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.