XCEL Federal Credit Union Adds 24-Month CD Promo, 2.50% APY
If your stocking stuffers weren’t that exciting, perhaps XCEL Federal Credit Union’s (XCEL) newly added 24-month Winter Promo CD (2.50% APY) will make you feel jolly. The minimum opening deposit is $500, with no stated balance cap. According the fine print on the Rates page, “This offer expires 01/31/20 or may be withdrawn at any time for any reason.”
The 24-month Winter Promo CD is also available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.
As stated in the Share Certificate Account Disclosure, the Early Withdrawal Penalty reads as follows:
If your certificate has an original maturity of 12 months or longer, the
penalty amount will equal 180 days of dividends on the amount withdrawn.
Kasasa Cash
In June, XCEL raised the rate on its Kasasa Cash checking account to 2.50% APY on qualifying balances up to $25k and that rate is still in effect.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.50*% | - | $25k | Xcel Federal Credit Union | Kasasa Cash | |
| OTHER TIERS: 0.25% → $25k+ | |||||
For more details about the Kasasa Cash checking account, please refer to my June 25th blog post.
Availability
Headquartered in Bloomfield, New Jersey, XCEL Federal Credit Union offers membership to employees and members of more than 80 companies and organizations, with options for almost any U.S. citizen/resident alien to qualify.
Easy Membership: Individuals who join the American Consumer Council (ACC) qualify for XCEL membership.
UPDATE: ACC is no longer associated with XCEL. CSR stated that the Ocean Running Club ($20 membership fee) and the Antique Automobile Club of America ($40 yearly dues) are open to anyone and qualify for XCEL membership.
Employment: Employees of more than 60 companies (both large and small, including 14 Federal Government Departments) are eligible to join.
Organization Affiliation: Members of a variety of national and location associations also qualify for membership.
Family Relationship: Immediate family members (parents, siblings, children, grandparents, and grandchildren) of current XCEL members in good standing are also welcome to apply.
Joining XCEL and/or opening a Winter Promo CD can be done online, or at the New Jersey branch located in Jersey City. (The Bloomfield operation headquarters has an on-site ATM, but no other member services are available.) There are also two New York City branches, with the Rockefeller Center location open to the public, but the Federal Place branch requires ID for admission, with a search protocol.
Open your savings account with a $5 deposit and you're an XCEL Member!
XCEL participates in the CO-OP Shared Branch and ATM networks, providing members with access to more than 7,000 branches and more than 30,000 surcharge-free ATMs.
Credit Union Overview
XCEL Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 12.14% (above average) based on September 30, 2019 data. In the past year, the XCEL has increased its total non-brokered deposits by $16.01 million, an excellent annual growth rate of 10.42%. Please refer to our financial overview of XCEL Federal Credit Union (NCUA Charter # 16128) for more details.
Established in 1964 by Port Authority New York/New Jersey employees, XCEL Federal Credit Union is currently the 15th largest credit union in New Jersey, with more than 18,200 members and assets in excess of $187 million. An August 2014 article in New Jersey Business Magazine paints a picture of strength and perseverance.
Until September 11, 2001, we were headquartered in the World Trade Center (Tower 1 – 39th Floor), but now we call North Jersey our home. But from that tragedy came a new way to do banking. On September 10th of that year, about 4-7% of our transactions were done remotely by our members – meaning through home banking, phone banking or ATMs.
Then the tragedy struck. Our members still needed to access their money even though the building was no longer there. So, they taught themselves how to use their computers to access their accounts.
Today, nearly 91% of transactions are done through touchtone phones, the Internet, smart phones, our shared branching and shared ATMs or through our own advanced ATMs. It’s pretty amazing to see. It shows the resilience of our nation and our members.
How the Winter Promo CD Compares
When compared to 206 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, XCEL Federal Credit Union's 24-month Winter Promo CD APY currently ranks first
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 2.50% APY | 24-Month Winter Promo CD | XCEL Federal Credit Union |
| 2.30% APY | 2-Year Share Certificate | Dover Federal Credit Union |
| 2.27% APY | 2-Year Fixed CD | Lafayette Federal Credit Union |
The above rates are accurate as of 12/27/2019.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates Table page.
XCEL was very accommodating ;even let me do my own IRA transfer by allowing me to pick up my closing check balance (to bring to the new custodian in person). Don't know how their customer service is now, but it sure was great then.
For several months now, Fairbanks, AK based MAC Federal CU has been running a promo on its 24 month IRA CD, paying 2.80% apy (non-IRA is 2.40%). Their CSR could not say for how much longer they would keep that rate. Has anyone had experience with them?