It’s been nearly two years since California-based Xceed Financial Credit Union (Xceed) offered any blog-worthy product. That changed this week with the introduction of the Xclusive Money Market, which earns 2.00% on balances between $50k and $500k. Balances between $25k and $50k earn 1.50%, with balances less than $25k earning 0.25% APY.
- The 2.00% APY is guaranteed through June 30, 2020. After that date, the rate may change weekly.
- The minimum opening deposit is $25k of new money, which is defined as funds “not from an existing Xceed Financial Credit Union account.”
- There is a limit of one Xclusive Money Market account per individual member.
- The maximum balance allowed is $500k. If the balance should exceed $500k, the excess balance will be transferred to the member’s regular savings account.
- Check writing is available.
- There is a $30 account closure fee if the Xclusive Money Market account is closed within 90 days of the opening date.
There’s one sentence in the fine print on Money Market Rates page I find worrisome:
In addition, Credit Union reserves the right, at any time, with no advance notice, at the Credit Union’s sole discretion to no longer allow additional deposits to be made into the Account.
CSR wasn’t able to give me an example of a situation that would result in additional deposits not be allowed or the rationale behind the limitation.
Thanks to DA reader, me1004, for the Forum post about this Money Market special.
Headquartered in El Segundo, California, Xceed Financial Credit Union has a way to join for almost any U.S. citizen or resident alien who has a valid Social Security number.
Easy Membership Requirement - Members of the following organizations are eligible to join Xceed: Friends of the Webster Public Library ($10 fee), Heal the Bay ($25 membership fee), Buffalo Zoo ($45 fee), and Seneca Park Zoo ($55 fee).
Employment - Employees and retirees of Xerox and more than 50 other SEGs are eligible for membership.
Residency - Individuals who live, work, worship, or attend school in any of the following communities are eligible to join: Carrollton, Dallas, Farmers Branch, Irving, and Lewisville, Texas; Greater Rochester, New York; Rosemont, Illinois; San Jose, California; and St. Petersburg, Florida.
Family Relationship - Family members (parents, siblings, spouses, grandparents, children) and roommates of current Xceed members are welcome to apply.
Joining Xceed and/or opening an Xclusive Money Market account can be done online, or at any of the nine full-service branches located in Southern California (4) and in the greater Rochester (NY) area (5). There is also a single branch in Parsippanny, New Jersey, located near the Xerox facility.
Establishing a membership requires a minimum $5 deposit into a Regular Savings account.
Xceed Financial participates in the CO-OP Share Branch and ATM networks.
Credit Union Overview
Xceed Financial has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.26% (excellent) as of June 30, 2019 data. Xceed has an excellent capitalization level (11.15%), the result of holding $878.57 million in assets with $97.99 million in equity. Please refer to our financial overview of Xceed Financial Credit Union (NCUA Charter # 20068) for more details.
Xceed Financial Credit Union was established in 1964 as Scientific Data Systems (SDS) Credit Union. Located in Southern California, SDS was a technology pioneer that was acquired by Xerox in 1969. SDS was renamed Xerox Data Systems and in 1970, the Credit Union became Xerox Federal Credit Union. The Xceed Financial Credit Union re-brand occurred in 2008, as part of a multi-year transformation. Xceed is currently California’s 56th largest credit union, with more than 52,500 members and assets in excess of $878 million.
How the Xclusive Money Market Compares
When compared to the Money Market Accounts tracked by DepositAccounts.com that are available nationwide, Xceed Financial Credit Union's Xclusive Money Market APY currently ranks fifth, regardless of minimum balance requirements. The rate guarantee only increases the APY’s intrinsic value.
The above rates are accurate as of 12/6/2019.
Looking for the best Money Market Account rates, either nationwide or state specific? Please refer to our Money Market Account Rates Table page.