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Empower Federal Credit Union

Best ForCash Savers
FeesNone ($0 Maintenance)

Quick Summary

  • HSA savings account

The Verdict

Empower Federal Credit Union provides essential HSA features with zero monthly maintenance fees and basic savings functionality, earning a 0/5.0 rating from HSA Orbit.

Empower Federal Credit Union is a full-service financial institution that provides savings, loans, and other financial products to members in Central New York, and in eight counties throughout New York State. As a credit union, Empower is a financial cooperative and is not-for-profit. In 2007, a merger of equals occurred between Power and Empire to create Empower Federal Credit Union. Power Federal Credit Union was founded in 1939 by nine employees of what was then CNY Power Corporation/Niagara Mohawk (currently National Grid). Empire Federal Credit Union was established in 1950 as Syracuse District Telephone Employees Federal Credit Union, by employees of the Syracuse office of the New York Telephone Company. Several other credit unions also merged with us throughout our history.

Key Features

Banking & Access

Includes debit card and check-writing.

Investment Options

This provider focuses on cash savings without investment options.

Security & Insurance

Deposits are FDIC/NCUA insured for your protection.

Account Details

Requires $1 minimum balance. no account opening fees.

Fee Analysis

Fee TypeThis ProviderIndustry AverageVerdict
Monthly Maintenance$0.00$0.69EXCELLENT
Account Opening$0.00$1.88EXCELLENT
Account Closing$0.00$1.95EXCELLENT

Industry averages calculated from 853 providers in the HSA Orbit database.

Investment Options

Savings-Only Account

Empower Federal Credit Union currently offers a savings-focused HSA without investment options. Your funds earn interest in a cash account.

Interest Rates

Standard Rates

Balance RangeAPY
$0 - $2,4991.00%
$2,500 - $4,9991.05%
$5,000 - $9,9991.10%
$10,000+1.15%

Last updated: 07-29-2024

Contact Information

Address

5933 South Salina Street Syracuse, NY 13205 Customer Service Mailing Address Empower Federal Credit Union 1 Member Way Syracuse, NY 13212

Customer Service

800-462-5000

5933 South Salina Street Syracuse, NY 13205 Customer Service Mailing Address Empower Federal Credit Union 1 Member Way Syracuse, NY 13212

At a Glance

Monthly Fee$0
Investment ThresholdN/A
Interest Rate (Cash)~1.15%
Debit CardIncluded
FDIC InsuredYes

Pros & Cons

The Good

  • No monthly maintenance fees
  • No account opening or closing fees
  • FDIC/NCUA insured deposits

The Bad

  • No investment options available
  • No online banking

User Sentiment

Based on community feedback

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NegativeNeutralPositive

Sentiment data coming soon

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