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The penalty we may impose will be the greater of: Seven (7) days dividends on the amount withdrawn, or all dividends that have been earned not to exceed 180 days of dividends.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