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

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equal to ninety (90) days dividends at the rate paid or payable for the preceding ninety (90) days on the amount withdrawn before maturity or authorized withdrawal date whether earned or not (this may reduce the principal).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

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.

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 16^th 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.