Maryland-based Market USA Federal Credit Union (Market USA) is one of the lessor-known easy membership requirement credit unions. Best known for its rewards checking account, High-Rate VIP Checking, Market USA’s product line has been light on competitive CDs. The product line recently became more competitive with the addition of a 17-month Certificate Special, which has a 4.90% Base APY or a 5.00% Preferred APY. According to the Certificates page, the only requirement to qualify for the Preferred APY is receiving e-Statements for the Membership Savings Account. The limited-time 17-month Certificate Special can be opened with a $500 minimum deposit, with no stated balance cap.
The 17-month Certificate Special is also available as an IRA Certificate Special (Traditional and Roth), earning the same Base and Preferred APYs with the same $500 minimum deposit.
As stated on the Rate Disclosures page, the Early Withdrawal Penalty reads as follows:
Terms of greater than 1 year and up to 3 years - 180 days dividends on the amount withdrawn
High-Rate VIP Checking
Since I last wrote about Market USA’s rewards checking account in July 2020, there have been a few changes: a new name, a higher APY, and fewer qualifying requirements. The High Rate VIP Checking (Platinum Tier) currently earns 4.00% APY on qualifying balances up to $15k. Qualifying balances above $15k earn the “APY paid on regular checking accounts,” which is currently 0.01%.
The monthly qualification requirements include,
- At least $500 in monthly direct deposit
- At least 15 debit card purchases (minimum $5 each)
- Be enrolled in eStatements
The High-Rate VIP Checking account has no minimum balance requirement, no monthly maintenance fee, or per check charge. There is a limit of one High-Rate VIP Checking account per primary account owner/Social Security number. While there is no reimbursement for foreign ATM fees, Market USA members have access to more than 30,000 surcharge-free CO-OP and Alliance One Network ATMs nationwide.
As stated on the High-Rate VIP Checking landing page, there are,
Eight free monthly transactions if you have direct deposit of $500+ or for all members
under the age of 25 (ATM surcharges may apply; $1 ATM transaction fee after the 8 free).
Market USA offers a Mobile App with Mobile Check Deposit, but according to the fine print on the High-Rate VIP Checking landing page, it is only available when the following conditions are met:
Membership must be established for at least 90 days; checking account must be opened for at least 30 days; account must be in good standing; primary account holder must be at least 13 years of age.
Headquartered in Laurel, Maryland, Market USA Federal Credit Union’s field of membership (FOM) expanded about five years ago and now provides a route to membership for almost any U.S. citizen or resident alien.
Easy Membership Requirement: Membership in the Market USA Cares Foundation (minimum $5 donation) qualifies for Credit Union membership. “Market USA Cares Foundation is a 501(c)(3) organization that assists charities supported by partners of Market USA FCU and local organizations in communities where Market USA FCU members live.”
Employment/Affiliation: Employees and retirees 23 Partner Organizations are eligible to join.
Family Relationship: Immediate family (spouse, children, parents, grandparents, grandchildren, siblings) or household members of existing Market USA members are also welcome to apply.
Simply complete the online membership application to establish your Membership Savings Account, along with any additional accounts you would like to open (it only takes a few minutes).
Once your application is approved, you will receive an email with further instructions on how to send in your initial $5 deposit. Once you become a Market USA member, you'll remain a member for life, as long as you maintain a $5 balance in your Membership Savings account.
Note: the online application is only for those joining Market USA. Existing members can open a CD Special using the Market USA Online Banking platform.
Joining Market USA and/or opening a CD Special can also be done in-branch at either of the two full-service branches located in Laurel (MD) and Greenville (SC). The Hyattsville (MD) branch has been permanently closed.
Market USA participates in both the CO-OP Shared Branch and ATM networks.
With 30,000 surcharge-free ATMs and 5,000 Shared Branches, Market USA is always just around the corner.
Funding and Other Details
The following is from the conversation with CSR.
- Funding – ACH*, wire (no fee), check, internal transfer, or shared branch transaction.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded daily and credited monthly, can be withdrawn penalty-free.
- Maturing Funds – ACH*, wire ($15 fee), cashier’s check, or internal transfer.
- Beneficiaries – Unlimited, equal shares, Social Security numbers are required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Soft pull.
*Incoming ACH transfers are subject to a 3-day hold. Outgoing ACH transfers are limited to $5k per day and $15k per month.
Credit Union Overview
Market USA Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.00% (excellent) based on December 30, 2022 data. Market USA has an excellent capitalization level (50.53%), the result of holding assets of $138.18 million with $20.53 million in equity. Please refer to our financial overview of Market USA Federal Credit Union (NCUA Charter # 9003) for more details.
Market USA Federal Credit Union was originally established in 1953 as Giant Food Department Stores Federal Credit Union. In the past 70 years, the Credit Union has gone through three name changes, three mergers, and a FOM expansion, resulting in a significant brick-and-mortar presence throughout the Southeast. As the 33rd largest credit union headquartered in Maryland, Market USA currently has more than 19,000 members and assets in excess of $138 million.
How the 17-Month Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Market USA Federal Credit Union 17-month Certificate Special. The following table compares the 17-month Certificate Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 3/10/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our Best CD Rates Table page.