Three CDs offered by the Virginia-based Signature Federal Credit Union (Signature FCU) were added to this week’s CD Rates Summary. The 1-year Jumbo Share Certificate (1.40% APY), 2-year Jumbo Share Certificate (1.60% APY), and 18-month Share Certificate (1.40% APY) are all the in top half of their respective term-length categories in the Summary. The Jumbo Share Certificates require a $100k minimum opening deposit, while the 18-month Share Certificate can be opened with only $500. (FYI – Signature FCU does not offer an 18-month Jumbo Share Certificate.)
All three Certificates are also available as IRA Certificates (Traditional, Roth, and CESA), earn the same APYs with the same deposit requirements.
As stated in the Sample Share Account Disclosure, the Early Withdrawal Penalty reads as follows,
12-month – 180 days of dividends forfeited 18-month – 270 days of dividends forfeited 24-month – 365 days of dividends forfeited
Funding and Accessing Maturing Funds
Funding a new Share Certificate can be done by check, ACH, or wire transfer. (Although it doesn’t necessarily apply to Share Certificates, CSR made a point of letting me know that there is 3-month waiting period before internal ACHs can be initiated by new members.) Monthly dividends can be distributed by check to address on file. Maturing funds can be distributed by check or wire ($15 fee), or transferred to a Signature FCU checking or savings account.
The High-Yield Checking account (formerly called Choice Checking) has been earning 3.00% APY on qualifying balances since it was introduced in April 2015, but the balance cap has increased from $15k to $20k. Qualifying balances of $20k+ earn 0.05% APY, as do all non-qualifying balances.
The qualifying requirements include,
- At least 10 debit card purchases each month
- Direct Deposit(s) totaling at least $1k each month
- Enroll and receive e-statements
The High-Yield Checking account has no minimum balance requirement or opening deposit requirement, but there is limit to one account per member. ATM fees are reimbursed up to $10 per month, if qualifying requirements are met. One free order of standard checks is provided once a year.
Headquartered in Alexandria, Virginia, Signature Federal Credit Union’s field of membership (FOM) provides a way to join for almost any U.S. citizen or permanent resident.
USPS: Employees and retirees of the United States Postal Service qualify for membership.
Employment/Affiliation: Employees and members of 16 Washington, D.C. area businesses and organizations are eligible to join.
Sponsorship: Individuals who are sponsored by current Signature FCU embers also qualify.
Family Relationship: Immediate family members and household members of current Signature FCU members are welcome to apply.
Easy Membership: The fifth option on the online application reads,
Still need another way to join? By selecting this option Signature FCU will enroll you into American Consumer Council (ACC), at no cost to you, therefore making you eligible for membership.
Joining Signature FCU can be done online or at the sole branch, located in the Potomac West neighborhood in Alexandria, Virginia. The Membership Application is also available for download, and can be returned through a secured upload or by mail.
Membership begins with a $5.00 minimum deposit into your basic Share Savings account.
While checking, savings, and Money Market accounts can be opened online during the membership application process, CDs cannot. According to CSR, opening a CD for new members is a two-step process: the Membership Application must be approved before a CD can be opened either online or over the phone.
A new application is not required to add a Certificate to your account, please contact our Member Services Department at (800) 336-0284 ext. 684, or [email protected], or fill out the Account Update form below.
CSR informed me that Signature FCU is “processing a large volume of mortgage requests and there will be delays in processing times for all applications.” In the current climate of frequent rate changes, waiting for your application to be approved could possibly pose a problem. According to CSR, the APY in effect at the time a membership application is submitted will be the rate applied to a newly opened CD. CSR stated you can indicate which CD you are interested in on the online membership application, but it’s your responsibility to know what the CD rate was when your membership application is submitted.
Signature FCU participates in both the CO-OP Shared Branch and ATM networks.
National Shared Branching allows us to combine resources with other credit unions and serve members at over 5,000 physical branch locations. As a member of Signature Federal Credit Union, you can visit any one of these Shared Branches or Service Centers to conduct your financial transactions.
Credit Union Overview
Signature Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.80% (excellent), based on December 31, 2019 data. In the past year, Signature FCU increased its total non-brokered deposits by $35.2 million, an excellent annual growth rate of 14.81%. Please refer to our financial overview of Signature Federal Credit Union (NCUA Charter # 20061) for more details.
Signature Federal Credit Union was originally chartered in 1970 as NAPUS (National Association of Postmasters of the United States) Federal Credit Union. The “Signature” rebrand was reflective of a change in the charter and the scope of membership. Signature FCU is currently the 25th largest credit union in Virginia, with more than 23,600 members and assets in excess of $319 million.
How the Jumbo Share Certificates Compare
When compared to 206 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Signature Federal Credit Union's 2-year Jumbo Share Certificate APY* currently ranks second, regardless of minimum deposit requirement.
When compared to 217 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Signature Federal Credit Union's 1-year Jumbo Share Certificate APY* currently ranks third, regardless of minimum deposit requirement.
The above rates are accurate as of 6/6/2020.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.
*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.