ESL Federal Credit Union CD Rates
ESL Federal Credit Union promises stability in financial terms to the great investors. The publicity and authenticity of the CD rates offers are true as per the services. By delving into the details of the CD rates, one can better get the comprehensiveness of this federal credit union.
For a better overview here is the quick guiding horizon stated below;
ESL Federal Credit Union CD Rates Offers
The noteworthy offers to go for the investors are;
31-Day CD
- Dividend Rate: 0.050%
- APY : 0.050%
- Availability: Open Online
Considerations
- Limited interest earned compared to longer-term CDs.
- Ideal for those with short-term liquidity needs.
Pros & Cons
| Pros | Cons |
| Short-term commitment | Low interest rate |
| Quick access to funds | Limited interest earnings |
6-Month CD
- Dividend Rate: 0.100%
- APY: 0.100%
- Availability: Open Online
Considerations
- Moderate interest earnings compared to longer-term CDs.
- Suitable for individuals seeking a balance between term length and interest rate.
Pros & Cons
| Pros | Cons |
| Short-term commitment | Moderate interest rate |
| Moderate interest earnings |
7-Month CD
- Dividend Rate: 4.909%
- APY: 5.000%
- Availability: Open Online
Considerations
- Considerably higher interest, but shorter term than traditional CDs.
- Ideal for those looking for a relatively short commitment with higher returns.
Pros & Cons
| Pros | Cons |
| Higher interest rate | Relatively short term |
| Medium-term commitment | Limited liquidity in the short term |
12-Month CD
- Dividend Rate: 0.120%
- APY: 0.120%
- Availability: Open Online
Considerations
- Offers stability with a reasonable interest rate.
- Good for individuals with a medium-term investment horizon.
Pros & Cons
| Pros | Cons |
| Moderate interest rate | One-year commitment |
| Balanced term and interest | Moderate interest earnings |
18-Month CD
- Dividend Rate: 0.120%
- APY: 0.120%
- Availability: Open Online
Considerations
- Provides a middle ground between short and medium-term CDs.
- Suitable for those seeking a bit more stability and interest.
Pros & Cons
| Pros | Cons |
| Stable interest rate | Longer commitment |
36-Month CD
- Dividend Rate: 0.150%
- APY: 0.150%
- Availability: Open Online
Considerations
- Longer commitment for individuals comfortable with tying up funds.
- Suitable for those looking for a higher return over a moderate term.
Pros & Cons
| Pros | Cons |
| Competitive interest rate | Three-year commitment |
60-Month CD
- Dividend Rate: 0.150%
- APY: 0.150%
- Availability: Open Online
Considerations
- Ideal for individuals with a long-term investment horizon.
- Offers the potential for increased interest earnings over time.
Pros & Cons
| Pros | Cons |
| Stable interest rate | Five-year commitment |
| Potential for higher returns | Longer tie-up of funds |
Are ESL Federal Credit Union CD Rates Competitive?
ESL Federal Credit Union offers a range of CD terms with varying APYs, including notably higher rates for specific terms like the 7-month CD with a 5.000% APY. A competitive CD offering often includes rates that outperform the national average and are competitive within the banking industry.
Furthermore, explore offerings from other banks or credit unions. One can also consider the specific terms, features, and any potential fees associated with ESL Federal Credit Union CDs to make an informed decision based on your financial goals and preferences.
Overview ESL Federal Credit Union
The ESL Federal Credit Union offers its members peace of mind. This is because of the National Credit Union Administration (NCUA) insurance. The credit union focuses on the customer’s experience. That is why they deliver exceptional customer service.
The credit union is local and aims to stay that way. They believe in giving back. New York is their home and their goal is to help the community. ESL is New York’s ‘everything bank’. ESL works hard to meet all of your needs and assist you in every financial endeavor.
Availability
Opening a CD with the ESL Federal Credit Union is easy. No account is required. Have your documentation prepared, you will need it to open the account.
Locations ESL Federal Credit Union
Branches in New York
The branches in New York are:
Batavia, Brockport, Canandaigua, Chili, Fairport, Geneseo, Greece, Irondequoit, Newark, Penfield, Pittsford, Rochester, Victor, and Webster
Frequently Asked Questions
Yes, the interest earned on CDs is generally subject to income tax. You will receive a 1099-INT form from your bank, detailing the interest earned. It’s important to report this income on your tax return.
Yes, there are various types of CDs, including traditional fixed-rate CDs, variable-rate CDs, and special CDs with features like step-up or bump-up options. Each type has its terms and conditions, so it’s important to understand the specific features.
If your bank fails, and it is a member of the FDIC, your CD is typically insured for up to $250,000 per depositor. The FDIC will ensure you receive your insured funds.
Generally, longer CD terms offer higher interest rates. Banks reward customers with higher rates for committing to keeping their money deposited for an extended period. Shorter-term CDs may have lower rates but provide more liquidity.