United States Senate Fed Credit Union 36-Month CD Is A Rate Leader
The new month has brought new rates for 36-month Share Certificate offered by Virginia-based United States Senate Federal Credit Union (USSFCU). USSFCU Share Certificates have tiered APYs based on minimum deposit levels of $1k, $100k, and $200k, with each rate tier separated by 5-6 bps. Following recent rate increases of 10-11 bps, the 36-month Share Certificate currently earns 5.34% APY ($200k), 5.28% APY ($100k), and 5.23% APY ($1k).
The 36-month Share Certificate is also available as an IRA Share Certificate (Traditional, Roth, SEP), earning the same tiered APYs with the same minimum deposit levels.
As stated in the Fees and Charges page, the Early Withdrawal Penalty reads as follows:
180 days of dividends paid and accrued on the withdrawal for
terms of greater than 2 years and up to and including 3 years.
Availability
Headquartered in Alexandria, Virginia, United States Senate Federal Credit Union offers membership “via sponsorship or contribution.”
Easy Membership Requirement – Members of the United States Capitol Historical Society (minimum $65 contribution) are eligible to join USSFCU. Membership in the American Consumer Council, Virginia Chapter (VACC) was been added to the field of membership more than two years ago. Using the Promo Code “USSFCU” waives the $8 VACC Membership Fee. More details are available on USSFCU’s website.
NOTE: Joining either organization must be done prior to completing the USSFCU application.
Employment Sponsorship - Current employees and retirees of more than 140 SEGs, including The United States Senate, The United States Supreme Court, The Government Accountability Office, Democratic National Committee, qualify for membership.
Family Sponsorship - Immediate family members (spouse, child, sibling, parent, grandparent, or grandchild) of an existing USSFCU member or current employee of an SEG are eligible to join, as are household members of the same.
Account Opening
Joining USSFCU can be done online or at either of two District of Columbia branches or the Bowman branch at Braddock Station in Alexandria, Virginia. The lobby of Eisenhower branch in Alexandria is permanently closed but the drive-thru remains open. The two DC branches (Hart Senate Office Building and US General Accounting Office) both have restricted access, with “accepted ID” required for admittance.
A secure application can also be requested by calling 800.374.2758 or sending an email to [email protected].
Opening a Primary Savings account with a minimum $5 deposit and paying the one-time membership $1 fee establishes a new USSFCU membership.
Funds must be on deposit in a USSFCU Primary Savings Account before a Share Certificate can be opened. There is no online opening: a Share Certificate must be opened in-branch, by phone, or by using the USSFCU online banking platform.
Funding and Other Details
The following information is from the USSFCU website and a conversation with CSR.
- Funding – ACH, wire, or Shared Branch transaction.
- Ownership – Individual, joint, or trust.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded/credited monthly; can be transferred to a Primary Savings Account.
- Maturing Funds – Distributed by check to address on file, wire ($25 fee), or internal transfer to Primary Savings Account.
- Grace Period – 10 calendars days.
- Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers “appreciated, but not required.”
- Credit Check – Hard pull when applying for membership.
Credit Union Overview
United States Senate Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.55% (excellent), based on March 31, 2023 data. In the past year, USSFCU increased its total non-brokered deposits by $49.64 million, an excellent annual growth rate of 4.49%. Please refer to our financial overview of United States Senate Federal Credit Union (NCUA Charter # 624) for more details.
In 1935, seven individuals pooled their resources and obtained a charter for the United States Senate Employees Federal Credit Union. The original FOM was exclusive to U.S. Senate employees, but was expanded through mergers with the General Accountability Office Federal Credit Union, the DC Unemployment Federal Credit Union, and the American Trucking Association Federal Credit Union. The United States Senate Federal Credit Union rebrand occurred in 1990 in an effort to reflect the changing membership. USSFCU is currently the 13th largest credit union in Virginia, with nearly 54,000 members and assets in excess of $1.2 billion.
How the 36-Month Share Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, no banks or credit unions currently have higher rates than offered on the USSFCU 36-Month Share Certificate, regardless of minimum deposit requirements. The following table compares the 36-Month Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 9/4/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.
USSFCU has raised ChexSystems abuse to an artform.
Thanks
I used a db card ACH funding to avoid cash advance fees as someone on this website pointed out. I used an instant free VACC membership and once opened I used a shared branch deposits to fund CD and it was opened same day as shared branch deposit.
All went well. Their customer service over the phone and via application secured messaging was good too. End to end entire process took 4 business days from initial application to CD funding. And because of all the great watch out comments here I successfully navigated any misunderstandings and the path to membership and funding
For me it was worth it for the term rate combination.