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Xcel Federal Credit Union

Special 2-Year CD with Top Rate at XCEL Federal Credit Union


Update 8/22/2014: The CD specials have ended and are no longer available.

XCEL Federal Credit Union is offering a summer CD special with two special CDs. One is especially competitive. It’s a 2-year CD with a 2.00% APY. The other one isn’t quite as good. It’s a 1-year CD with a 1.00% APY. Minimum deposit for both is $10,000, and new money is required (funds not already on deposit with the credit union). Details of these special CDs are listed in this credit union promotions page as of 8/20/2014. According to this page, the specials will end once they reach $5 million in deposits. Thanks to DA member Shorebreak for posting on this deal in the forum.

Credit Union Membership

In addition to several select employee groups, credit union membership is also open to members of the American Consumer Council (ACC). Anyone can join the ACC. We have some more details in our XCEL Federal Credit Union overview section.

Reward Checking Account

XCEL Federal Credit Union also offers a reward checking account called Kasasa Cash. It has a 2.01% APY for balances up to $15,000 as of 8/20/2014 if typical reward checking monthly requirements are met. I reviewed this account last October. Since that time, the rate and balance cap have held steady.

Credit Union Overview

XCEL Federal Credit Union branches are located in Jersey City and Old Bridge, New Jersey. There's also a branch in New York City. The credit union is part of the shared branch network, CU Service Centers and the CO-OP ATM network.

The credit union has an overall health grade at DepositAccounts.com of a B with a Texas Ratio of 20.59% (above average) based on March 2014 data. Please refer to our financial overview of XCEL Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 16218).

How This 2-Year CD Rate Compares

The highest CD rate that’s nationally available with a term close to 2 years is 1.50% APY. That’s available in a special 25-month CD at the easy-to-join Quorum Federal Credit Union. The highest 2-year CD rate at an internet bank is 1.30% APY at CIT Bank. This requires a $100K minimum deposit. An alternative to the 2-year CD is a 5-year CD closed after 2 years. If that’s done with Synchrony Bank’s 2.30% APY 5-year CD, the effective yield for the 2 years is 1.72% (see our CD Early Withdrawal Penalty Calculator).

The above rates are accurate as of 8/20/2014.

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.

Related Pages: Xcel Federal Credit Union, New York, CD rates

Related Posts

Anonymous   |     |   Comment #1
For those interested in joining the credit union though the American Consumer Council the membership fee is $5.00 via the link https://www.americanconsumercouncil.org/membership.asp?dname=Americanconsumercouncil.org
If you want to avoid the $5.00  membership fee type the word "consumer" without quotes in the promo code box.  Hit submit and you will receive an email instantaneously with your membership certificate and number
Anonymous   |     |   Comment #2
2% for two years is a darn great CD deal!!  You cut the long term risk and still earn a significant rate of return, given today's market.  Probably more important than that, two years gets us really close to the 2016 Presidential election, the outcome of which will have a lot to say about rates going forward from that point.  Thanks, Ken.  This CD is an excellent bridge to get us (almost) to that election.
OldGuy   |     |   Comment #3
I joined, was approved and opened a CD over the phone.  I was already an ACC member, and the entire process took only three or four hours.  All I had to sign was a signature card (email/fax exchange) and I arranged for XCEL to initiate an ACH transfer by phone.  The CSR was incredibly friendly and helpful.
cumulus   |     |   Comment #4
Additional XCEL CD info via e-mail inquiry:

    Wednesday, August 20, 2014 7:26 AM

    Good Morning,
    We understand that you are requesting more information regarding our
    Summer CD special. As the promotion states, we are issuing 2 special
    term CD’s. A 1 year CD of 1% and a 2 year CD of 2%.
    The only requirement for either of the CD’s is that it must be opened
    with a minimum of $10,000 of which must be new money (meaning money
    not currently with XCEL). 
    For our existing members, however, we are allowing members to combine
    existing money for a greater return.  For example. Let’s you say
    currently have $250K sitting in your XCEL account and you mail in a
    check for $10K.   You would be able to do a 1 year or 2 year CD for
    $260K at the special rate.
    Please make sure you take advantage of this limited time offer. This
    offer can be pulled at ANY time without prior notice.
    If you are not currently a member of XCEL, you will need to establish
    a membership first. Membership eligibility is defined in detail on
    our website.  The basic requirements for membership is a $5.00 minimum
    deposit along with a copy of a photo ID and signed account card.
    If you would like to take advantage of this special offer, please reply
    back to this email and we will provide full details of the account set
    up and how to send in the funds or if you have any questions regarding
    establishing membership.
    Thank you.
cumulus   |     |   Comment #5
Via additional phone chatter with friendly CSR,
  ..the EWP=90days on the 2 year CD special,
  ..a hard pull is NOT done opening the CD & required share
    savings account,
  ..a hard pull will be done when opening the checking account.
Anonymous   |     |   Comment #9
this may not be accurate. I am being told 180 days for  year cd's!
Anonymous   |     |   Comment #6
Ken Tumin deserves some extra props this morning for offering this 2 year 2% deal to his readers.  Talk at Jackson Hole today is really heating up regarding rate increases; kind of took me a little by surprise; and Yellen is there!!  So long CDs not sparkling now.  Toby seven year, PenFed five year?  Nope.  This deal smells a LOT safer, and a lot better.

The smart money is shortening up.  Trick is to do it like this, without taking a bath on your interest rate!
hoho (anonymous)   |     |   Comment #7
Rates are going to crawl up. This is a great 2 year rate and I opened a 5 year Syncrony a few weeks ago with a low EWP. At least your guaranteed 2.3% for 5 years and if rates do go up you can close it.
Anonymous   |     |   Comment #8
You do understand there is no set formula for measuring inflation or the employment rate. The Fed can, and does, use various fudge factors in their analysis, discounting some indicators while promoting others. For example, they know that many who have opted out of the job market will return if and when things improve and that these folks aren't "in the numbers".

