6.00% APY 11-Month CD Available at Securityplus Federal Credit Union - Expired


Update 3/8/23: The 6% CD Special is no longer available.

Update 2/23/23: I received confirmation from a Securityplus FCU official that this CD Special can be opened by phone.

Deal Summary: 11-month Promotion Certificate, 6.00% APY, $1k min/$50k max deposit, limit of one certificate per member.

Availability: Easy membership requirement. Opening the Promotion Certificate might require an in-person branch visit.

Maryland-based Securityplus Federal Credit Union (Securityplus) has unveiled an 11-month Promotion Certificate earning 6.00% APY. Described as “the ultimate parking space for your tax refund,” this limited-time offer requires a $1k minimum deposit of new money (funds not currently on deposit at Securityplus). According to the fine print on the landing page, the maximum deposit is $50k, and there is a limit of one Promotion Certificate per member.

The 11-month Promotion Certificate is also available as an IRA Promotion Certificate (Traditional and Roth), earning the same APY. As stated in the landing page fine print,

IRA certificates are subject to IRS contribution limits.

As stated in the Member Service Agreement (page 23), the Early Withdrawal Penalty reads as follows:

The member will forfeit an amount equal to ninety (90) days dividends at the rate paid or payable for the preceding ninety (90) days on the amount withdrawn before maturity or authorized withdrawal date whether earned or not (this may reduce the principal).

Competitive 23-Month Promotion Certificate Continues

I first reviewed the Securityplus 23-month Promotion Certificate last October. It's still available with the same 4.85% APY. Unlike this 11-month Promotion, the 23-month Promotion has no maximum deposit. Also unlike the 11-month Promotion, the fine print for the 23-month Promotion only gives the option to open the CD at a branch. For more details, please refer to my October review of the 23-month Certificate Promotion.


Headquartered in Baltimore, Maryland, Securityplus Federal Credit Union’s field of membership (FOM) provides a way to join for almost any U.S. citizen/resident alien (18 years of older) with a valid Social Security number.

Easy Membership Requirement: Members of the American Consumer Council (ACC) are eligible for Securityplus membership, regardless of residency status.

In a November review of Securityplus, a reader reported difficulties in obtaining an ACC certificate that Securityplus required as proof of ACC membership. According to the reader, the “membership requirements are unreasonably rigorous and very time consuming.”

Residency: Individuals who live, work, worship, or attend school in Baltimore City qualify for membership.

Employment: Employees/retirees of more than 100 Select Employee Groups (including the Centers for Medicare & Medicaid Services, Food & Drug Administration, and Social Security Administration) are also eligible for membership.

Relationship: Family member or household members of current Securityplus are welcome to apply.

Account Opening

Joining Securityplus Federal Credit Union can be done online, by phone (410-281-6200 or 1-866-4SECPLUS), or at any of six Maryland branches located in Baltimore (5) and Owings Mill. Note: three Baltimore branch locations (6401 Security Blvd, 7500 Security Blvd, and 1500 Woodlawn Drive) have restricted access.

A Primary Savings Account with a minimum $5 deposit establishes a Securityplus membership.

In October, Securityplus offered a competitive 23-month Promotion Certificate. At that time, there was a fair amount of confusion whether it could be opened over the phone or not, as there is no online opening. The following is based on information available on the Securityplus website and a conversation with CSR.

As stated in the fine print on the landing page,

The 11-month share certificate or IRA share certificate must be opened at a Securityplus Federal Credit Union branch location or by calling 410-281-6200.

Yesterday afternoon, CSR confirmed the 11-month Promotion Certificate can be opened in-branch or by phone. Normally that would be the end of subject, but the same information supposedly applied to October’s 23-month Promotion Certificate. Long story short, DA reader forwarded an email from Securityplus after he submitted an online application (emphasis is mine).

Thank you for your interest in membership with Securityplus Federal Credit Union. Unfortunately, if and when your application is approved you would not be able to open the share certificate over the phone.

Here’s hoping what is in print and what I was told is true. If you try to join and open this CD, please share your experiences in the comments.

Funding and Other Details

  • Funding – ACH, wire ($15 fee), or shared branch transfer. Funds must be on deposit before opening a Promotion Certificate.
  • CO-OP Shared Branch – Yes.
  • Maturing Funds – By check to address on file or internal transfer to savings account.
  • Grace Period – 10 days before automatic renewal as standard 12-month Certificate.
  • Beneficiaries – Unlimited, equal shares, Social Security number required.
  • Dividends – Compounded/credited monthly, can be withdrawn or transferred to a Securityplus savings account.
  • Credit Check – Soft pull.

