Many thanks to DA reader, me1004, for the Forum post about U S Postal Service Federal Credit Union’s (USPS FCU) 2-year e-MISCA Certificate, which earns 3.25% APY. The minimum opening deposit is $10k, with no stated balance cap.
GOOD NEWS! The CSR I spoke with stated she had just received an updated marketing packet today, and there is no mention of any rate change or planned end-date for the 2-year e-MISCA Certificate.
MISCA is an acronym for Monthly Income Share Certificate Account, which is designed to,
transfer monthly dividend payments to your USPS FCU Share Savings or Checking Account as an income supplement.
As stated in USPS FCU’s Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
On qualifying periods over one year, there will be a penalty equivalent to 180 days of dividends, with the exception of the IRA 2 year and IRA 5 year certificates which carries a penalty of 270 days of dividends.
Headquartered in Clinton, Maryland, U S Postal Service Federal Credit Union’s field of membership (FOM) permits almost anyone to join:
Easy membership: Members of the American Philatelic Society are eligible to join USPS FCU.
As me1004 noted in the Forum post, the “cost of joining the Philatelic Society is $45 for one calendar year -- but they pro-rate depending on when you join during the year. Currently it is $25.xx for the remainder of this year. It will continue to go down as the year progresses. When you pay at the Philatelic Society's Website, they will e-mail you a receipt immediately, and that is all you need to join the CU.”
Employment: Employees and retirees of the United States Postal System, regardless of residency status, qualify for membership.
SEGs: Employees and members of more than 60 Select Employee Groups are membership eligible.
Relationship: Family and household members of current USPS FCU also qualify.
Joining USPS FCU can be done in person at any of the seven branches located in Mission Hills and San Fernando (CA), Washington (DC), Capital Heights and Clinton (MD), Raleigh (NC), and Pittsburgh (PA), or by mailing, faxing (301.856.4061), or returning a completed membership application to any branch location.
NOTE: While USPS FCU does not have an online application available on their website, existing members can open e-Certificates through the Virtual Branch Banking platform.
A Regular Share Account is required to maintain a USPS FCU membership.
Opening a Regular Share Account costs $10 for one share purchase. $5 of the $10 will cover your membership fee and the other $5 is deposited into your share account.
USPS FCU participates in the CO-OP Shared Branch network, giving its members access to more than 5,000 shared branches throughout the country.
No matter where you may be on the road, your Credit Union is now as close as the nearest CO-OP Shared Branch location. With so many locations available, members are able to access their USPS FCU account while traveling, or if they relocate hundreds of miles from a local USPS FCU branch.
Credit Union Overview
U S Postal Service Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.55% (excellent), based on December 31, 2018 data. In the past year, USPS FCU increased its total non-brokered deposits by 20.61 million, an excellent annual growth rate of 10.77%. Please refer to our financial overview of U S Postal Service Federal Credit Union (NCUA Charter # 16402) for more details.
U S Postal Service Federal Credit Union is currently the 24th largest credit union headquartered in Maryland, with more than 24,700 members nationwide and assets in excess of $239 million. USPS FCU was established in 1934 by seven Maryland postal employees and eventually was granted a nationwide charter. At this time, there are more than 50 credit unions in the U.S. that have the word “Postal” in their names and are affiliated with the USPS, but their FOMs are limited to a specific geographic area.
How the e-MISCA Certificate Compares
When compared to 215 similar length-of-term IRA CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available nationwide, U S Postal Service Federal Credit Union's 2-year e-MISCA Certificate APY currently ranks first.
The above rates are accurate as of 5/30/2019.
Searching for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.