State Dept Federal Credit Union Adds 15-Month Jumbo CD Special

As DA reader, SamFam, noted in a recent Forum post, Virginia-based State Department Federal Credit Union (SDFCU) has added a 15-month Jumbo CD Special earning a competitive 5.41% APY. The minimum opening deposit is $100k, with no stated balance cap. SDFCU is also offering a “non-jumbo” 15-month CD with a not-so-competitive 5.20% APY that requires a $500 minimum opening deposit.

Thanks to SamFam for the SDFCU Forum post. As I was researching the 15-month Jumbo CD Special, I was surprised to discovered it’s been more than 11 years since my last SDFCU blog post. That’s a long time without a “wow-worthy bloggable” rate.

Early Withdrawal Penalty

As stated in the fine print of the Certificates page, the Early Withdrawal Penalty reads as follows:

SDFCU reserves the right to require 24 hours written notice of your intent to withdraw. Penalties are assessed at the time of withdrawal and are calculated as follows:

12-Month - 48-Month Certificates - You will forfeit the lesser of 180 days of dividends on the amount withdrawn or the amount of dividends earned since the date of issuance.

Availability

Headquartered in Alexandria, Virginia, State Department Federal Credit Union’s field of membership (FOM) includes an easy membership requirement, making virtually all U.S. citizens and residents aliens eligible to join.

Easy Membership Requirement: Members of the American Consumer Council are eligible to join SDFCU. The last option on the membership application reads, “I agree to join the American Consumer Council.”

Employment: Employees and on-site contractors of the Department of State qualify for membership.

SEGs: Employees and members of more than 110 Select Employee Groups are eligible to join.

Family Relationship: Immediate family members of a current SDFCU member are also welcome to apply. SDFCU defines “immediate family” as,

Spouses, parents, children, siblings, grandchildren, stepparents, stepchildren, step-siblings and adoptive relationships are eligible, including persons living in the same residence maintaining a single economic unit.

Account Opening

Joining SDFCU and/or opening a Jumbo CD Special can be done online or at any of three Virginia branches located in Alexandria and Arlington (2). The two District of Columbia branches are located in federal government buildings and have limited access. The Charleston, South Carolina FLETC (Federal Law Enforcement Training Center) branch requires proper credentials to enter. Appointments are available and can be scheduled online.

Current SDFCU members can open a Jumbo CD Special using the credit union’s Online Banking platform.

Membership starts with a Savings account. It takes $1 to open, which we'll provide.

Funding and Other Details

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

• Funding – ACH, wire, check, Shared Branch transaction, or internal transfer.
• Ownership – Individual or joint.
• CO-OP Shared Branch Participant – Yes.
• Dividends – Compounded/credited quarterly and can be transferred to a State Department FCU savings or checking account.
• Maturing Funds – Internal transfer to a State Department FCU savings or checking account.
• Beneficiaries – Unlimited with equal shares. Social Security numbers and DOBs are required.
• Grace Period* – None. Default is renewal, but maturity options can be set up when opening a Jumbo CD Special or anytime throughout the term by submitting written instructions.
• Credit Check – Hard pull when opening through Experian.

*As stated in the Share Certificate Account Disclosure,

Unless SDFCU receives other written instructions from you, the certificate will be processed at maturity as indicated on the front of this application. If you choose to have the certificate renew automatically (rollover at the new rate for the same term), then change your mind after the renewal occurs, SDFCU will assess an early withdrawal penalty. There is no grace period after the maturity date.

Credit Union Overview

State Department Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 7.42% (excellent) based on September 30, 2023 data. In the past year, SDFCU’s total non-brokered deposits decreased by -$38.13 million, an average annual growth rate of -1.72%. Please refer to our financial overview of State Department Federal Credit Union (NCUA Charter # 435) for more details.

Chartered in 1935, State Department Federal Credit Union’s founding members were eight United States Department of State employees. Currently the eighth largest credit union headquartered in Virginia, State Department Federal Credit Union had more than 89,000 members and assets in excess of $2.6 billion.

How the 15-Month Jumbo CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, two credit unions have higher rates than currently offered on the State Department Federal Credit Union 15-Month Jumbo CD Special, regardless of minimum deposit requirements. The following table compares the 15-Month Jumbo CD Special to the four highest-rate 18-month CDs from other banks/credit unions within the market area.

The above information and rates are accurate as of 2/12/2024.

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