Bank Reviews

State Employees Credit Union Reviews, Rates: CDs, Savings, Money Market, Mortgages

State Employees Credit Union is an informative financial institution practicing ethical and proper business standards. They do not only provide excellent financial services, but also keep their customers up-to-date with the latest promotions and offerings. State Employees Credit Union also shares important information to their customers regarding proper safety tools and easy access to their monies.

They offer numerous financial services designed to meet the needs of their customers. State Employees Credit Union has great loaning options and even includes boat and personal watercraft loans. Insurance services, investment accounts and trust and estate planning are a few of the other services they are equipped with.

This highly progressive, not-for-profit, member-owned institution holds their involvement within the community at the center of their business. They show their support through community outreach programs and the SECU Foundation, which promotes local and community development by funding high impact projects. Another interesting factor is that State Employees Credit Union showcases their employees on a weekly basis. These facts show the true compassion and loyalty this credit union has to their members and employees.

Review: State Employees Credit Union

Checking Accounts: There is $1.00 maintenance fee attached to their checking account; however, it is automatically contributed to the SECU Foundation. As of August, 31, 2011, the current interest rate is 0.25 percent with the same annual percentage yield. There is a $0 required minimum balance and customers are provided with 50 free checks per statement period.

Savings Accounts: State Employees Credit Union offers a Money Market Share account that is given maximum accessibility. As of August 31, 2011, the current interest rate is 1.00 percent and with the same annual percentage yield. It takes $250.00 to open the account and also to maintain the balance requirement. There is no service charge, unless the account balance falls below $250.00.

 

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At State Employees Credit Union, members have the option to open regular CDs or laddered CDs. These CD offers members the opportunity to earn interest on their savings and the laddered CDs are more stable. Laddered CDs basically mean to buy CDs with staggered maturity dates.

State Employees Credit Union’s CDs require a $250.00 minimum opening deposit and the interest rates are fixed for the term of the CD.

State Employees Credit Union: CDs – as of 8/19/11

  • 6 Months – 1.00% Interest Rate – 1.00% APY
  • 12 Months – 1.00% Interest Rate – 1.00% APY
  • 18 Months – 1.00% Interest Rate – 1.00% APY
  • 24 Months – 1.25% Interest Rate – 1.25% APY
  • 30 Months – 1.25% Interest Rate – 1.25% APY
  • 36 Months – 1.50% Interest Rate – 1.50% APY
  • 48 Months – 1.75% Interest Rate – 1.75% APY
  • 60 Months – 1.75% Interest Rate – 1.75% APY

Terms & ConditionsQuoted rates and annual percentage yields (APY) are subject to change daily.

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This credit union offers unique savings options for their clients. They have a Health Savings Account that has tax-deductible savings and no minimum balance is required.

Like most financial institutions,State Employees Credit Union has a Holiday Cash Club account. This allows you to save money throughout the year for the big shopping trips around the holidays. Deposits can be made throughout the year until October, then on the last business day of October, the money is transferred to an account the client specifies. The Holiday Cash Club requires no minimum opening deposit and no service charges.

The Summer Cash Account is extremely unique as it serves those who are school system or community college employees that are not paid on a 12-month basis. This account allows for them to save money for summer and it is done so by saving a portion of the client’s paycheck, which is specified by the client.

A cost-effective method for saving for elementary, secondary and higher education expenses is through the Coverdell Education Savings Account (CESA). It requires a $25.00 minimum opening deposit and the earnings grow tax-deferred. The withdrawals are tax-free as long as they are for educational expenses. State Employees Credit Union also has the North Carolina 529 Plan, which is a tax-advantaged education savings plan. It is operated by a state or educational institution and is specifically designed to help families set aside money for future college costs.

State Employees Credit Union: Health Savings – as of 8/19/11

  • 1.75% Interest Rate
  • 1.77% APY

State Employees Credit Union: Holiday Cash Club – as of 8/19/11

  • 1.00% Interest Rate
  • 1.01% APY

State Employees Credit Union: Summer Cash – as of 2011/2012

  • 1.25% Interest Rate
  • 1.26% APY

State Employees Credit Union: Coverdell Education Savings Account – as of 8/8/11

  • 2.00% Interest Rate
  • 2.02% APY

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The Money Market Share at State Employees Credit Union offers maximum accessibility and a great way to expand your savings. All it takes is a $250.00 minimum opening deposit and minimum balance. There is no service charge of $2.00 when the minimum balance is met. Interest is earned on the account only when the balance is equal to or greater than the minimum balance.

State Employees Credit Union: Money Market Share – as of 8/19/11

  • 1.00% Interest Rate
  • 1.01% APY

Terms & ConditionsQuoted rates and annual percentage yields (APY) are subject to change daily.

[tab:Mortgages]

State Employees Credit Union is able to offer a variety of mortgage products for their clients, all of which offer an option for monthly and biweekly repayment schedules at the time of origination. The fixed rate mortgages are available to purchased offers or refinance primary residents located in North Carolina.

A very beneficial mortgage loan they offer is called All Savers. This allows the client to establish a share term certificate (CD) and it can serve as collateral for the mortgage in addition to the client’s property. The CD gains interest at the same rate as set on the loan and it is compounded monthly. The funds are then released to the client 10 years after origination.

The adjustable rate mortgages are also equipped with the option of paying repayments either monthly or biweekly at the time of the origination.

State Employees Credit Union: Fixed Rate Mortgages – as of 9/1/11

  • All Savers – 15 Years Maximum Term – 5.75% Initial Rate – 5.94% APR – 100% Loan to Value
  • 15 Yr Fixed Rate – 4.75% Initial Rate – 4.93% APR – 90% Loan to Value
  • 15 Yr Fixed Rate – 5.75% Initial Rate – 5.94% APR – 100% Loan to Value
  • 20 Yr Fixed Rate – 5.00% Initial Rate – 5.15% APR – 90% Loan to Value
  • 20 Yr Fixed Rate – 6.00% Initial Rate – 6.16% APR – 100% Loan to Value
  • ReverseMortgage – call for quote

State Employees Credit Union: Adjustable Rate Mortgages – 30 Years – as of 9/1/11

  • 2 Yr ARM –3.75% Initial Term – 4.67% APR – 90% Loan to Value
  • 2 Yr ARM –4.75% Initial Term – 4.83% APR – 100% Loan to Value
  • 2 Yr ARM STAR & FTHB – 4.75% Initial Term – 4.77% APR – 100% Loan to Value
  • 5 Yr ARM – 4.75% Initial Term – 4.83% APR – 90% Loan to Value
  • 5 Yr ARM – 5.75% Initial Term – 5.19% APR – 100% Loan to Value
  • 5 Yr ARM FTHB – 5.75% Initial Term – 5.11% APR – 100% Loan to Value

Terms & ConditionsNo origination fee is charged on our First Time Homebuyers and STAR mortgage loans. For all other 2 year and 5 year adjustable rate mortgage loans (except construction loans), a loan origination fee of 0.75% of the loan amount is charged. A loan origination fee of 1% of the loan amount is charged on 2 year adjustable rate construction loans and all fixed rate mortgages

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