Top IRA CD Rates Continue at State Department FCU in VA - Easy Membership

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APYMINMAXINSTITUTIONPRODUCTDETAILS
2.12%$500-State Department Federal Credit Union60 Month IRA Certificate (Traditional, Roth)
2.02%$500-State Department Federal Credit Union60 Month Certificate
1.71%$500-State Department Federal Credit Union48 Month IRA Certificate (Traditional, Roth)
1.61%$500-State Department Federal Credit Union48 Month Certificate
1.36%$500-State Department Federal Credit Union45 Month Bump Up Certificate
1.20%$500-State Department Federal Credit Union30 Month Bump Up Certificate
0.95%$500-State Department Federal Credit Union17 Month Bump Up Certificate
Accounts mentioned in this post. Rates as of August 24, 2016.

State Department Federal Credit Union (SDFCU) continues to offer top long-term CD and IRA CD rates. The rates have fallen since my June post, but the rates continue to be very competitive. The IRA CD rates are 10 basis points higher than the regular CD rates. The two best IRA rates are 2.07% APY for 5 years and 1.76% APY for 4 years. The regular CD rates are 1.96% APY for 5 years and 1.66% APY for 4 years. SDFCU also offers 3 bump-up CDs: 1.41% APY for 45 months, 1.10% APY for 30 months and 0.80% APY for 17 months. These bump-up CDs allow for a 1-time rate bump-up during the term. Also, members can add new money at time of bump-up. These rates are listed at the credit union's rates page as of 11/7/2012.

At the bottom of SDFCU's rate page, the early withdrawal penalties are described. For terms of 1-year and longer, the EWP is up to 180 days of interest on the amount withdrawn. The penalty won't eat into the principal.

Membership

SDFCU is another credit union that has made it easy for anyone to join. If you click the "who can join" link in the Join SDFCU page, it states the following:

If you are not eligible to join through any of the listed groups or affiliations, anyone can join SDFCU through the American Consumer Council (ACC), a nonprofit advocacy group. When opening your SDFCU account you will need to choose ACC on your application, this will automatically enroll you as a member of ACC. There are no hidden fees to join ACC through your membership at SDFCU.

There's also a long list of select employer groups which includes the Department of State.

You can apply using an online application provided by Andera. This can be used to join the credit union and to open and fund the deposit accounts.

Checking Account Promotion

SDFCU is currently offering a new-member checking account bonus of up to $100. I reviewed this promotion in my November 1st post. Its checking accounts are free with no monthly service fees. However, for online bill pay to remain free, the member must pay a minimum of one bill within two calendar months. Otherwise there is a $5 fee.

State Department Federal Credit Union Overview

State Department Federal Credit Union branches are located in Washington DC and in Alexandria, Virginia.

It's a sizable credit union with $1.45 billion in assets. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 3.99% (excellent) based on June 2012 data. Please refer to our financial overview of SDFCU for more details. The credit union is federally insured by the NCUA (Charter # 435).

How These CD Rates Compare

The highest 5-year CD rate is 2.12% APY at Stanford Federal Credit Union (this requires checking with direct deposit and a $100K minimum). Without a large balance and without a checking account, the best rate is 2.00% APY at Mountain CU, Pen Air CU and Communitywide FCU. These rates are accurate as of 11/7/2012.

Searching for Top CD and IRA CD Rates

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com. For IRA CD rates please refer to the best IRA rates section.

Comments
State FCU Charge You for CoOp ATMs
State FCU Charge You for CoOp ATMs (anonymous)   |     |   Comment #1
State Dept FCU is BAD for everyday banking if you don't live nearby. They're the ONLY Credit Union I'm aware of that CHARGES YOU AN ATM FEE of $2 TO USE EVEN A CO-OP ATM! Their language (hidden deep in their website that's impossible to find on its own without a google search) says that if you use a Co-Op ATM you won't be charged a "surchage" but you WILL be charged a "nominal" $2 Transaction fee for each transaction you do via a Co-Op "surcharge-free" ATM. Wow. That's BAD. So they don't "surcharge" you, they "transaction fee" you instead. I've NEVER heard of this from any other Credit Union before. Co-Op ATMs are supposed to be totally free for credit union members (as long as it's a Co-Op ATM, and the credit union is on the Co-Op ATM network). Not here. That's just scummy.

