Signature Federal Credit Union 24-Month CD Becomes Competitive

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Deal Summary: 24-month Share Certificate, 5.25% APY, $500 minimum deposit.

Availability: Easy membership requirement

Virginia-based Signature Federal Credit Union (Signature FCU) raised the rate on its 24-month Share Certificate to 5.25% APY several months ago. That rate is still in effect and has become more competitive as other 2-year nationally available CD rates have dropped in the past eight weeks. The minimum opening deposit is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.65%$500-Signature Federal Credit Union24 Month Share Certificate
4.65%$500-Signature Federal Credit Union24 Month IRA Certificate (Traditional, Roth, CESA)
Rates as of February 28, 2024.

The 24-month Share Certificate is also offered as an IRA Share Certificate (Traditional, Roth, ESA), earning the same 5.25% APY with the same deposit requirements.

Early Withdrawal Penalty

As stated in the Share Certificate Disclosure, the Early Withdrawal Penalty (EWP) for the 24-Month Share Certificate is 180 days of dividends. The disclosure further states,

We will impose a penalty based on the chart above if you withdraw any funds before the maturity date. Penalties will only be taken from dividends earned unless dividends are not automatically reinvested into the certificate. In these cases, penalties may be withdrawn from the principal. Members have the option to partially withdraw from the share certificate. The penalty will only be assessed for the amount of the withdrawal.

Short-Term Share Certificates

The 3-, 6-, 9-, and 12-month Share Certificates have good but not great rates. What makes these four short-term Share Certificates is the lack of an EWP. While not marketed as No Penalty CDs, the Share Certificate Disclosure shows “Penalty – 0 (zero) Total Days of Dividends Forfeit” for the four Share Certificates. CSR confirmed the zero days EWP.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.00%$500-Signature Federal Credit Union12 Month Share Certificate
4.95%$500-Signature Federal Credit Union9 Month Share Certificate
4.85%$500-Signature Federal Credit Union6 Month Share Certificate
4.25%$500-Signature Federal Credit Union3 Month Share Certificate
Rates as of February 28, 2024.

When compared to nationally available No Penalty CDs with terms of 6 months or greater, Signature FCU's 6-, 9-, and 12-month Share Certificates currently offer the highest APYs.

Availability

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. (Note: the FOM requirements listed on the online application and in the FAQs don’t match. According to CSR, the membership application requirements are up-to-date.)

Employment/Affiliation: Employees and members of 30 Washington, D.C. area businesses and organizations are eligible to join.

USPS: Employees of the United States Postal Service qualify for membership.

Sponsorship: Individuals who are sponsored by current Signature FCU members also qualify.

Referral: A referral from an existing member, a Signature FCU employee, an internet site, an event, the Sign On ATM, a publication/newsletter/magazine/radio ad, or Social Media. This is an expansion of the previous “immediate family and household members” eligibility option.

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.

Account Opening

Joining Signature FCU can be done online or at the sole branch, located in the Alexandria (VA) Potomac West neighborhood. The Membership Application is also available for download and can be returned 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 (using the Account Update form) or over the phone.

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.

As stated on the Certificates page, existing members can opened a Share Certificate online.

Already a Member?

Simply add a Share Certificate by logging into the Online Branch or our SFCU Mobile App, click the hamburger menu in the top left-hand corner, then click on the account name at the very bottom of the menu. Select the Add An Account button from the list of options that appears.

Funding and Other Details

The following information is from the Signature FCU website and a conversation with CSR.

  • Funding – ACH, wire transfer, check, internal transfer, shared branch transaction. Certificates not funded within 30 days of application will automatically be closed.
  • Ownership – Individual or joint.
  • CO-OP Shared Branch Participant – Yes.
  • Dividends – Compounded/credited monthly and can be distributed by check to the address on file.
  • Maturing Funds – Wire ($15 fee), cashier's check to address on file, or internal transfer to checking/savings account.
  • Beneficiaries – Using the Account Update Form, unlimited beneficiaries can be designated; percentages can be assigned; Social Security numbers required.
  • Grace Period – 10 calendar days before automatic renewal.
  • Credit Check – Soft pull when joining.

