Signal Financial FCU Has Limited-Time Promo Rate CDs

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Deal Summary: Promo Rate Share Certificates (available through April 30, 2017) – 12-month (1.36% APY); 24-month (1.61% APY, with a bump option and a one-time additional deposit option); 36-month (1.78% APY); 48-month (2.12% APY); and 60-month (2.36% APY). $10K minimum deposit.

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.

Now through April 30, 2017, Signal Financial Federal Credit Union (Signal Financial) is offering promotional rates (an additional 0.10%) on many of its Share Certificates. The minimum opening deposit to earn the promotional rate is $10k of new money, with no stated balance cap. (The minimum deposit for regular Signal Financial Share Certificates is $500.)

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.51%$500-Signal Financial Federal Credit Union24 Month Bump-Up CD (promotional rate, new money)
Accounts mentioned in this post. Rates as of May 22, 2017.

The 24-month Share Certificate has two additional features that increase its intrinsic value: a Bump-Up option and an additional deposit option. The fine print on the Rates and Disclosure page states,

You may “‘bump-up’” your dividend rate once to the current market rate during the term of your certificate; by doing so, the term and maturity of the certificate will not change.

You also have the option of depositing money to your certificate once during the term. Deposit funds must be brought from an external source.

You may exercise each of these options once during each term of a certificate. You may exercise one or both of these options; if exercising both, they may be done at the same time, or at different times, during the term.

As stated in the Truth in Savings document, the Early Withdrawal Penalty reads as follows:

Terms of 12 Months or less - 91 days’ dividends

Terms of longer than 12 Months - 182 days’ dividends

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 Share Certificate 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 9.54% (excellent) based on December 31, 2016 data. In the past year, Signal Financial has increased its total non-brokered deposits by $8.64 million, an excellent annual growth rate of 3.08%. 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 nearly 23,000 members and assets in excess of $357 million.

How the Promo Rate Share Certificates Compare

When compared to the 194 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, Signal Financial Federal Credit Union's 24-month Bump-Up Share Certificate APY (promo rate) currently ranks third. The Bump-Up option and the ability to deposit new funds once during the term, really heightens the competitiveness of the Share Certificate.

When compared to the 167 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, Signal Financial Federal Credit Union's 48-month Share Certificate APY (promo rate) currently ranks second.

*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.

When compared to the 181 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, Signal Financial Federal Credit Union's 60-month Share Certificate APY (promo rate) currently ranks fourth.

The above rates are accurate as of 4/8/2017.

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


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