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.
|1.35*%||$25k||-||Signal Financial Federal Credit Union||Premium Money Market Account|
|OTHER TIERS: 0.50% → $2,500 - $10k | 0.75% → $10k - $25k|
The Premium Money Market account requires enrollment in the Signal Premium Bundle, which includes the following products and services.
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.
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.