The Fed also plans to maintain their balance sheet through repurchases. Only time will tell how effective or ineffective the Fed is or isn't. Excitement over 2% two-year CD's is one place to start.   
hoho (anonymous)   |     |   Comment #10
A Synchrony 5 year CD closed after 2 years and paying the EWP would yeild 1.72% plus the penalty would be tax deductible. Close to the 2%. I don't see that the fed would take or imply actions that would drastically change rates in a short period.
gregk   |     |   Comment #11
Congrats everyone for finding (as #2 exults) "a darn great CD deal!!!" that will likely earn you that "significant rate of return" (#2 again) of likely somewhat less than the inflation rate over the coming two years.  You've truly scored one here (he-he).
Anonymous   |     |   Comment #12
#11 - Any better ideas, other than the 2%, will be appreciated by one and all, assuming of course you do have a better idea(s). 
Anonymous   |     |   Comment #15
Savers, at least at this time, do not expect to beat inflation.  That goes double when you take into consideration taxation.

Instead, it's about minimizing our losses.  A 2% CD, having only a two year commitment period, is a great deal in today's CD marketplace.  It's also a wonderful candidate for the short side of the barbell.  CDs like this are, indeed, few and far between.

There is an alternative to being a saver.  You can, instead, put your money on the line in the stock market casino.  There are some really big winners there right now.  They have beat inflation big time, even after taxation!  And if they ever should lose big in future, they know Santa Claus (aka, the US Government) will bail them out pronto.   
Anonymous   |     |   Comment #13
It appears that this deal is over as it's no longer listed on the credit union's website.  Glad I was able to take advantage of it ... thanks DA member Shorebreak for posting this.
Anonymous   |     |   Comment #14
Deal is dead...was told it ended today due to receiving allotted maximum funds.
hoho (anonymous)   |     |   Comment #16
They reached a 5 million limit according to the CSR I just spoke to. If you started the CD opening yesterday you get the rate.
Anonymous   |     |   Comment #17
It will be interesting what Penfed will do at year end. Will they offer a much higher than average rate? Or maybe place a limit on the total funds they will accept?
Anonymous   |     |   Comment #18
What did "you" do now to attempt others to match now? It will not happen in a vacuum...all!
gregk   |     |   Comment #19
Good riddance to this "deal".  Wandering in the desert for as long as we have makes us apt to mistake some tiny little brooklet for a deep blue reservoir rather than recognizing the hallucination for what it is.  Everyone who bit on this offer has just committed the CD investor's equivalent to buying equities high right at the peak of the market when a fall seems imminent, - we jump in at our own market's nadir just when interest rates seem likely to emerge from their doldrums and begin a climb.  Believing interest rates will never rise leads to the same bad decisions and bad timing as believing stock prices will never fall.  The wiser strategy in both domains is to stay liquid now and wait for the markets to turn rather than making some impulsive and emotional capitulation that one likely will end up regretting.
Roush   |     |   Comment #20
Your rant seems strangely familiar to the usual doomesday type rants by the folks we reguraly see by the roadside intersections with their tin cups and signs saying 'will work for food', or something similar. I guess they are also a genius waiting for the perfect and long lasting investment decision, such as you. Good luck bro.
Anonymous   |     |   Comment #21
You're welcome to keep waiting, but with a 90-day EWP I'm confident that the smarter financial decision was to jump on this offer.  (I've closed a few CDs early in the past with no trouble whatsoever and, other than Fort Knox FCU, which I believe is an outlier situation, no other bank or credit union has changed their EWP retroactively).  If rates were to rise, and if I were to close the CD after 6 months, which is only next February, I would still earn an effective APY of 1% which is the same that I earn in my savings account with another financial institution.  If I closed the CD after 12 months my effective rate would be 1.5%.  So I earn a potential extra 1% (which granted is pretty measly but for large CD could be up to $2,500 per year) for really nothing more than a 6-month wait risk.  
gregk   |     |   Comment #22
You make a convincing minimalist case for it, I suppose, for those who wanted to take the trouble.  The "great CD deal" offering a "significant rate of return" in another poster's imagination it isn't, however.
Anonymous   |     |   Comment #23
I thought the same thing when I sucked it in and bought CD's at......5%. When a local 1-yr rate hit 1.75% we jumped on it with 150K. At the time, both rates beat "sitting on cash and waiting", but I feel your angst. The Fed probably won't raise rates for another year and, when they do, I think increases will be very gradual with a big red panic button at hand if things go badly.
Anonymous   |     |   Comment #24
My experience with this CU was terrible......decided it was not worth it...even though I opened the $5 savings account.  Among the problems I encountered were excessive long wait times, receiving blank confirmation emails after submitting the on line membership application, chat transcript function not working, chat employees not knowledgeable, inaccurate information given and not honoring commitments  While XCEL acknowledged their problems their corrective action was constant apologizing for the inconvenience....believing that apologies are the solution to their problems.  This is a credit union that needs to improve dramatically.....IMHO. I find this to be typical of institutions that outsource their business to call centers since they themselves do not posses the process capability  nor the desire to serve their customers timely and effectively
Anonymous   |     |   Comment #25
Sorry for your bad experience. I opened an account over the phone with absolutely no problems at all. The CSR was very knowledgable and got the job done quickly. I faxed my one page member application and a copy of my drivers license and that was it.
Anonymous   |     |   Comment #26
My membership and account openings went quickly and smoothly.  My rep was a credit union employee, so perhaps I was lucky in that regard.