XCEL FCU 60-Month CD Rate Increased

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Availability: Easy membership requirement

To quote DA reader, cumulus, “We have a new 5-year CD rate leader!”

XCEL Federal Credit Union (XCEL) has raised the rate on its 60-month CD (2.50% APY). The minimum deposit is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00%$500-Xcel Federal Credit Union60 Month CD
Accounts mentioned in this post. Rates as of February 26, 2017.

The 60-month CD is also available as an IRA (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.

As stated on the penultimate page of XCEL’s Account Disclosures, the Early Withdrawal Penalty reads as follows:

The penalty we may impose will be the greater of: Seven (7) days dividends on the amount withdrawn, or all dividends that have been earned not to exceed 180 days of dividends.

Thanks to cumulus for his Forum post about this good news.

Availability

Headquartered in Bloomfield, New Jersey, XCEL Federal Credit Union offers membership to employees and members of 75+ companies and organizations, with options for almost anyone to qualify.

Easy Membership: Individuals who join the American Consumer Council qualify for credit union 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 member.

Relationship: In a Live Chat, CSR stated, "Or if you know someone (current member) they can refer you."

Joining XCEL and/or opening a CD can be done online, or at either of two New Jersey branches located in Bloomfield and Jersey City, or at the New York City location. Note: the NYC branch is located in Federal Plaza and ID is required to enter. In addition, individuals may be subject to a search protocol.

XCEL participates in the CO-OP Shared Branch network, providing members with access to more than 5,000 nationwide branches to conduct transactions.

Credit Union Overview

XCEL Federal Credit Union (NCUA Charter # 16128) has an overall health grade of "C+" at DepositAccounts.com, with a Texas ratio of 24.08% (average) based on September 30, 2016 data. In the past year, XCEL has increased its total deposits by $10.58 million, an excellent annual growth rate of 7.01%. Please refer to our financial overview of XCEL Federal Credit Union for more details.

Established in 1964, XCEL Federal Credit Union is the 16th largest credit union in New Jersey, with 19,800+ members and assets in excess of $183 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 CD Compares

When compared to the 174 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, XCEL Federal Credit Union's 60-month CD currently ranks first.

The above rates are accurate as of 12/16/2016.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table or our Rates Map page.

Comments
Anonymous
Anonymous   |     |   Comment #1
I had a 2 year account with this CU. I was able to join to join and open the CD with no problems. I had a credit freeze as did my wife at the time of joining. When I tried to open another CD later on they gave me a hard time. They wanted copies of my ID which I sent but they claim they could not read. After going back and forth I gave up. This is also a small shop. I'm actually going to close my share account wit $5 in it.
Anonymous
Anonymous   |     |   Comment #2
Hello! GE Cu is still offering 2.75 apy for 5 year CD. Ken, any "backdoor" way to join it? Thanks
tck
tck   |     |   Comment #3
Tried to get into GE, they are strict as far as I know. Although I am not interested in joining with them any longer, I am curious to hear other peoples input.
tck
tck   |     |   Comment #4
My experience with Xcel has not be great, I joined for their Kasasa account last year. Their website and app feel very dated. Their service is friendly enough, but does not seem very reliable when they are supposed to get things done. I don't know where the issue is though, it could be software, hardware, or the employees just not getting things done. Still, great about the new CD offering!
BluBaroness
BluBaroness   |     |   Comment #22
I also have Xcel Kasasa acct, thanks to Ken on this blog. No problems. Agree site seems PacMan era old & awkward despite their bragging about it. Like the interest!
BluBaroness
BluBaroness   |     |   Comment #23
Need to add: I entered Kasasa when limit on funds eligible for high interest was $50,000. Got NO notice of drop to $25,000, so some of my $ languished until I saw in following statement! Other banks & CUs are prompt & clear about changes in policy.
#5 - This comment has been removed for violating our comment policy.
decades
decades   |     |   Comment #6
good sign and ewp not bad but not going to bite .. 3% plus should be happening soon .. should it go 4 to 6% like bob brinker predicts ..will back up the truck
Bozo
Bozo   |     |   Comment #8
Poster "decades", I haven't heard the expression "back up the truck" with respect to fixed-income (especially CDs) in a decade. So, your nickname and the irony match.

