Signal Financial Federal Credit Union (Signal Financial) is promoting its new 1/3/5 CD Ladder, which is available now through December 31, 2016. The minimum opening deposit is $1.5k, with no stated balance cap. The rates are broken down as follows:
1/3/5 CD Ladder Facts
- The opening deposit is equally divided between the three certificates.
- Available to new and current Signal Financial members.
- New and/or existing money can be used.
- There are penalties for early termination; partial withdrawals are not allowed.
Even though the 1/3/5 CD is marketed as a Ladder CD, the scheduled promotion end-date (December 31, 2016) and the following statement seem to belie that definition.
If no action is taken during the grace period, the certificate will automatically renew to our
standard certificate for that same term. The rate and terms in effect at the time of renewal will apply.
As stated on the 1/3/5 CD Ladder page, the Early Termination Penalty reads as follows:
Withdrawal of funds prior to maturity will cause the certificate to be closed and the forfeiture of the special APY.
Early termination penalty for the 12-month certificate is 182 days of dividends.
Early termination penalty for the 36-month certificate is 365 days of dividends.
Early termination penalty for the 60-month certificate is 545 days of dividends.
Headquartered in Kensington, Maryland, Signal Financial Federal Credit Union offers membership to 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 1/3/5 CD Ladder can be done online or at any of eight branches located in Washington, D.C. (3), Northern Virginia (2), and Maryland (3), or by mail (all necessary paperwork can be requested by calling 301.933.9100, ext. 298).
Credit Union Overview
Signal Financial Federal Credit Union (NCUA Charter # 5571) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 8.69% (excellent) based on June 30, 2016 data. In the past year, Signal Financial has increased its total deposits by $16.06 million, an excellent annual growth rate of 5.64%. Please refer to our financial overview of Signal Financial Federal Credit Union for more details.
In September 1947, the Washington Telephone Federal Credit Union (WTFCU) was officially chartered. In the past 65 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 field of membership expansion, to include more than 150 small to medium-sized business in addition to the large telephone company groups. Signal Financial is currently Maryland’s 15th largest credit union, with more than 23,700 members and assets in excess of $370 million.
How the CDs Compare
When compared to the 198 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, the 1-Year APY of Signal Financial Federal Credit Union's 1/3/5 CD Ladder currently ranks fifth.
When compared to the 193 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, the 3-Year APY of Signal Financial Federal Credit Union's 1/3/5 CD Ladder currently ranks third.
When compared to the 173 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, the 5-Year APY of Signal Financial Federal Credit Union's 1/3/5 CD Ladder currently ranks third.
The above rates are accurate as of 10/14/2016.