Securityplus Fed Credit Union Offers Rate-Leading 8-Month CD

UPDATE DETAILS 11/16/2023

The following information is from the 8-month Promotion Certificate landing page. NOTE: While the landing page has an “Open Account Online” button, the 8-month Promotion Certificate does not appear on application – you have to wait until Monday to open the Promotion Certificate.

$1k minimum/$50k maximum deposit.
Limit of one certificate per member.
Must be opened online and be funded with money not currently on deposit at Securityplus.
Will automatically renew at the 12-month share certificate rate and term in effect at the time of renewal.
IRA Share Certificates are not eligible for this promotion.
Securityplus reserves the right to end or modify this offer or update the stated APY at any time.

Thanks to DA reader, jcb194, for posting on this news in the DA Forum.

I called Securityplus in hopes of getting some information about the 8-month Promotion Certificate, but CSR had nothing to offer. I will call Securityplus on Monday morning and update this blog post with all the details.

The last promotion certificate Securityplus offered (11-month, 6.00% APY) was in February 2023. It was definitely a great rate, but it came with a $50k maximum deposit. We won’t know about any deposit limitations on the 8-month Promotion Certificate until next week and there is no point in speculating. The 11-month Promotion Certificate lasted 2-3 weeks; if the 8-month Promotion Certificate is easy to open online, it may not last even that long.

While the details on 8-month Promotion Certificate will remain a mystery for the next few days, chances are the rest of the information in this blog post will not change.

Early Withdrawal Penalty

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equal to ninety (90) days dividends at the rate paid or payable for the preceding ninety (90) days on the amount withdrawn before maturity or authorized withdrawal date whether earned or not (this may reduce the principal).

Availability

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.

Hot CD specials from credit unions with easy-membership options sometimes have issues with those trying to join. In response to the February 18, 2023 blog post (comment #48), DA reader, lakers, had a pretty favorable experience.

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.

Let's hope that’s still the case.

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 five 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.

As stated on the Share Certificates page,

This will be an Online Exclusive ONLY 10 day event to lock in an amazing rate on our 8 month Share Certificate!

Funding and Other Details

The following information is from the Securityplus website and a conversation with exceedingly polite CSR.

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 a 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 5.61% (excellent) based on June 30, 2023 data. In the past year, Securityplus has increased its total non-brokered deposits by $32.98 million, an excellent annual growth rate of 7.25%. 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 16^th largest credit union headquartered in Maryland, with more than 35,000 members and assets in excess of $557 million.

How the 8-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 8-Month Promotion Certificate. The following table compares the 8-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 11/16/2023.

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