Signal Financial FCU Adds Premium Money Market (1.35% APY, $25k+)

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Deal Summary: Premium Money Market - 1.35% APY, $25k min; 0.75% APY, $10k min; 0.50% APY, $2.5k min.

Availability: Easy Membership Requirement through the Washington Area Bicyclist Association; Residents of Washington, D.C. and portions of Prince George’s County, Maryland; Employees and retirees of 200+ SEGs.

Signal Financial Federal Credit Union (Signal Financial) began the month by introducing its Premium Money Market account. This new account features tiered APYs based on three balance levels: 1.35% APY, $25k min; 0.75% APY, $10k min; and 0.50% APY, $2.5k min. The Premium Money Market account can be opened with a minimum $10 deposit.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.35*%$25k-Signal Financial Federal Credit UnionPremium Money Market Account
OTHER TIERS: 0.50% $2,500 - $10k | 0.75% $10k - $25k
Accounts mentioned in this post. Rates as of August 22, 2017.

The Premium Money Market account requires enrollment in the Signal Premium Bundle, which includes the following products and services.

  • Standard savings account
  • High-Interest Premium Checking account
  • VISA debit card
  • eBanking and eStatements
  • First eight out-of-network ATM fees waived monthly
  • 0.50% APY discount on fixed-rate personal loans
  • 0.50% APY discount on vehicle loans
  • 0.25% APY increase on CDs with terms greater than 36 month and a minimum deposit of $10k
  • While the Premium Money Market does not have a monthly service fee per se, there is a $25 monthly maintenance fee associated with the Premium Bundle. According to the fine print on the Product Bundles page,

    $25 monthly maintenance fee waived if member maintains a combined $25,000 average monthly balance in share accounts (excluding share certificates) and either 1) conducts five (5) signature-based debit card transactions per month or 2) has a mortgage with a starting balance of $250,000 or greater.

    Since enrollment in the Premium Bundle is a prerequisite for opening a Premium Money Market, the $25 maintenance fee will apply if the debit card transactions or mortgage balance requirements are not met.

    As with any Money Market or Savings account, there are always concerns about a lack of a rate guarantee. And as this a new product, there’s no history on which to base a guess on how long the rate might or might not last. Even in this environment of rising rates, it’s safe to say the 1.35% APY will stay in effect until it doesn’t.

    Availability

    Headquartered in Kensington, Maryland, Signal Financial Federal Credit Union’s field of membership (FOM) offers a means to membership for virtually everyone:

    Easy Membership: Membership in the Washington Area Bicyclist Association (WABA) qualifies for Signal Financial membership. (Joining WABA prior to applying for Signal Financial membership is required.)

    Residency: Individuals who live, work, worship, or attend school in Washington, D.C., or inside the Beltway in Prince George’s County (Maryland) are eligible to join.

    Select Employee Groups: Any employee, pensioner, annuitant, or member of the 200+ Select Employee Groups (including Verizon, Verizon Wireless, and AT&T) is eligible.

    Relationship: Family members related by blood, marriage, or other recognized family relationship in the same household (living under the same roof or not) of any current Signal Financial member are eligible.

    Joining Signal Financial and/or opening a Premium Money Market account can be done online or at any of seven branches* located in Washington, D.C. (3), Northern Virginia, and Maryland (3), or by mail (all necessary paperwork can be requested by calling 301.933.9100, ext. 298).

    *Note: The Silver Spring (MD) and Ashburn (VA) branches have restricted access, with only current Verizon employees with ID permitted to enter.

    Credit Union Overview

    Signal Financial Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.98% (excellent) based on March 31, 2017 data. In the past year, Signal Financial has increased its total non-brokered deposits by $8.85 million, an excellent annual growth rate of 3.02%. Please refer to our financial overview of Signal Financial Federal Credit Union (NCUA Charter # 5571) for more details.

    In September 1947, the Washington Telephone Federal Credit Union (WTFCU) was granted a charter, for the purpose of benefiting the telephone company’s employees. In the past 70 years, the types of financial services offered changed, and the number of branch offices grew to keep pace with the ever-changing financial needs of the membership. In 2007, WTFCU became the Signal Financial Federal Credit Union during a FOM expansion that included more than 150 small to medium-sized business, in addition to the large telephone company groups. Signal Financial is currently the 19th largest credit union headquartered in Maryland, with more than 22,600 members and assets in excess of $370 million.

    How the Premium Money Market Compares

    When compared to the 176 Money Market Accounts tracked by DepositAccounts.com that are nationally available, Signal Financial Federal Credit Union's Premium Money Market APY currently ranks second, regardless of minimum or maximum deposits.

    The above rates are accurate as of 7/6/2017.

    To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account rates table or our Rates Map page.

    Related Pages: Washington money market accounts, money market accounts, nationwide deals

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