Resources and Rates
Most people don't exactly love researching rates or using a calculator... But, finding the best situation for you is important. Here is everything in one place to help figure that out.
UTMA
Fee-free savings account
| Minimum Opening Deposit | Dividend Rate | Annual Percentage Yield** | Minimum Balance to Obtain APY |
|---|---|---|---|
| $1.00 | 0.10% | 0.10% | $25.00 |
Boomer Club
Current Rates
| Minimum Opening Deposit | Dividend Rate | Annual Percentage Yield* | Minimum Balance to Obtain APY |
|---|---|---|---|
| $1.00 | 0.10% | 0.10% | $25.00 |
Fees
| Item | SEFCU Fee | New York State Bank/Credit Union average fee^ (as of July 2018) |
|---|---|---|
|
Maintenance |
$3/month |
$4.74 |
View complete details
Holiday Club
Current Rates
| Minimum Opening Deposit | Dividend Rate | Annual Percentage Yield* | Minimum Balance to Obtain APY |
|---|---|---|---|
| $0.00 | 0.10% | 0.10% | $1.00 |
Traditional IRA
Tiered Dividends
| Average Monthly Tier Balances | Minimum Opening Deposit | Minimum Balance to Obtain APY | Dividend Rate | Annual Percentage Yield* |
|---|---|---|---|---|
| Traditional IRA $0 –$2,499.99 | N/A | $1.00 | 0.10% | 0.10% |
| Traditional IRA $2,500 –$9,999.99 | N/A | $2,500.00 | 0.15% | 0.15% |
| Traditional IRA $10,000 –$24,999.99 | N/A | $10,000.00 | 0.15% | 0.15% |
| Traditional IRA $25,000 –$49,999.99 | N/A | $25,000.00 | 0.20% | 0.20% |
| Traditional IRA $50,000 & over | N/A | $50,000.00 | 0.25% | 0.25% |
Consolidated Student Loan
Current Rates
| Sub-Account Description | Approximate Repayment Term | Percent Above Index | APR* as low as |
|---|---|---|---|
| Variable-rate Student Loan | 180 months | 1.25% | 4.50% |
Owner’s Choice
Current Rates
| Minimum Opening Deposit | Average Daily Balance to Obtain APY | Dividend Rate | Annual Percentage Yield** |
|---|---|---|---|
| $0.00 | $25.00 | 0.10% | 0.10% |
Personal Loans
Personal Loans
| Approximate Repayment Term | APR* as low as |
|---|---|
| 12 months | 5.74% |
| 18 months | 5.74% |
| 24 months | 5.74% |
| 36 months | 5.99% |
| 48 months | 5.99% |
| 60 months | 5.99% |
Personal Line of Credit
Current Rates
| Present APR** as Low as |
|---|
| 8.75% |
Private Student Loan
Current Rates
| Sub-Account Description | Approximate Repayment Term | Percent Above Index | APR as low as |
|---|---|---|---|
| Fixed-rate Student Loan* | 180 months | N/A | 9.000% |
| Variable-rate student loan** | 180 months | 3.00% | 6.250% |
Roth IRA
Tiered Dividends
| Average Monthly Tier Balances | Minimum Opening Deposit | Minimum Balance to Obtain APY | Dividend Rate | Annual Percentage Yield* |
|---|---|---|---|---|
| Roth IRA $0 –$2,499.99 | N/A | $1.00 | 0.10% | 0.10% |
| Roth IRA $2,500 –$9,999.99 | N/A | $2,500.00 | 0.15% | 0.15% |
| Roth IRA $10,000 –$24,999.99 | N/A | $10,000.00 | 0.15% | 0.15% |
| Roth IRA $25,000 –$49,999.99 | N/A | $25,000.00 | 0.20% | 0.20% |
| Roth IRA $50,000 & over | N/A | $50,000.00 | 0.25% | 0.25% |
Fees
| Item | SEFCU Fee | New York State Bank/Credit Union average fee** (as of July 2018) |
|---|---|---|
|
IRA Close Plan Fee |
$15 |
|
|
IRA Transfer Fee |
$15 |
$35.05 |
|
Distribution from Contribution |
Non-taxable, no IRS penalties |
|
|
Distribution from Earnings: • Roth IRA is less than 5 years old • Withdrawals used for higher education |
Taxable, no IRS penalties |
|
|
Distribution from Earnings: • Roth IRA is less than 5 years old • Withdrawals not used for higher education |
Taxable, may have IRS penalty |
|
|
Distribution from Earnings • Roth IRA is at least 5 years old • Owner will be at least 59½ years old during the current tax year |
No tax liability, no IRS penalty |
|
|
Distribution from Earnings • Roth IRA is at least 5 years old • Owner won’t be at least 59½ years old during the current tax year • Withdrawals are used to pay for qualified higher education expenses, certain medical expenses or for a “First-Time” home purchase
