Xcel Federal Credit Union
Popular Accounts at this Credit Union
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 2.00% | 5-year CD | 60 Month CD 2.25% - Ally Bank High Yield 5 Year CD |
| 2.01% | Reward Checking | Kasasa Cash 1.82% - National Average |
| 1.00% | Reward Savings | Kasasa Saver 0.81% - National Average |
Xcel Federal Credit Union is headquartered in Bloomfield and is the 17th largest credit union in the state of New Jersey. It is also the 1,067th largest credit union in the nation. It was established in 1964 and as of December of 2016, it had grown to 37 employees and 19,686 members at 3 locations. Xcel Federal Credit Union's CD rates are 50% higher than the national average, and it has a C+ health rating.
Field of Membership Restrictions
Membership in Xcel Federal Credit Union is open to anyone through joining the American Consumer Council. Membership is also open to employees and members of Bloomfield College, Essex City Electricians Association, Hudson County, US Department of Justice, US Department of Education and over 100 Select Employer Groups.
See current membership details
Related Posts
1/25 - XCEL FCU Removing Toll-Free (800 Phone Number) Access.
12/16 - XCEL FCU 5 Year CD Rate Hike. Quick Look.
8/1 - XCEL Slashes Some CD Rates
7/12 - XCEL FCU 5 Year CD Rate Drop. Quick Look.
1/20 - XCEL FCU (Easy Membership) Restructures Kasasa Cash Account
10/21 - XCEL FCU (Easy Membership) Has Competitive 24-Month CD
8/19/14 - National Deal: 2-Year CD Pays 2%
10/1/13 - New High-Yield Kasasa Accounts at XCEL Federal Credit Union
7/2/12 - Fourth of July 3-Month CD Special at XCEL FCU - Easy Membership
11/8/11 - Update Re XCEL Federal Credit Union Rate Drop
11/7/11 - XCEL Federal Credit Union Planned Rate Drop
10/24/11 - Top CD Rates at XCEL Federal Credit Union - Easy Membership
Max Limit On Rewards Checking Only $25,000
The maximum balance limit that qualifies for the rewards checking rate of 2% has been lowered to $25,000 as of 06/01/16. This was done without any warning to me as a member. I also agree with a previous post that discussed major issues with getting online account access setup. It was an error filled process. My experience with customer service has been from one extreme to the other. It depends who you talk to. Just some things new members should keep in mind before opening an account.
This Is A Tough One
I want to like Xcel, the service has has been very friendly 95% of the time. But otherwise the experience hasn't been great.
First I will say, after less than a year, I will be closing my Kasasa rewards account here, maybe even leaving the CU altogether.
I joined for the Kasasa account less than a year ago, back when you could earn interest on 50K. A few months after joining, I noticed my interest far lower than usual! I check the website and see that it's been lowered to 25K. I know they are under no obligation to tell us this, but still that's a big drop, and it sucked. Soon after that I missed my 12 debits and did not qualify to earn the interest. The next month I qualified, yet the interest was not credited. So I call and they tell me they will correct it, very friendly, great! Yet, a week later still no interest. So I call back, same friendly help and a promise the money will be there by days end. 2 days later, nothing. Again I call, this time I'm on the phone with a supervisor and he makes the deposit while I am on the phone. Resolved.
Unfortunately, each month after that (4 months in a row now) I have had to call to have someone credit me the correct interest. I don't have the time or energy for this, so as soon as I find an alternative, I will be jumping ship. Sorry Xcel, I tried.
Also I think they need to update their website. It feels very dated. Okay, it works, as does the app. Somewhere their system is breaking down, it could be on the software end, could be the people. I don't know. Hopefully they figure it out.
NEVER AGAIN
Had to join American Consumer Council to become a member at a cost of $15. I called to verify there rates and was told I could open a CD at 2.5% as advertised. I email my application to them immediately (this was at about 11am). They waited till closing time to call and say they needed more information and they would finish the process the next day. I received an email first thing in the morning saying I was approved, but by the way our rates went down to 2%. Since this rate is no better than my current bank I guess I just wasted $15.
20Th Century Technology
The login process is ridiculous. It drives MINT crazy. The app looks like it was designed by a 12 year old.
Oh yeah, and I was surprised by the drop from $50K to $25K with absolutely no warning as well. When I chatted online and asked them to at least honor one month at the higher balance, the "branch manager" had to check with somebody and then never responded back as promised.
Would not recommend. Lots of other institutions doing it right.
Let The Buyer Beware - A Complete Nightmare
They made me join some lame $5 outfit, I did.
They had me fund a Savings Acct. with $5. I did.
When I wanted to move over $240K to eventually fund a 5 year CD, it showed an error and that it was empty.
After tinkering with it for two days on their part, the security questions and bypass weren't compatible. The next day, they said the person in charge wasn't in that day, it had to be unlocked.
Later that day, now the woman in charge wouldn't be back for a week, and I had been turned down for trying to open too many credit unions. I explained I needed 3 for full coverage. I had opened 4.
