We just got word that XCEL Federal Credit Union (based out of New Jersey) is offering a fantastic 3 year CD (certificate of deposit) promotion.
Currently, if accepted to the credit union and with a minimum deposit of just $500 you can open a 3 year CD yielding a whopping 3.0% APY. To put this offer in perspective the current national average for 36 month CD’s sits at just 1.60% APY. This offer almost doubles it!
Thanks to BankVibe.com reader Tom Quigley for tipping us off on this outstanding promotion!
We like XCEL Federal Credit Union because unlike most smaller, community based credit unions, this one is relatively inclusive as far as membership goes so long as you live in New Jersey or New York.
First – Membership is established by opening a regular XCEL Savings Account and maintaining a $5 minimum balance. Once established, you can take advantage of your XCEL membership services for life – even if you change jobs, move or retire – as long as you maintain your XCEL account.
Second – Membership in XCEL Federal Credit Union is only open to employees and family members of a select group of employers. See who they serve here.
Despite their great rates and products and the fact that they are less exclusive than most credit unions, XCEL is still a relatively small shop. They aren’t in the top 20 largest financial institutions in New Jersey (by asset size) and have just under $150 million in total assets.
As of 2012, they have just under 15,000 members and just 36 employees. They are apart of the co-op ATM network featuring free ATM usage on tens of thousands of ATM’s throughout the country.
You can become a member of XCEL and open a deposit online or over the phone without visiting a branch.
See how this offer stacks up against other CD rates in New Jersey.