XCEL Federal Credit Union Unveils Rate-Leading 18-Month Promo CD


UPDATE 1/26/2023: 18-month Promo Certificate earning 5.12% APY is no longer available.

Deal Summary: 18-month Promo Certificate, 5.12% APY, $500 minimum deposit, new money.

Availability: Easy membership requirement

The most recent blog post about New Jersey-based XCEL Federal Credit Union (XCEL) was in late 2019. After years of not having competitive CD rates, XCEL is offering a limited-time 18-month Promo Certificate earning a rate-leading 5.12% APY. The minimum opening deposit is $500 of new money, with no stated balance cap. “New money” is defined as “funds not already on deposit with XCEL nor have been on deposit in any XCEL account over the prior 30 days.”

The 18-month Promo Certificate is also available as an IRA Certificate (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has an original maturity of 12 months or longer, the penalty amount will equal 180 days of dividends on the amount withdrawn.

If earned dividends are not sufficient to cover the penalty, the early withdrawal penalty may affect principal.

XCEL has a long history of offering competitive CD promotions. One thing to note is that XCEL is a fairly small credit union, and CD promotions often don't last long. In a comment in my 2019 XCEL post, DA reader, RichReg, shared his experience with XCEL:

I also opened promo CDs with them awhile back;;last one matured in early 2017. None of their offers lasted very long, BTW....I think we've seen firsthand that not many of these do.

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.

DA reader, RSW, commented in 2019 about what an XCEL CSR informed him regarding trusts and beneficiaries:

I called and CSR told me they would not title the CD in a trust name or put a trust as a beneficiary.

Please share your experiences with XCEL in the comments. Your comments are very much appreciated.


Headquartered in Bloomfield, New Jersey, XCEL Federal Credit Union offers membership to employees and members of more than 80 companies and organizations, with easy membership options that allow almost any U.S. citizen/resident alien to qualify.

Easy Membership: Joining the Ocean Running Club ($15 individual membership fee) or the Antique Automobile Club of America ($45 yearly dues) qualify for XCEL membership. Both organizations are open to all U.S. citizens and resident aliens, regardless of where they live.

Employment: Employees of more than 60 companies (both large and small, including 16 Federal Government Departments) are eligible to join.

Organization Affiliation: Members of a variety of national and local 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.

Account Opening

Joining XCEL can be done online, at the New Jersey branch located in Jersey City, or the New York City Federal Place branch. (Note: the Federal Place branch requires ID for admission and has a search protocol.) The Bloomfield (NJ) headquarters has an on-site ATM, but no other member services are available.

Open your savings account with a $5 deposit and you're an XCEL Member!

The 18-month Promo Certificate is not listed on XCEL’s online application. CSR stated that existing members can open the 18-month Promo Certificate using XCEL’s Online Banking platform, or by calling 973.275.9235. Those joining XCEL must establish their membership and then contact XCEL to open the Promo Certificate.

XCEL participates in the CO-OP Shared Branch and ATM networks, providing members with access to more than 5,600 branches and more than 30,000 surcharge-free ATMs.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire ($10 fee), check (in-branch), or Shared Branch transfer.
  • CO-OP Shared Branch Participant – Yes.
  • Dividends – Compounded/credited monthly and can be withdrawn.
  • Maturing Funds – ACH (if less than $5k), wire ($25 fee), cashier’s check to address on file, or internal transfer to share savings account.
  • Beneficiaries – Unlimited, equal shares, Social Security numbers are required.
  • Grace Period – 7 calendar days before automatic renewal.
  • Credit Check – Soft pull when joining and ChexSystems.

Credit Union Overview

XCEL Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 2.59% (excellent) based on September 30, 2022 data. XCEL has a below average capitalization level (6.98%), the result of holding $187.82 million in assets with $13.11 million in equity. 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 17th largest credit union headquartered in New Jersey, with more than 13,300 members and deposits in excess of $174 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 18-Month Promo Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the XCEL Federal Credit Union 18-month Promo Certificate. The following table compares the 18-month Promo Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 1/21/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: New York CD rates, 1-year CD rates, IRA CD rates, nationwide deals

  |     |   Comment #1
Wow. Been a long time for these guys.
IRAs available, guys. I recall visiting one of their own own physical branches some years ago in order to facilitate an IRA transfer. They were very helpful & fairly accommodating.
  |     |   Comment #2
I had a CD with this CU in the past. According to a rep I talked to in the past, they have set dollar limits for funds they are looking for and then close the offering when the goal is reached. The goal the last time was 21 million. So if interested, I would do so quickly.
  |     |   Comment #3
There is an online option to register for the Ocean Running Club Membership https://runsignup.com/Club/NJ/IslandHeights/OceanRunningClub [still $15 + $1.87 processing fee (!)]
  |     |   Comment #4
Years ago they just required ACC membership.
  |     |   Comment #5
At least a DECENT rate for DECENT amount of time (for almost anyone - not geographic limited memberships). Anything under 18 mos really ends up just more work than worth. So, we now got 18 mos at 5.12 APY%+ and 5%APY at 27 mos via Savebetter/Sallie Mae Bank. That's 2 solid offers. Maybe in Feb we can see some 3,4,5-year rates with easy membership "pop"?
  |     |   Comment #6
I prefer not using a go between like Savebetter
  |     |   Comment #7
to each his own, but, nice to see some 5%+ rates over 18 mos starting to happen. I hope for more nationwide available deals in the 36,48, 60-month realm in the next 4~ months!
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