“First-Time” home purchase means: • The home must be purchased by a grandparent, parent, spouse, child or grandchild of the IRA owner, or by the IRA owner • The home purchaser may not have had his or her name on a mortgage deed in the last 3 years • There is a lifetime limit of $10,000 which can be distributed from the Roth IRA for this purpose |
No tax liability, no IRS penalty |
|
View complete details
Preferred Savings
Current Rates
| Average Daily Tier Balances | Dividend Rate | Annual Percentage Yield* | Minimum Balance to Obtain APY |
|---|---|---|---|
| Preferred Savings $0 - $2,499.99 | 0.10% | 0.10% | $1.00 |
| Preferred Savings $2,500.00 - $9,999.99 | 0.15% | 0.15% | $2,500.00 |
| Preferred Savings $10,000.00 - $24,999.99 | 0.15% | 0.15% | $10,000.00 |
| Preferred Savings $25,000 –$49,999 | 0.20% | 0.20% | $25,000.00 |
| Preferred Savings $50,000.00 and above | 0.25% | 0.25% | $50,000.00 |
Fees
| Item | SEFCU Fee | New York State Bank/Credit Union average fee*** (as of July 2018) |
|---|---|---|
| Overdraft Transfer from Savings | $2.50 | $8.74 |
View complete details
Preferred Plus Savings
Current Rates
| Average Daily Tier Balances | Dividend Rate | Annual Percentage Yield** | Minimum Balance to Obtain APY |
|---|---|---|---|
| Preferred Plus Savings $0 –$2,499.99 | 0.10% | 0.10% | N/A |
| Preferred Plus Savings $2,500.00 - $9,999.99 | 0.15% | 0.15% | $2,500.00 |
| Preferred Plus Savings $10,000 - 24,999.99 | 0.15% | 0.15% | $10,000.00 |
| Preferred Plus Savings $25,000 - $49,999.99 | 0.20% | 0.20% | $25,000.00 |
| Preferred Plus Savings $50,000 - $99,999.99 | 0.25% | 0.25% | $50,000.00 |
| Preferred Plus Savings $100,000–$249,999 | 0.35% | 0.35% | $100,000.00 |
| Preferred Plus Savings $250,000–$499,999 | 0.45% | 0.45% | $250,000.00 |
| Preferred Plus Savings $500,000–$999,999 | 0.45% | 0.45% | $500,000.00 |
| Preferred Plus Savings $1,000,000+ | 0.45% | 0.45% | $1,000,000.00 |
Fees
| Item | SEFCU Fee | New York State Bank/Credit Union average fee^ (as of July 2018) |
|---|---|---|
|
Overdraft Transfer |
No fee |
$8.74 |
|
Teller Check |
No fee |
$6.14 |
|
Money Order |
No fee |
$3.38 |
|
Below minimum average daily balance * |
$15 |
N/A |
View complete details
Mint Savings
Current Rates
| Minimum Opening Deposit | Dividend Rate | Annual Percentage Yield* | Minimum Balance to Obtain APY |
|---|---|---|---|
| $1.00 | 0.10% | 0.10% | $25.00 |
Fees
| Item | SEFCU Fee | New York State Bank/Credit Union average fee^ (as of July 2018) |
|---|---|---|
|
Overdraft Transfer from Savings |
$2.50 |
$8.74 |
|
No activity for 12 months (activity can be as simple as depositing $1/month) |
$3/month |
$6.86/month |
View complete details
Traditional & Roth IRA Share Certificates
Fixed Rates
| Term | Dividend Rate | Annual Percentage Yield** |
|---|---|---|
| 6 months | 0.15% | 0.15% |
| 10 months | 0.15% | 0.15% |
| 12 months | 0.50% | 0.50% |
| 15 months | 0.50% | 0.50% |
| 18 months | 0.60% | 0.60% |
| 24 months | 0.60% | 0.60% |
| 24-month add-on | 0.60% | 0.60% |
| 36 months | 0.60% | 0.60% |
| 48 months | 0.75% | 0.75% |
| 60 months | 0.75% | 0.75% |
Fees
| Item | IRS penalty | SEFCU penalty | New York State Bank/Credit Union average fee*** (as of July 2018) |
|---|---|---|---|
|
Early withdrawal |
Additional IRS penalties may apply |
Penalty for breaking the certificate, based on amount withdrawn and the original term length; exceptions are made for withdrawals intended to cover a required minimum distribution |
$28.93 – $32.22 |
|
Early redemption |
Additional IRS penalties may apply |
Distributions are usually subject to a SEFCU penalty; exceptions are made in the case of the member having died |
|
View complete details
Smart Sense Share Certificate
Fixed Rates
| Term | Dividend Rate | Annual Percentage Yield** |
|---|---|---|
| 18 months | 0.60% | 0.60% |
| 24 months | 0.60% | 0.60% |
| 36 months | 0.60% | 0.60% |
Share Secured Loans
Current Rates
| Sub-Account Description | Percent Above Index | Present APR as Low as* | Minimum APR |
|---|---|---|---|
| Primary Share Secured* | 1.50% | 1.60% | 1.50% |
| Certificate Share Secured** | 1.50% | Rate will vary according to current certificate dividend rate earned. See SEFCU Loan Officer for additional details. | 1.50% |