Credit Union Overview

Signature Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.47% (excellent), based on September 30, 2023 data. In the past year, Signature FCU increased its total non-brokered deposits by $18.27 million, an excellent annual growth rate of 6.03%. 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 26th largest credit union headquartered in Virginia, with more than 26,000 members and assets in excess of $434 million.

How the 24-Month Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the Signature Federal Credit Union 24-month Share Certificate. The following table compares the 24-month Share Certificate to the four highest-rate 2-year CDs from other banks/credit unions with nationwide market areas.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
5.27%2-Year CD (EWP=unknown)Monesty
5.27%24-Month CD (EWP=270 days)Pelican Credit Union
5.25%24-Month Share Certificate (EWP=180 days)Signature Federal Credit Union
5.25%24-35 Month Share Certificate (EWP=180 days)Library of Congress Federal Credit Union
5.15%12-23 Month CD (EWP=180 days)First National Bank of America

How the 6-, 9-, and 12-Month Share Certificates Compare to No Penalty CDs

When compared to the no-penalty CDs tracked by DepositAccounts.com that have a term of at least 6 months and are available nationwide, no bank or credit union has a higher rate than the rates offered on the Signature FCU 6-, 9-, and 12-month Share Certificates. The following table compares these Share Certificates to the four highest-rate No Penalty CD APYs from other credit unions and banks.

APYCD Term (Withdrawal Lock)Credit Union/Bank
5.50%6-month Share Certificate, $500 min (7 days)Signature Federal Credit Union
5.45%9-month Share Certificate, $500 min (7 days)Signature Federal Credit Union
5.35%12-month Share Certificate, $500 min (7 days)Signature Federal Credit Union
5.34%6-Month No Penalty CD Special, $1k min (6 days)Climate First Bank
5.27%9-Month No Penalty CD, $1k min (7 days)All In Credit Union
5.10%9-Month No Penalty CD via Raisin, $1k min (30 days)Blue Federal Credit Union
5.00%11-Month No Penalty CD, $500 min (7 days)USALLIANCE Financial

The above information and rates are accurate as of 1/31/2024.

To look for the best CD rates, both nationwide and state specific, please refer to our Best CD Rates Table page. For the best no-penalty CD rates, please refer to our No Penalty CD Rates Table of the liquid account summary.

Related Pages: Washington CD rates, 1-year CD rates, 5-year CD rates, IRA CD rates, nationwide deals

Comments
Signature Federal Credit Union 24-Month CD Joins 5% Club
Deal Summary: 24-month Share Certificate, 5.00% APY, $500 minimum deposit.

Availability: Easy membership requirement

Virginia-based Signature Federal Credit Union (Signature FCU) is currently offering 5.00% APY on its 24-month Share Certificate. The minimum opening deposit is $500, with no stated balance cap.

The 24-month Share Certificate is also offered as an IRA Share Certificate (Traditional, Roth, ESA), earning the same 5.00% APY with the same deposit requirements.

As stated in the Share Certificate Disclosure, the Early Withdrawal Penalty for the 24-Month Share Certificate is 180 days of dividends....

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UPDATE 1/31/2023: EXPIRED, no longer available.

Deal Summary: 6-month Certificate, 5.00% APY, $500 min/$250k max deposit, limit of one Certificate per account.

Availability: Easy membership requirement

For a limited time, Virginia-based Signature Federal Credit Union (Signature FCU) is offering 5.00% APY on its 6-month Certificate. The minimum opening deposit is $500 with a maximum deposit of $250k. There is also a limit of one 6-month Certificate per member account.

As stated in the Share Certificate Disclosure, the Early Withdrawal Penalty for the 6-Month Certificate is 90...

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Deal Summary: Premium 36-month Certificate, 4.50% APY, $500 minimum deposit.

Availability: Easy membership requirement

Last week, Virginia-based Signature Federal Credit Union (Signature FCU) added a Premium 36-month Certificate earning a very competitive 4.50% APY. This limited-time offer can be opened with a $500 minimum deposit with no stated balance cap.

As stated in the Certificate Disclosure, the Early Withdrawal Penalty for the Premium 36-Month Certificate is 180 days of dividends. The disclosure further states,

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Availability: Easy membership requirement

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The “Bump It Up” feature is a one-time rate increase any time during the term. As stated on the Certificates page,

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Deal Summary: High Yield Checking, 3.50% APY on qualifying balances up to $20k.

Availability: Easy membership requirement

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