I was considering opening an account here, and perhaps in the future when my current IRA expires, moving it to State Dept FCU. But not anymore. I have no problem banking with institutions not in my area... but I don't like getting dinged (especially when no other credit union does it) for doing things like deposting or withdrawing money from Co-Op (supposedly surcharge-free) ATMs.

So consider yourself warned, to read the fine print about all the hidden fees they charge. Unless it was an exceptional rate and you never touch the money for years at a time, I'd avoid this place...

 
Anonymous
Anonymous   |     |   Comment #2
The ATM withdrawal fee that the first post refers to is waived when you have earned FlexPoints in the last 45 days. That means that if you have used their Bill Pay service or made a purchase using your debit or credit card, you will not pay the fee at any ATM.
ricsue
ricsue   |     |   Comment #3
Will this Credit Union be added to the CD tabs so when comparing rates offered, they will be included?
New-Member Bonus of up to $100 at State Department FCU - Easy Membership

A bonus may not be enough of an incentive for you to join a credit union unless it's a large bonus. However, if the credit union has other perks, the bonus may give you an additional reason to join. That may be the case with the promotion that's being offered by State Department Federal Credit Union (SDFCU). The bonus isn't great, but if you consider SDFCU's competitive CD and IRA CD rates, the bonus may be large enough to make joining worthwhile. I reviewed SDFCU's CD and IRA CDs in...

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Top CD & IRA CD Rates at State Department FCU in VA - Easy Membership

State Department Federal Credit Union continues to offer some competitive long-term CD and IRA CD rates. The IRA CD rates are 10 basis points higher than the regular CD rates. The two best IRA rates are 2.17% APY for 5 years and 1.86% APY for 4 years. The regular CD rates are 2.07% APY for 5 years and 1.76% APY for 4 years. SDFCU also offers 3 bump-up CDs: 1.51% APY for 45 months, 1.15% APY for 30 months and 0.80% APY for 17 months. These bump-up CDs allow for...

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Top CD Rates at State Department FCU in Virginia - Easy Membership

State Department Federal Credit Union bucked the trend of falling rates by raising several of its CD and IRA CD rates for November. Many are now very competitive. The best ones include a 2.42% APY 5-year CD, 2.07% APY 4-year CD, 1.61% APY 3-year CD and a 1.41% APY 2-year CD. Minimum deposit is $500. There's also a good deal on the 1-year Jumbo CD which has a 1.21% APY. The Jumbo minimum deposit is $100K. SDFCU also offers 3 bump-up CDs: 1.81% APY for 45 months, 1.36% APY for...

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4.58% 15-Month CD at a Virginia/DC Credit Union (State Department)
Update 4/05/08: The special 15-month CD is no longer available. Please check the credit union's website for the latest rates.

Update 3/1/08: The CD rate has fallen. The 15-month CD yield has fallen from 4.84% to 4.58% APY. The title has been modified to reflect this change.

State Department Federal Credit Union (SDFCU) has cut the rate on its 15-month certificate special, but it's still very competitive. The new yield is 4.84% APY. The minimum deposit is $5,000. They also have a special IRA certificate with a 5.00% APY and a 14-month...



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7.00% 7-Month CD at a Virginia/DC Credit Union - $7K Max (State Department).
State Department Federal Credit Union (SDFCU) will be offering a special 7.00% APY 7-month share certificate for one day only on February 7, 2008. The minimum and maximum deposit is $7,000, and it's only for new members. Only one certificate per member is allowed.

The credit union is still listing a 5.35% APY 15-month share certificate in its rate table. Please see my December post for more details.

Since each member is allowed one certificate, a wife and husband should be able open one each for a total maximum deposit of $14K....



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