With Tax Day approaching, U S Postal Service Federal Credit Union (USPS FCU) has raised the rate on its 24-month IRA Certificate (3.00% APY) by an impressive 225 basis points. The minimum deposit is $250, with no stated balance cap.
|3.00%||$250||-||U S Postal Service Federal Credit Union||24 Month IRA (Traditional, Roth, CESA)|
This is the time of year when banks and credit unions begin to offer good IRA deals, and I expect to see more in the next few months. According to the IRS Traditional and Roth IRAs page, "you can make 2017 IRA contributions until April 17, 2018."
The fine print on the Savings Rates page states,
Must have a Regular IRA Savings Account in order to open.
As stated in USPS FCU’s Agreements & Disclosure, brochure, the Early Withdrawal Penalty reads as follows:
On Share Certificate Accounts with qualifying periods over one year, a forfeiture of 180 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.
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.
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 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 IRA Certificate can be opened at any of the above mentioned branch locations, or by mailing or faxing the Savings Account Application.
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 5.79% (excellent), based on September 30, 2017 data. In the past year, USPS FCU increased its total non-brokered deposits by 8.43 million, an excellent annual growth rate of 4.59%. 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 25th largest credit union headquartered in Maryland, with more than 22,800 members nationwide and assets in excess of $215 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 have are affiliated with the USPS, but their FOMs are limited to a specific geographic area.
How the IRA Certificate Compares
When compared to the 176 similar length-of-term IRA CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, U S Postal Service Federal Credit Union's 24-month IRA Certificate APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.00% APY||24-Month IRA Certificate||U S Postal Service Federal Credit Union|
|2.27% APY||24-Month IRA Certificate||Connexus Credit Union|
|2.11% APY||2-Year Yield Pledge IRA||EverBank|
The above rates are accurate as of 1/24/2018.
To look for the best IRA rates, both nationwide and state specific, please refer to our IRA Rates Table page.