Credit Union Overview

Securityplus Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 6.71% (excellent) based on September 30, 2022 data. In the past year, Securityplus has increased its total non-brokered deposits by $19.75 million, an excellent annual growth rate of 4.57%. Please refer to our financial overview of Securityplus Federal Credit Union (NCUA Charter # 2769) for more details.

Chartered in 1938, Securityplus Federal Credit Union’s original FOM was exclusive to Social Security Administration employees. Securityplus is currently the 16th largest credit union headquartered in Maryland, with nearly 34,000 members and assets in excess of $537 million.

How the 11-Month Promotion Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Securityplus Federal Credit Union 11-Month Promotion Certificate. The following table compares the 11-Month Promotion 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 2/18/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: Baltimore CD rates, 1-year CD rates, IRA CD rates, nationwide deals

  |     |   Comment #2
"Opening the Promotion Certificate may require an in-person branch visit." Says "may", so do you have to or not?
  |     |   Comment #7
As stated above and in their online disclosure the 11-month share certificate or IRA share certificate MUST be opened at a Securityplus Federal Credit Union branch location or by calling 410-281-6200. It's not listed on the online application.
  |     |   Comment #3
6%, while everyone else is at 5....BE CAREFUL PEOPLE!

Read the fine print. Ask about the EWP, compounding process, online presence/technology, and do a test call....if you have to wait on hold for 20 min to GIVE your money to them, how long do you think it will take to TAKE your money back when the CD matures.
  |     |   Comment #4
Sounds like another nightmare. What about making the deposit at a shared branch in another state. If anyone finds out, please post.
  |     |   Comment #6
Definitely a "promo" : Ya may have to do in person, $50K max, not even a year to maturity, there's been others (and will be more) like it as banks get on the game playing wagon with "callable, add-on, variable rate, etc., et all" CDs vice straight plain 'ol CDs maturing in 6 mo or 1-year increments...
  |     |   Comment #8
This is a most heartening development. Thank you, Ken, for posting.

It's great once again to see a 6% APY CD, without involvement of some fintech or other San Francisco player. Do not want to make too much of this particular offering. It's only a start. But 5% APY has now become the absolute minimum CD APY acceptable, with a preference for dry powder over any APY lower.

As for me personally, I'm hanging onto some dry powder even in the face of very decent 5% APY CD offerings. After all, dry powder itself today is providing rather respectable yields as we move down the road to still more 5+%, and now even 6%, certificates of deposit.  
  |     |   Comment #17
Kaight, thanks for a positive post! Not sure what's with all these other negative nellie's, but to each their own I suppose. Every person is entitled to his or her personal preferences and tastes, likes and dislikes. Some believe a bird in the hand..... If ya don't like it...ya don't have to have it!!!!! Move on!!!!! Good Lord!!!
  |     |   Comment #9
I would be somewhat skeptical of the Easy Membership Requirement .
American Consumer Council
They might say you have to join through their source. Easy?
Membership enrollment elsewhere might not qualify.
  |     |   Comment #10
I think it's very unfair to limit any deal to local members who can visit a branch.  It makes non-local members second class.

So now there's a zillion people calling them to find out whether a branch visit is required to open a promotional CD. I called and requested a call back because I was position 11 in the queue on a Saturday morning. I don't want to bother applying for membership unless I can open a promotional CD over the phone. I also sent them an email because I'd like to have an answer in writing.

If I hear anything I'll post the answer here.
  |     |   Comment #12
Thanks....no spot on the online application for this eleven offer to be selected.
  |     |   Comment #11
Travel to the People's Republic of Maryland for an extra $458? Doesn't even cover the gas at these prices.

Which is a better chance a slim chance or a fat chance?
  |     |   Comment #14
And even if you get it you're still losing money to inflation.

Negative returns don't get my investor juices flowing.
  |     |   Comment #25
you're losing money to inflation no matter WHERE you're parking it safely. how did you figure $458? i couldn't find the info on compounding.
  |     |   Comment #27
twinlabs, DELETED, for some reason it seems like this site might be experiencing high usage and my post did not show up so I did a second one and then...there was my first post plus many additional ones that were't there when I began a reply to you Not certain why that happened?
  |     |   Comment #28
Your advantage over a widely available 5% CD is only 1%.  And then only on a maximum of $50k.  So the maximum advantage is only about $458.

