Signature Federal Credit Union 24-Month CD Joins 5% Club
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.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.15% | $500 | - | Signature Federal Credit Union | 5 Year Share Certificate | |
| 4.15% | $500 | - | Signature Federal Credit Union | 5 Year IRA Certificate (Traditional, Roth, CESA) |
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. 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 In these cases, penalties may be withdrawn from the principal.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.
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.)
USPS: Employees of the United States Postal Service qualify for membership.
Employment/Affiliation: Employees and members of 28 Washington, D.C. area businesses and organizations are eligible to join.
Sponsorship: Individuals who are sponsored by current Signature FCU members 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.
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 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 "B+" at DepositAccounts.com, with a Texas Ratio of 1.19% (excellent), based on December 31, 2022 data. Signature FCU has an above average annual capitalization level (10.11%), the result of holding $397.7 million in assets with $40.2 million in equity. 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 28th largest credit union headquartered in Virginia, with more than 25,000 members and deposits in excess of $335 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, two banks and two credit unions have higher rates than currently offered on the Signature Federal Credit Union 24-month Share Certificate, regardless of minimum deposit requirements. The following table compares the 24-month Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 5/4/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
