United States Senate FCU Ups Rates on Top 60-Month CD (3.63% APY)

POSTED ON WEDNESDAY, OCTOBER 3, 2018 BY Ken Tumin

Deal Summary: 60-month Share Certificate – 3.63% APY ($60k min), 3.57% APY ($20k min), 3.51% APY ($1k min)

Availability: Easy membership requirement

For the past year, United States Senate Federal Credit Union (USSFCU) has been steadily raising the rates on its 60-month Share Certificate. Ten bps were added to each of the tiered APYs this week, securing the 60-month Share Certificate’s position as the rate leader for nationally available 5-year CDs.

APY	MIN	MAX	INSTITUTION	PRODUCT
3.63^*%	$60k	-	United States Senate Federal Credit Union	60 Month Share Certificate
OTHER TIERS: 3.51% → $1k - $20k \| 3.57% → $20k - $60k
3.63^*%	$60k	-	United States Senate Federal Credit Union	60 Month IRA (Traditional, Roth, SEP)
OTHER TIERS: 3.51% → $1k - $20k \| 3.57% → $20k - $60k

Rates as of November 18, 2018.

The 60-month Share Certificate is also available as an IRA (Traditional, Roth, SEP), earning the same tiered APYs with the same funding requirements.

All of USSFCU Share Certificates have tiered APYs based on deposit levels of $1k, $20k, and $60k. USSFCU’s Share Certificates page lists the 3.63% APY for deposits of "$60,000 - $99,999 plus Jumbo." According to CSR, "Jumbo" refers to deposits of more than $99,999, not to a separate Jumbo Share Certificate. In other words, there is no stated balance cap for the top tier APY.

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.

Thanks to DA reader, leemd, for the Forum post about USSFCU's latest rate increases.

Bump Rate Certificates

USSFCU continues to offers three long-term Personal Bump Rate Share Certificates, which permit a “one–time option to bump it up to an even better rate during the term of your certificate.” Like the Share Certificates, the Bump Rates have tiered APYs, based on deposit levels of $60k+, $20k+, and $1k+, but these APYs are 10-21 bps lower than those of the Share Certificates.

APY	MIN	MAX	INSTITUTION	PRODUCT
3.43^*%	$60k	-	United States Senate Federal Credit Union	60 Month Personal Bump Certificate
OTHER TIERS: 3.30% → $1k - $20k \| 3.37% → $20k - $60k
2.92^*%	$60k	-	United States Senate Federal Credit Union	48 Month Personal Bump Certificate
OTHER TIERS: 2.80% → $1k - $20k \| 2.86% → $20k - $60k
2.66^*%	$60k	-	United States Senate Federal Credit Union	36 Month Personal Bump Certificate
OTHER TIERS: 2.54% → $1k - $20k \| 2.60% → $20k - $60k

Rates as of November 18, 2018.

Here’s the question you need to ask yourself – is the lower rate worth the bump option? While there is no definitive answer to that question, DA guest contribution, Charles Rechlin, has written an article that may help you decide for yourself. Here’s a teaser quote from Personal CD Investing: Step-Up and Step-Rate CDs:

Because I view a bump-up right as being of dubious value, my practice is to pass on
step-up CDs unless the initial rate offered is at, above, or at least reasonably competitive with the best rate available nationally for a CD of the same maturity with no step-up right.

Availability

Headquartered in Alexandria, Virginia, United States Senate Federal Credit Union offers membership “via sponsorship or contribution.”

Easy Membership Requirement - Membership in the American Consumer Council, Virginia Chapter (VACC) has been added to the field of membership (FOM). Using the Promo Code “USSFCU” waives the $8 VACC Membership Fee.

Members of the United States Capitol Historical Society (USCHS) are also eligible to join USSFCU (minimum contribution of $50). Joining either organization must be done prior to completely the USSFCU application. More details are available on USSFCU’s website.

Employment Sponsorship - Current employees and retirees of more than 140 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 Share Certificate can be done online or at either of two District of Columbia branches or the Alexandria, Virginia branch. A secure application can also be requested by calling 800.374.2758 or sending an email to services@ussfcu.org.

Credit Union Overview

United States Senate Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.00% (excellent), based on June 30, 2018 data. In the past year, USSFCU increased its total non-brokered deposits by $92.7 million, an excellent annual growth rate of 16.91%. 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 15^th largest credit union in Virginia, with more than 37,000 members and assets in excess of $728 million.