$50k @ 1% more than a 5% 11 month CD


It is a close approximation of course because it depends on the relative compounding periods of this CD versus the comparison base CD.  But any difference due to compounding is trivial.
  |     |   Comment #30
twinlabs, I'm not a math whiz but I use this APY calculator frequently, https://www.omnicalculator.com/finance/apy I input $50K for 11 months with a known APY of 6% and it calculated the total interest to be $2,743.27 with a rate of 5.87% compounded quarterly. I assume P_D means it's $458 more than the same $50K at 5%APY.
  |     |   Comment #43
Thanks for the calculator...
According to it and the numbers provided by the company, it appears that the interest compounds quarterly. Not sure I like that. Has anyone verified that?
  |     |   Comment #44
Believe it or not, this CD pays MONTHLY.
Unfortunately, SecurityFirst has incorrectly promoted this CD with a 6.00% APY when in fact, the rate of 5.87% (as shown on their website) would bring you to an annual yield of 6.03%.

It appears they're considering the 6.00% as a TOTAL yield ...or in this case, just for the 11 months. This would correspond to an equivalent monthly APR of 5.87.

Idiotic, I know, ..but technically with this rate, the yield of 6.00% they're promoting would become 6.03% if the CD actually carried out through a full 12 month period.
  |     |   Comment #36
The real difference is approximately half of $458 for people in a high income-tax state. With 6-mo. T-bills yielding 5%, the taxable equivalent yield is around 5.5%. And the Fed is not quite done raising the rate. Meh, I’ll keep my powder dry.
  |     |   Comment #15
The debt ceiling is going to cause a great disturbance in the force in 2Q. I'm not sure if it's going to make rates skyrocket or plummet, but it's going to be action packed.
  |     |   Comment #20
And a great disturbance came upon the land.

And the Lord said... Let the FFR rise! A plague upon the stock market speculators!
  |     |   Comment #37
Yes, yes . . . a plague indeed.
  |     |   Comment #38
H*ll yeah, I'm in! The last plague (COVID) moved the S&P500 up almost 20% from 1/1/20 through 12/31/20. Let's try it again!
  |     |   Comment #40
I'm with you 111. It pays to diversify.
  |     |   Comment #35
That..and the Fed is NOT done so I too am gonna hold $$ for another jumbo CD sometime this spring, might be a 3 ish year or a 4 ish year term (or a lil shorter or a lil longer) but, I wanna have cash to lock up (like I did with Jumbo Savebetter 27 mo 5% and All In CU Jumbo 60 month 5.05% the past couple of months) with a good special that's not "ultra short" term.
  |     |   Comment #18
Nice rate but a flight to Maryland is not in my future
  |     |   Comment #19
Re getting the ACC membership certificate, I have my mine. I simply gave them a call and asked for it, they sent it over. I just started it at their website, it took no time at all.

Also, a lot fo the negative comments here, the comments are already addressed in the story, people are showing they haven't even rad the story.

The only issues with this are whether they will really do as they say, start the CD over the phone. Second is that the maximum is $50,000, which does cut into how much benefit you can get with this rate. (Of course, if you don't have more than $50,000, that doesn't matter.)
  |     |   Comment #21
At $50k it is $458 better than a 5% 11 month CD.
  |     |   Comment #23
Will they open the CD in an IRA account via phone? For new IRA accounts an original signature is usually required, and that would need some mode of physical delivery, so the offer may expire before the documents are delivered - unless they are willing to lock in the rate..
  |     |   Comment #41
I think I’ve recently done a signing for IRA CD’s without hard paper using only computer or it could have been an annuity ????? Whatever ….it did surprise me from having previously needing to have original hard copy signature. Can anyone clarify ? I’m guessing most require original hard copy but maybe some are sophisticated enough to handle IRAs on computer
  |     |   Comment #24
it doesn't get to 6%.
all it pays is 11/12 of 6% and that is 5.5% return or $5.51 on $100 deposited

But, please, check me out...
it says Calculated Daily, Compounded Monthly, Advertised rates are Rounded to the nearest one-hundredth of one percentage point.
Advertised rates are Dividend - 5.87%... APY*- 6%!
Would Effective APY have to be 6.03%?

