Last week, U S Postal Service Federal Credit Union (USPS FCU) raised the rates on its 12-month Certificate (1.40% APY) and 12-month e-Certificate (1.45% APY) by an impressive 110 basis points each. The minimum deposit for either is $250, with no stated balance cap.
|1.45%||$250||-||U S Postal Service Federal Credit Union||12 Month e-Certificate|
|1.40%||$250||-||U S Postal Service Federal Credit Union||12 Month CD|
As stated in USPS FCU’s Agreements & Disclosure, brochure, the Early Withdrawal Penalty reads as follows:
On Share Certificate Accounts with qualifying periods of one year or less, a forfeiture of 90 days’ dividends will be subtracted from the principal amount of the certificate.
Any withdrawal from a Share Certificate Account will serve to cancel the certificate.
USPS FCU is also offering two competitive IRA Certificates (Traditional, Roth, CESA), which also require a $250 minimum deposit.
|1.75%||$250||-||U S Postal Service Federal Credit Union||60 Month IRA (Traditional, Roth, CESA)|
|0.75%||$250||-||U S Postal Service Federal Credit Union||24 Month IRA (Traditional, Roth, CESA)|
Headquartered in Clinton, Maryland, U S Postal Service Federal Credit Union’s field of membership (FOM) allows almost anyone to join:
Easy membership: Members of the American Philatelic Society are eligible to join USPS FCU.
Employment: Employees and retirees of the United States Postal System, regardless of residency status, qualify for membership.
SEGs: Employees and members of more than 90 Select Employee Groups are membership eligible.
Relationship: Family and household members of current USPS FCU also qualify.
Joining USPS FCU and/or opening a Certificate 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, or returning the membership application, to any branch location.
The e-Certificate has to be opened through USPS FCU’s Virtual Branch that can only be accessed by current members. In other words, you first have to submit your membership application and be officially accepted as a member BEFORE you are able to use the Virtual 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 3.76% (excellent), based on December 31, 2016 data. In the past year, USPS FCU increased its total non-brokered deposits by $3.71 million, an above average annual growth rate of 2.06%. 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 22,400 members and assets in excess of $209 million. USPS FCU was established in 1934 by seven Maryland postal employees and eventually was granted a nationwide charter. There are over 50 credit unions in the U.S. at this time that have the word “Postal” in their names and have an affiliation with the USPS, but their FOMs are limited to a specific geographic area.
How the Certificates Compare
When compared to the 197 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, U S Postal Service Federal Credit Union's 12-month e-Certificate and Certificate APYs currently ranks second and fourth, respectively.
The above rates are accurate as of 4/10/2017.