How the Share 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 Share Certificate APY tiers currently rank in the top three, regardless of minimum deposits.

The above rates are accurate as of 10/3/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Comments

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19 Comments.

Nothing | Oct 3, 2018 | Comment #1

Ken, any different/special ewp on IRAs?

jimdog | Oct 3, 2018 | Comment #2

The idiots in the senate makes me sick, so I would not want to invest a penny in this.

rwthoiohiwe | Oct 3, 2018 | Comment #4

yes, they're idiots (and other things I can't post here) but that has nothing to do with the credit union.

#15 - This comment has been removed for violating our comment policy.

Ameri-cun | Oct 4, 2018 | Comment #17

put down the crack pipe, billy bob.

#22 - This comment has been removed for violating our comment policy.

RJM | Oct 3, 2018 | Comment #3

This is a top 5 year rate. But not enough of a premium to lock my money up for 5 years.

rateshopper | Oct 3, 2018 | Comment #5

I agree. A 4%, 5-year CD can't be too far away, especially after today's bond market move.

RJM | Oct 4, 2018 | Comment #14

I'm not even sure 4% would be enough for me for 5 years. Except for maybe a small amount at a firm I already do business with. Not opening an account at a new firm for 4%. Unless maybe its a 3 year.

Id probably be inclined to take on a little more risk in search of potentially higher yields.

Like a closed end preferred stock or utility fund.

Riley | Oct 3, 2018 | Comment #6

This seems like a sweet spot with the 5 year Bump up CD at 3.43 APY. Option to raise the rate if it goes up.

Francis | Oct 3, 2018 | Comment #13

For comment #6. I'd be a little careful with the bump up rules. You get a rate adjustment based on their new rate on the bump up certificate not on a regular 5 year cd. From their website - "The rate will be adjusted to the rate currently in effect for our Bump Rate Share Certificate at the time the request is made."

Riley | Oct 3, 2018 | Comment #7

I wonder if it's a Soft or Hard Credit Pull? Any info on this?

HardPull | Oct 4, 2018 | Comment #20

Last time I opened an account, it was a HARD pull,

Nothing | Oct 4, 2018 | Comment #21

Do the Disclosures cover this? Shouldn't they if part of the application process? If not, begs the question...what else is not being disclosed to make an informed decision....Ken, what do you think?

#23 - This comment has been removed for violating our comment policy.

#8 - This comment has been removed for violating our comment policy.

losingtrader | Oct 4, 2018 | Comment #16

Rates are blowing out on the 5-30 year Treasury. We moved from 3.06 to a high of 3.225 in one day.
We'll see 4 and 5% again soon. I would not lock in anything.

#18 - This comment has been removed for violating our comment policy.

rob jones | Oct 31, 2018 | Comment #27

I guess it really depends in President Trump how much does he want to keep rates low.
I see it as he wants a slower raise over a longer period, we went from 6% to zero are we looking for an alltimate 6% or around 5%?

DOA | Oct 31, 2018 | Comment #28

There are beginning to be more CD offers now in the 3.5% range. Maybe in November, we will start seeing more offers closer to 4%.

highrate | Oct 4, 2018 | Comment #19

I got one today and will get another in the next week. . For all I know this may be the high in rates for the next couple of years. but who knows.

Anon1 | Oct 10, 2018 | Comment #24

Wondering what is meant by the Virginia Chapter of the ACC. Does this require Virginia residency? I have ACC membership already but it isn't designated as VACC. I cannot see anything VACC-specific on the ACC site, which is what their field of membership info points to. Does ACC get translated into VACC only if you enter a Virginia address?

JeffreyTT | Oct 10, 2018 | Comment #25

I'm wondering the same thing. Have you found the answer?

Jen | Oct 11, 2018 | Comment #26

You don't need a virginia address. I live in the midwest and just got a VACC membership through this credit union. Use the promo code provided under "Apply Now" on the credit bureaus website (you will need to move pretty far down the page after clicking on Apply Now). This promo code automatically indicated Virginia chapter. I received an email minutes later from the VACC clearing indicating the word Virginia. p.s. I was already a member of the national ACC and that doesn't matter. Now i have two memberships (primary ACC and Virginia chapter). The promo code waives the fee on the Virginia chapter membership.