Well I’m not sure what to make of SeaComm Federal Credit Union’s CD rates.
First, the rates advertised on their website are phenomenal. However, I am not sure how much stock I would hold in these being accurate. Why? Apparently they haven’t updated their savings rates page in over a year and a half (since January of 2008 to be exact) and anyone who is in or has been in the market for bank deposits knows that rates vary on a very regular basis.
Here are some of the best CD rates SeaComm Federal CU has listed…
- A 12 month CD yielding 2.85% APY
- A 2 year CD yielding 3.03% APY
- A 3 year CD yielding 3.13% APY
- A 5 year CD yielding 3.49% APY
All of these products are available with a $1000 minimum deposit.
How to Join SeaComm? (as seen on their website)
On February 4, 2000, The National Credit Union Administration granted SeaComm Federal Credit Union approval to provide financial services to all of St. Lawrence County and fifteen municipalities in northern Franklin County. Now all residents and businesses in these areas will have access to membership benefits such as competitive savings rates, low-interest loans and a diverse package of affordable financial services.
They go on to state that all you need to do is drop by one of their 15 locations, fill out an application, and deposit $5 into a “Regular Share Savings Account,” then you may take advantage of all their bank has to offer.
…So you may not need to reside in the counties listed above so long as you are able to stop by to open an account.
If you have any experience with this credit union or can attest to their advertised rates being accurate please share by leaving a comment.