$50K for 11 months - not worthy another ChexS inquiry.
  |     |   Comment #26
according to the Fidelity calculator, you'd need an 11 mounth Tbill to be 5.31% to equal the 6%. CD, Not there yet, (52 week, 4.6%), so this seems like a good opportunity even tho the amount to deposit is smallish.
  |     |   Comment #29
I have issues with the Fidelity calculator and think it is way off in some cases. It's best to do your own calculation with your actual marginal tax rate. I think Fidelity overstates the tax advantage of the treasuries in many cases probably using assumptions that don't apply to many (probably even most) taxpayers.
  |     |   Comment #31
No way I will go through all the nonsense to open an account at another credit union for $50,000. This one is DOA.
  |     |   Comment #32
I have been enjoying the 6% CD at Frontwave CU and let me tell you 6% feels good....
  |     |   Comment #33
Right, but serving out a sentence in California more than offsets the advantage.
  |     |   Comment #34
Some have multiple investment properties, homes in various states and can enjoy the rewards that the various states/communities offer...
  |     |   Comment #46
Serving out a period might be worse.
  |     |   Comment #39
So the CU has easy membership requirements but you still can't open this CD online or by phone? Well no point in joining then. Good deal if you live by a branch though.
  |     |   Comment #42
@ deplorable_1;
Got a hold of the Woodlawn branch on the phone just now...
you can definitely open this CD by phone (with member services)
if you qualify for membership.

Problem is..when you call 410-281-6200...the automated voice says:
'Thank you for choosing SecurityPlus'...then it hangs up on you.

hopefully, that's only 'cause they haven't opened yet this morning.
  |     |   Comment #45
I don't want to join this CU just for the $50K 6% 11-month APY deal. I wanted to see whether they have a good track record of promotional rates for other terms and I can't find any historical information. If I'm going to get another ChexSystems inquiry, I want to join a CU that is likely to have more good deals in the future.
I know that Securityplus used to be called FIAFE FCU.
  |     |   Comment #47
SecurityPlus has a referral bonus: $50 Amazon gift card for new members who use a referral code and $50 gift card for the referring member. Here's my referral link if anyone is interested (and thank you):
  |     |   Comment #48
Applied morning of 02/21/23 for a new membership using American Consumer Council certificate as eligibility criteria, (ACC certificate was requested via email morning of 02/22/23 - I replied with the certificate minutes later). Membership is officially opened as of morning of 02/23/23 and funds are being pushed into required savings account from Primis Savings such that funds could be used to open certificate over the phone once the funds are in the required savings account.

Was expecting the process to be much tougher and time consuming, but to my surprise it was not bad at all, just a two day wait.
  |     |   Comment #49
Can you add the promotional 6% CD on-line when you are already a member and have an account with the union?
  |     |   Comment #50
Try logging into your account and find out if its offered in their product line.
It certainly is not available to new members via online application.
  |     |   Comment #51
The only way to add the 11 month, 6.00% CD is by visiting them in-branch or by calling them over the phone using the number provided on their website, even if you are already a member. I also ended up depositing a check from Primis Checking at a "shared branch" location in California even though they are in Maryland. The "shared branch" network for credit unions is quite convenient.
  |     |   Comment #54
I opened an account this week though I don't think my account number has been entered thruout their database because I am unable to enroll in their digital online banking. I was hoping I could send them a echeck to fund the CD. I know they are swamped with the CD promotion so I just mailed a check to them. Hopefully it'll be processed before the promotion ends. It hasn't been easy opening an account/CD. I'm hoping all will work out.
  |     |   Comment #55
I've had no luck calling them; the call-back function doesn't work either.
Securityplus Federal Credit Union Adds Rate-Leading 23-Month Promo CD
UPDATE: 10/24/2022 – Must be opened in-branch.

Deal Summary: – 23-month Promotion Certificate, 4.85% APY, $10k minimum deposit.

Availability: Easy membership requirement

It's not 5%, but it's close. Maryland-based Securityplus Federal Credit Union (Securityplus) recently unveiled a 23-month Promotion Certificate earning 4.85% APY. This limited-time offer requires a $10k minimum deposit of new money, which is defined simply as funds not currently on deposit at Securityplus. According to the fine print on the Share Certificates page, the 23-month Promotion Certifcate has no maximum deposit.

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