer, or attend school in the Southeastern Pennsylvania counties of Bucks, Chester, Delaware, Montgomery, and Philadelphia eligible to join.
Joining TruMark Financial and/or opening a CD can be done online or at any of 15 Pennsylvania branches located in Conshohocken, Fort Washington, Jenkintown, Levittown, North Wales, Philadelphia (4), Richboro, Springfield, Trooper, Upper Darby, Warrington, and Wayne.
Credit Union Overview
TruMark Financial Credit Union (NCUA Charter # 66158) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 3.69% (excellent) based on September 30, 2016 data. In the past year, TruMark Financial has increased its total non-brokered deposits by $166.9 million, an excellent annual growth rate of 12.14%. Please refer to our financial overview of TruMark Financial Credit Union for more details.
Chartered in 1939 as the Philadelphia Telco Credit Union, its stated mission was "To help members reach their financial well-being" and "To be the first place our members turn for all their financial needs." After 64 years of serving the employees of Bell Telephone Company of Pennsylvania, changing to a community charter expanded the field of membership. As a result of that charter change, the Philadelphia Telco Credit Union became TruMark Financial Credit Union in 2003. From the original handful of founding members, today’s Credit Union members number more than 117,000 and holds assets in excess of $1.8 billion.
How the CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available to residents of Southeast Pennsylvania, TruMark Financial Credit Union’s 60-Month Jumbo CD and CD APYs currently rank third and fourth respectively, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.40% APY||60-Month CD ($60k min)||United States Senate Federal Credit Union|
|2.32% APY||5-Year Share Certificate ($5k min)||Melrose Credit Union|
|2.30% APY||60-Month Jumbo CD ($75k min)||TruMark Financial Credit Union|
|2.25% APY||60-Month CD ($500 min)||TruMark Financial Credit Union|
The above rates are accurate as of 1/16/2017.