It has been a couple of years since Xceed Financial Credit Union (Xceed) had any products that I considered to be “wow-worthy” or even blog-worthy. That changed last week when Xceed added a 30-month Share Certificate that earns 2.25% APY. The minimum deposit is $500, with no stated balance cap.
In yet another example of the flattening yield curve trend, the 30-month Share Certificate’s APY is actually 25 bps higher than Xceed’s 60-month Share Certificate (2.00% APY).
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
Any withdrawal of the principal amount held in the account that does not reduce the balance of the account below the minimum opening balance will be subject to the following penalties:
the lesser of all dividends earned or ninety (90) days’ loss of dividends (for certificates with a maturity of 365 days or less), or 180 days’ loss of dividends (for certificates with a maturity greater than 365 days), with seven (7) days’ minimum of simple dividends on withdrawals during the first six (6) days.
Headquartered in El Segundo, California, Xceed Financial Credit Union has a way for almost all U.S. citizens and resident aliens with a valid Social Security number to join.
Easy Membership Requirement - Members (and their immediate family 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). Links to these organizations are included on Xceed’s Membership Eligibility page.
Employment - Employees and retirees of Xerox, The Document Company and its subsidiaries, OfficeMax, and nearly 400 other SEGs are eligible for membership.
Residency - Members 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 membership are welcome to apply.
Joining Xceed and/or opening a Share Certificate can be done online, or at any of the 10 full-service branches located in Southern California (4) and in the greater Rochester (NY) area (6). There are also single branches (near Xerox facilities) in Norwalk, CT; Fuquay Varina, NC; Parsippany, NJ; Harrisburg, PA; and Lewisville, TX.
Credit Union Overview
Xceed Financial has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 7.37% (excellent) as of September 30, 2017 data. Xceed has an above average capitalization level (10.37%), the result of holding $923.32 million in assets with $95.72 million in equity. Please refer to our financial overview of Xceed Financial Credit Union (NCUA Charter # 20068) for more details.
Xceed Financial Credit Union began in 1964 as Scientific Data Systems (SDS) Credit Union 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 52nd largest credit union, with more than 64,300 members and assets in excess of $923 million.
How the Share Certificate Compares
When compared to the 197 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, Xceed Financial Credit Union’s 30-month CD APY currently shares second place with two other CDs.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.28% APY||36-Month CD||USALLIANCE Financial|
|2.25% APY||30-Month Share Certificate||Xceed Financial Credit Union|
|2.21% APY||30-Month CD||EBSB Direct|
The above rates are accurate as of 1/9/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.