As with all fixed-income (especially CDs), it's wise not to "get over your ski-tips", as it were. Laddering, as Ken Tumin has noted over, and over, and over, is wise.

Ironically enough, that 3.01% 7-year Andrews CU offering could look quite tame (or, perhaps lame) a year or so down the road. Goodness, gracious, I remember when (back in 2006) 5.5% was the "going rate".

I still have one IRA CD from that era (from KeyDirect) yielding over 5.5%. I will no doubt lose bragging rights when the IRA CD matures in January of 2018, but it will have been fun while it lasted.
#7 - This comment has been removed for violating our comment policy.
Anonymous
Anonymous   |     |   Comment #9
Past performance is no guaranty of what the future will bring, accept for a well laddered CD approach. Everyone has their own strategy but no one hits all the highs and sometimes end up bottom fishing. By laddering CDs as Ken put us onto many years ago, I end up with a nice average without any aggravation. It also eliminates: "What to do, what to do?" when the CDs mature.
tck
tck   |     |   Comment #10
Great comment. "Past performance is no guaranty of what the future will bring" This is what comes to my mind as I have been reading people's comments about rate increases as such a given with Trump in office. Or just because there was a rate hike, CD rates will follow. Stating the obvious here, but todays world is a very different one from 20 years ago, 10 years ago, even just a few years ago. There are factors which were not around back then, and there were factors back then which now are long gone. I also appreciates Ken's balanced advice. Laddering being the safe middle ground, yet also long term CD's with reasonable EWP being a fine alternative to shorter term CD's. And going even further, EWP's still cannot be guaranteed as we have seen banks change their policies. Is there a best way? Who knows. :)
Anonymous
Anonymous   |     |   Comment #11
Excellent prospective!
Bozo
Bozo   |     |   Comment #13
To: Poster "tck".

  I think of CD ladders just like I think of ladders in general. As I get older (RMDs start next year), I like my ladders (from Ace Hardware) to resemble my IRA CD ladders (from Ken's blog): sturdy, not too high, with rungs not too far apart, and a cautionary note towards the top "DO NOT STEP HERE, AS YOU MIGHT FALL OFF".

 Ladders should enable a person to reach higher than usual, while not exposing said person to risk of serious (financial) injury.
tck
tck   |     |   Comment #15
Bozo- That is deep. And a really excellent way to see it/explain it. Thank you for sharing that.
Susan
Susan   |     |   Comment #12
This is certainly exciting news! I simply adore high rates.
Longtime CD Investor
Longtime CD Investor   |     |   Comment #14
Tried to become a new member today, Sunday afternoon, mid December. All data entered and application stopped when it said "You don not enough credit". (Yes that is exactly how it was spelled on the website.) Well this is definitely not the case; suffice it to say I'm a multimillionaire with NO debt." I'm a decade long user of Ken's posts and probably have run a CD ladder with about 50 CD accounts over the years. This failed online application is a first. I may call CU this week a see if there's a work around.
Anonymous
Anonymous   |     |   Comment #16
Maybe you could try the Andrews 3%?
Anonymous
Anonymous   |     |   Comment #17
Welcome to the world that stumps the credit agencies, patriot act, etc., i.e. those with assets but no borrowing history, i.e. no credit score either. You/we are toast!
Anonymous
Anonymous   |     |   Comment #18
And just why are we with little or no credit history and no credit score "toast"? I am in that category and certainly not "toast"! Just warm and very comfortable.
Anonymous
Anonymous   |     |   Comment #19
Thus, you get a credit report...kudos for/to you
Anonymous
Anonymous   |     |   Comment #21
same thing happen to me, i guess i gotta call them too..
ChasR
ChasR   |     |   Comment #20
Good luck to any current member of XCEL who tries to use the online application process. I tried to use it Saturday but found out this morning that the application either wasn't recorded or somehow got wiped out. If you already are a member of XCEL, and your funds are in an external account, you might have to do what I had to do this morning. Apply for the CD orally over the phone and then have the funds ACH'd from the external account into your XCEL savings account. A Call Center manager named "Andy" helped me out of the confusion.
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