SECU is headquartered in Linthicum and is the largest credit union in the state of Maryland. It is also the 63rd largest credit union in the nation. It was established in 1951 and as of September of 2022, it had grown to 377 employees and 247,072 members at 27 locations. SECU's CD rates are 5X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in SECU of Maryland is open to employees, retirees and contractors of the state of Maryland, employees of Anne Arundel County, alumni, students, faculty and staff of University System of Maryland Schools, employees of organizations located in Maryland that receive federal, state or local funding, and over 500 local Select Employer Groups
See current membership details
Related Posts
11/17/14 - SECU of Maryland Raises Rates On 3- And 5-Year CDs
4/13/09 - $150 Checking Account Bonus at SECU Credit Union in Maryland - Local Only
1/22/09 - 3.51% 18-Month CD at SECU Credit Union in Maryland
9/12/08 - 4.85% 18-Month CD at a Maryland Credit Union (SECU)
9/12/08 - 4.50% 13-Month CD at a Maryland Credit Union (SECU).
10/10/07 - Other Deals to Consider at SECU Credit Union in Maryland
10/1/07 - 9.36% 7-Month CD at a Maryland CU - $200K Max (SECU)
4/6/07 - $100 Checking Account Bonus at a Maryland CU (SECU)
10/24/06 - $75 Checking Account Bonus at a Maryland CU (SECU)
10/21/06 - 7.62% 12-Month CD at a Maryland CU - $200K Max (SECU).
10/20/06 - 7.62% 12-Month CD Nearly Over at Maryland Credit Union
SECU is the Way To Go
I use State Employees Credit Union. In general it has been a good experience with their credit union, in general I get lower rates on several items and their fees are almost non-existent. In addition to this, it makes my banking fairly seamless across different categories. The main reason I use them though is that their money market funds tend to earn more interest than a typical bank. They also are not publicly traded, and involved with investment services, so I do feel that my money is a bit safer in their credit union.
In addition to this, it comes with extra benefits such as being able to withdraw funds for free and almost no ATM fees. It is one of the biggest advantages. They also don't require minimum balances, something that I have noticed that larger publicly traded banks do.
SECU for the win
Maryland State Employees Credit Union is a great credit union that offers all the services you would expect at reasonable prices. I've used both their checking and savings accounts and both have competitive rates. There's branches across the state of Maryland and they have plenty of ATMs for your convenience. I've also purchased CDs from them in the past. They have a wide variety of terms available for their CDs. Since I no longer live in Maryland, I do most of my banking with SECU online. Their website is pretty useful and I like it but I prefer banking in person because feel confident actually talking to a person. I really wish I could get my foreign banking transactions waived, it would make me much more likely to do more banking with SECU. But overall it's been a great credit union.
SECU is the alternative to the big banks that you have been looking for
SECU is Maryland's leading credit union, and I have had a personal savings and checking account with them for ten years. Their rates blow the big banks rates out of the water, especially if you sign up for a long term program. They give incentives for this type of patronage and makes the deal work great for both parties. I prefer credit unions over others by a good margin, and this specific credit union by an even larger margin.
Getting Worse And Worse
SECU MD; As time goes on this credit union is getting worse & worse not only in it's customer service but also in it's website options. SARA is absolutely useless as is some of their customer agents.
They are becoming like alot of other big companies, upper management doesn't want to know or doesn't care how things below them are in real time or are not being given honest information about customer service.
BUT, on the flip side there are those employees who are performing as expected in the treatment of their customers and do resolve issues and problems.
Data as of Q3 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 66330 |
| Year Chartered | 1951 |
| Employees | 377 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.77% |
| Return on Equity - YTD | 11.32% |
| Annual Interest Income | $108.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2022vs Q3 2021 | $5.25B$4.70B |
| Loans | Q3 2022vs Q3 2021 | $3.91B$2.85B |
| Deposits | Q3 2022vs Q3 2021 | $4.41B$4.21B |
| Equity Capital | Q3 2022vs Q3 2021 | $354.1MM$410.9MM |
| Loan Loss Allowance | Q3 2022vs Q3 2021 | $24.1MM$33.6MM |
| Unbacked Noncurrent Loans | Q3 2022vs Q3 2021 | $12.4MM$16.2MM |
| Real Estate Owned | Q3 2022vs Q3 2021 | $0$459.00K |
