Just when you didn’t expect too much to happen on a scorching hot July weekend, TruMark Financial Credit Union (TruMark Financial) raises the rates on its long-term CDs: 36-month CD (2.25% APY), 48-month CD (2.50% APY), an 60-month CD (2.75% APY).
The minimum opening deposit of $500, and while there is no maximum balance cap stated, TruMark Financial’s Jumbo CDs (with significantly lower APYs) require a $75K minimum deposit. I will verify the balance cap matter with TruMark Financial on Monday.
N.B. - In a Live Chat this morning, CSR confirmed that, "The 36, 48 and 60 month CDs have no maximum."As stated in TruMark Financial’s Truth in Savings Disclosure brochure, the Early Withdrawal Penalty reads as follows:
The penalty is calculated as a forfeiture of part of the interest that has been or would be earned on the account, regardless of whether that interest has actually been earned.
The amount of penalty is as follows: terms of 12 months or less - 90 days of interest; terms greater than 12 months - 180 days of interest.
Membership eligibility in TruMark Financial Credit Union is residency based. Anyone who lives, works, worships, volunteers, or attends school in the Southeastern Pennsylvania counties of Bucks, Chester, Delaware, Montgomery, and Philadelphia is eligible to join. Complete details are available on TruMark Financial’s Credit Union Eligibility page.
Joining TruMark Financial and/or opening a CD can be done online or at any of 16 Pennsylvania branches located in Conshohocken, Jenkintown, Levittown, North Wales, Philadelphia (5), Richboro, Springfield, Trevose, Trooper, Upper Darby, Warrington, and Wayne.
Credit Union Overview
TruMark Financial Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.15% (excellent) based on March 31, 2015 data. In the past year, TruMark Financial has increased its total deposits by $98.25 Million, an excellent annual growth rate of 7.73%. 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 (NCUA Charter # 66158) 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 109,000 and holds assets in excess of $1.6 Billion.
How the CDs Compare
When compared to other similar length of term CDs (389 3-year CDs, 330 4-year CDs, 336 5-year CDs) tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Pennsylvania residents, TruMark Financial Credit Union’s long-term CDs currently head the list.
The above rates are accurate as of 7/26/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.