Outrageous, dishonest and unethical. I doubt I will ever see my $10. Imagine if they had gotten the $240K, and it had disappeared?
Thumbs Down
Backwards organization here. They advertise in high-end car magazines proclaiming to be a lender for such automobiles. Well, that's not the case. They seem to have no experience or knowledge of lending on very high dollar vehicles. Don't waste your time with these guys.
They FROZE My Account For WEEKS!
I used to love this credit credit union until all of a sudden they froze account for weeks simply because I was an out of state client that dealt with different c u ' s . There is no law against having more than one bank account. These idiots consider you a terrorist money launderer or drug dealer if you do however. They accused me of kiting. What the heck is that? Depositing checks in there institution and writing check to another in order to take advantage of the float. Hello! Idiots, I have over $30K in this account sitting there earning interest. They finally released my funds and closed the account. They beat to it. I was going to do it any way. Don't be a victim, avoid this institution.
Data as of Q4 2016
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 16218 |
| Year Chartered | 1964 |
| Employees | 37 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.23% |
| Return on Equity - YTD | 3.61% |
| Annual Interest Income | $8.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2016vs Q4 2015 | $181.8MM$169.2MM |
| Loans | Q4 2016vs Q4 2015 | $148.7MM$149.4MM |
| Deposits | Q4 2016vs Q4 2015 | $163.0MM$155.7MM |
| Equity Capital | Q4 2016vs Q4 2015 | $11.7MM$11.7MM |
| Loan Loss Allowance | Q4 2016vs Q4 2015 | $1.7MM$1.2MM |
| Unbacked Noncurrent Loans | Q4 2016vs Q4 2015 | $3.8MM$2.9MM |
| Real Estate Owned | Q4 2016vs Q4 2015 | $0$0 |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Xcel FCU Offering 2-Year CD To "Members" At 1.75% APY
I note, it is not saying "members as of ??? date," or even "those already a member of the CU." As I read it, it has to mean this rate is open to anyone, since you first have to become a member in order to do any business with them. Once you're a member, you're a member, so I have to think this promo would apply. But obviously, you would have to ask, and maybe push some.
Xcel is headquartered in Bloomfield, NJ, and is an easy access CU.
Here is what it said on my statement:
TWO Fantastic LIMITED TIME Offers for XCEL Members
#1: 2-year certificate at a whopping 1.75% APY, $500 minimum
#2: Transfer high rate credit cards to our Visa at only 5.99 APR
Both offers have conditions. Call today (973) ASK XCEL, option 5.
Always verify rates and promotions with the bank or credit union. We are not Xcel Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Xcel Federal Credit Union Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.00% | - | $15k | Kasasa Saver | |
| 0.10% | $50 | - | Regular Savings | |
| 0.10% | - | - | Additional Savings | |
| 0.10% | - | - | IRA Savings | |
| 0.10% | - | - | Holiday Club | |
| 0.10% | - | - | Vacation Club | |
| 0.10% | - | - | CESA Savings |
Xcel Federal Credit Union Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.45%* | $25k* | - | Money Market | ||
| OTHER TIERS: 0.30% → $1k - $2,500 | 0.35% → $2,500 - $10k | 0.40% → $10k - $25k | |||||
Xcel Federal Credit Union Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 2.01%* | - | $25k | Kasasa Cash | ||
| OTHER TIERS: 0.03% → $25k+ | |||||
| 0.05% | $2,500 | - | Checking Account | ||
Xcel Federal Credit Union CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.00% | $500 | - | 60 Month CD | |
| 1.70% | $500 | - | 48 Month CD | |
| 1.60% | $500 | - | 36 Month CD | |
| 1.45% | $500 | - | 24 Month CD | |
| 1.35% | $500 | - | 12 Month CD | |
| 1.05% | $500 | - | 6 Month CD | |
| 0.65% | $500 | - | 3 Month CD |
Xcel Federal Credit Union IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.00% | $5k | - | 60 Month IRA | |
| 2.00% | $5k | - | 60 Month CESA | |
| 1.70% | $5k | - | 48 Month IRA | |
| 1.70% | $5k | - | 48 Month CESA | |
| 1.60% | $5k | - | 36 Month IRA | |
| 1.60% | $5k | - | 36 Month CESA | |
| 1.45% | $5k | - | 24 Month IRA | |
| 1.45% | $5k | - | 24 Month CESA | |
| 1.35% | $5k | - | 12 Month IRA | |
| 1.35% | $5k | - | 12 Month CESA | |
| 1.05% | $5k | - | 6 Month IRA | |
| 1.05% | $5k | - | 6 Month CESA | |
| 0.65% | $5k | - | 3 Month IRA | |
| 0.65% | $5k | - | 3 Month CESA |
| Xcel Federal Credit Union Locations | ||
|---|---|---|
| Main Office | 1460 Broad St | Bloomfield, NJ 07003 |
| Branch Office | 30 Path Plz Journal Square | Jersey City, NJ 07306 |
| Branch Office | 26 Federal Plz Ste 1702 Room 1702 | New York, NY 10278 |