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.
|4.50%||$500||-||Signature Federal Credit Union||36 Month Premium Certificate Special|
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,
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 In these cases, penalties may be withdrawn from the principal.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.
Funding and Accessing Maturing Funds
Funding a new Share Certificate can be done by ACH, wire transfer, check or internal transfer. Signature FCU participates in the Shared Branch network, facilitating the transfer of funds.
Monthly dividends can be distributed by check to the address on file. Maturing funds can be distributed by check to the address on file, by wire ($15 fee), or transferred to a Signature FCU checking or savings account.
There is a ten day grace period before the Premium 36-Month Certificate renews as a standard 36-month Share Certificate.
Unlimited beneficiaries (with percentages) can be designated using the Account Update Form. Full legal name, address, DOB, and Social Security number are required for all named beneficiaries.
Many thanks to DA reader, blueskies, for the Forum post about this eye-catching rate.
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 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 Alexandria (VA) Potomac West neighborhood. 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.
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 network and ATM network.
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 "B+" at DepositAccounts.com, with a Texas Ratio of 1.42% (excellent), based on June 30, 2022 data. Signature FCU has an above average annual capitalization level (10.82%), the result of holding $373.29 million in assets with $40.38 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 29th largest credit union headquartered in Virginia, with nearly 25,000 members and deposits in excess of $319 million.
How the Premium 36-Month Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are nationally available and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Signature Federal Credit Premium 36-Month Certificate. The following table compares the Premium 36-Month 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 10/21/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.