Deal Summary: 60-month Smart CD - 2.40% APY, $60k minimum; 2.34% APY, $20k minimum; 2.28% APY, $1k minimum.
Last month, United States Senate Federal Credit Union (USSFCU) raised the rates on its 60-month Smart CD: 2.40% APY, $60k minimum; 2.34% APY, $20k minimum; 2.28% APY, $1k minimum. USSFCU's Current Rates page shows the 2.40% APY for "$60,000 - $99,999 plus Jumbo." According to CSR, "Jumbo" refers to deposits of more than $99,999, not a separate product.
|2.40*%||$60k||$100k||United States Senate Federal Credit Union||60 Month Smart Certificate|
The 60-month Smart CD is also available as an IRA (Traditional, Roth, SEP), earning the same APYs with the same funding requirements.
The 60-month Smart CD has experienced 10 rate changes since it was added to the product line in September 2011. Over the past five months, the APY has increased by 74 basis points in four rate changes.
As stated on the Fees and Charges page, the Early Withdrawal Penalty reads as follows:
360 days of dividends paid and accrued on the withdrawal for terms of greater than 3 years.
Headquartered in Alexandria, Virginia, United States Senate Federal Credit Union offers membership “via sponsorship or contribution.”
Easy Membership Requirement - Members of the United States Capitol Historical Society (USCHS) are eligible to join USSFCU. The minimum contribution is $50. Joining USCHS and USSFCU can be done simultaneously. More details are available on USSFCU’s website.
Employment Sponsorship - Current employees and retirees of more than 75 SEGs, including The United States Senate, The United States Supreme Court, The Government Accountability Office, Democratic National Committee, qualify for membership.
Family Sponsorship - Immediate family members (spouse, child, sibling, parent, grandparent, or grandchild, including step and adoptive relationships) of an existing USSFCU member or current employee of an SEG are eligible to join, as are household members of the same.
Joining USSFCU and/or opening a Smart Certificate can be done at any of two District of Columbia branches or the Alexandria, Virginia branch.
At the moment, USSFCU’s online application process isn’t quite online:
We are in the process of changing the online application process and
have adopted the following interim procedures to handle your request.
The work-around for joining USSFCU online is to,
Call or email us for a secure application:
(202) 224-2967 or 1(800) 374-2758 or email@example.com.
Detailed instructions for opening a Smart CD can be found on the website, but essentially the process is to complete a fillable form, save it as a PDF, and return via CU AnyHour+, USSFCU’s online banking platform.
Credit Union Overview
United States Senate Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 2.32% (excellent), based on September 30, 2016 data. In the past year, USSFCU increased its total non-brokered deposits by $4.11 million, an excellent annual growth rate of 0.82%. Please refer to our financial overview of United States Senate Federal Credit Union (NCUA Charter # 624) for more details.
United States Senate Federal Credit Union was established in 1935, when seven individuals pooled their resources and obtained a charter for the United States Senate Employees Federal Credit Union. The original FOM was exclusive to U.S. Senate employees, but was expanded through mergers with the General Accountability Office Federal Credit Union, the DC Unemployment Federal Credit Union, and the American Trucking Association Federal Credit Union. The Credit Union was renamed in 1990 to better reflect the changing membership. USSFCU is currently the 16th largest credit union in Virginia, with more than 33,200 members and assets in excess of $582 million.
How the Smart Certificate Compares
When compared to the other similar length-of-term CDs tracked by DepositAccounts.com that are nationally available, all of United States Senate Federal Credit Union's 60-month Smart Certificate APY tiers currently in the top five, regardless of minimum deposits.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.75% APY||5-Year Bump Term Deposit Special ($500 min)||Mountain America Credit Union|
|2.42% APY||5-Year Share Certificate ($5k min)||Melrose Credit Union*|
|2.40% APY||60-Month Smart CD ($60k min)||United States Senate Federal Credit Union|
|2.34% APY||60-Month Smart CD ($20k min)||United States Senate Federal Credit Union|
|2.28% APY||60-Month Smart CD ($1k min)||United States Senate Federal Credit Union|
*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.
The above rates are accurate as of 2/16/2017.