United States Senate Federal Credit Union (USSFCU) has started the new year by raising the rates on its 60-month Smart Share Certificate: 2.76% APY ($60k+), 2.70% APY, ($20k+), 2.63% APY ($1k+). USSFCU’s Current Rates page lists the 2.76% APY for deposits of "$60,000 - $99,999 plus Jumbo." According to CSR, "Jumbo" refers to deposits of more than $99,999, not a separate product.
Over the past 15 months, the 60-month Smart Share Certificate APY has increased by 110 basis points in seven rate changes.
The 60-month Smart Share Certificate is also available as an IRA (Traditional, Roth, SEP), earning the same APYs with the same funding requirements.
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 - Since I last wrote about USSFCU, membership in the American Consumer Council (ACC) has been added to the field of membership (FOM). Joining ACC ($10 fee) automatically qualifies for USSFCU membership.
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 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.
About a year ago, USSFCU was “in the process of changing the online application process,” and apparently they’re still working on it. The work-around for joining USSFCU online is to,
email us or call 800.374.2758 to have a secure application sent to you.
Credit Union Overview
United States Senate Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 0.88% (excellent), based on September 30, 2017 data. In the past year, USSFCU increased its total non-brokered deposits by $47.34 million, an excellent annual growth rate of 9.36%. 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 34,400 members and assets in excess of $636 million.
How the Smart Certificates Compare
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 rank in the top three, regardless of minimum deposits.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.76% APY||60-Month Smart CD ($60k min)||United States Senate Federal Credit Union|
|2.70% APY||60-Month Smart CD ($20k min)||United States Senate Federal Credit Union|
|2.63% APY||60-Month Smart CD ($1k min)||United States Senate Federal Credit Union|
|2.60% APY||5-Year Term Deposit Special ($500 min)||Mountain America Credit Union|
The above rates are accurate as of 1/2/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.