PSECU out of Harrisburg, Pennsylvania is the 12th largest credit union in the United States by membership (roughly 350,000 members) and the 21st largest in asset size (controlling roughly $3.3 billion). Like most credit unions, they are a member-owned not-for-profit institution.
Back in 1933, state workers could barely manage to make ends meet on a daily basis during the Great Depression. A low salary combined with a high cost of living was the common, yet unfortunate way of life for many. A death in the family, a birth, dentistry that could not be postponed, any unavoidable large expense, was enough to plunge the average state employee deep into debt.
Illegal loan sharks and money lenders charging 42% interest were some of the only choices available to these state workers. Bankers viewed state workers with little or no collateral as a credit risk. As a matter of necessity, PSECU was born.
PSECU founder, H. Andrew Hanemann, aided in the passage of the State Credit Union Act. Mr. Hanemann was also instrumental in the development of the Pennsylvania Credit Union League (the trade organization that represents the political, legal and economic interests of Pennsylvania credit unions).
After founding the organization with just 22 members in 1934, they grew to a quarter of a million members by the end of the century.
Their deposit accounts offer dividends with interest rates that allow your savings to grow over time. You can open a certificate of deposit account ranging from 3 months to 5 years and earn the following interest rates:
- 3 month Certificate earns you 0.75% interest, 0.75% APY.
- 6 month Certificate earns you 1.24% interest, 1.25% APY.
- 9 month Certificate earns you 1.24% interest, 1.25% APY.
- 1 Year Certificate earns you 1.49% interest, 1.50% APY.
- 18 month Certificate earns you 1.49% interest, 1.50% APY.
- 2 Years Certificate earns you 1.74% interest, 1.75% APY.
- 3 Years Certificate earns you 1.98% interest, 2.00% APY.
- 4 Years Certificate earns you 2.23% interest, 2.25% APY
- 5 Years Certificate earns you 2.47% interest, 2.50% APY
@ The above rates have been noted as on 30 Novemeber, 2009.
@ Penalties apply for early withdrawals.
@ Your funds are insured by NCUA up to $250,000.
A minimum deposit of $500 is required to open one of the (above) certificates of deposit.
Membership is available to people throughout the country. A $1 non-refundable entrance fee and $5 share are required to open and maintain “Regular Savings Share” account.
Phone: (800) 237-7328
Address: PSECU P.O. Box 67012 Harrisburg, PA 17106-7012