State Department Federal Credit Union continues to offer some competitive long-term CD and IRA CD rates. The IRA CD rates are 10 basis points higher than the regular CD rates. The two best IRA rates are 2.17% APY for 5 years and 1.86% APY for 4 years. The regular CD rates are 2.07% APY for 5 years and 1.76% APY for 4 years. SDFCU also offers 3 bump-up CDs: 1.51% APY for 45 months, 1.15% APY for 30 months and 0.80% APY for 17 months. These bump-up CDs allow for a 1-time rate bump-up during the term. Also, members can add new money at time of bump-up. These rates are listed at the credit union's rates page as of 6/27/2012.
At the bottom of SDFCU's rate page, the early withdrawal penalties are described. For terms of 1-year and longer, the EWP is up to 180 days of interest on the amount withdrawn. The penalty won't eat into the principal.
SDFCU is another credit union that has made it easy for anyone to join. If you click the "who can join" link in the Join SDFCU page, it states the following:
If you are not eligible to join through any of the listed groups or affiliations, anyone can join SDFCU through the American Consumer Council (ACC), a nonprofit advocacy group. When opening your SDFCU account you will need to choose ACC on your application, this will automatically enroll you as a member of ACC. There are no hidden fees to join ACC through your membership at SDFCU.
There's also a long list of select employer groups which includes the Department of State.
You can apply using an online application provided by Andera. This can be used to join the credit union and to open and fund the deposit accounts.
State Department Federal Credit Union Overview
State Department Federal Credit Union branches are located in Washington DC and in Alexandria, Virginia.
It's a sizable credit union with $1.42 billion in assets. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 4.70% (excellent) based on March 2012 data. Please refer to our financial overview of SDFCU for more details. The credit union is federally insured by the NCUA (Charter # 435).
How These CD Rates Compare
You can get nationally available CD and IRA CD rates that are a little higher at Justice Federal Credit Union and Melrose Credit Union. Justice FCU has Jumbo 5-year and 4-year CD and IRA CD rates of 2.20% APY and 1.85% APY. Melrose Credit Union has 5-year and 4-year CD and IRA CD rates of 2.17% APY and 1.96% APY. These rates are accurate as of 6/27/2012.