Signature Federal Credit Union, based in Virginia, has increased the rate of its 24-month Share Certificate to 5.25% APY, which has remained competitive as other similar 2-year CD rates have declined recently.
Offer is available nationwide through easy CU membership.
This CD requires a minimum deposit of $500, with no maximum deposit limit specified. It’s also available as an IRA Share Certificate (Traditional, Roth, ESA), maintaining the same APY and deposit requirements.
READ MORE: SEE THE BEST CD RATES HERE
Signature FCU 24-Month Share Certificate 5.25% APY
The 24-month Share Certificate stands out not only for its high APY but also for its accessibility with a $500 minimum deposit and the flexibility of no stated balance cap. This offer reflects a commitment to providing competitive rates amidst fluctuating market conditions.
The APY rate was last updated on January 31, 2024
Early Withdrawal Penalties and Short-Term Options
The Early Withdrawal Penalty (EWP) for this CD is set at 180 days of dividends. Signature FCU allows partial withdrawals from the Share Certificate, with the penalty applied only to the withdrawn amount.
Additionally, Signature FCU offers short-term Share Certificates (3-, 6-, 9-, and 12-month) with attractive rates and no EWP, essentially functioning as No Penalty CDs.
Credit Union Overview
Signature Federal Credit Union has seen a healthy growth in non-brokered deposits.
Originally chartered in 1970, Signature FCU has evolved to serve a broad membership base, now standing as the 26th largest credit union in Virginia.
Membership and Account Opening
Membership in Signature FCU is open to almost any U.S. citizen or permanent resident through various eligibility paths, including employment, affiliation, USPS employment, sponsorship, referral, or an easy membership option via the American Consumer Council (ACC) at no cost to the applicant.
CDs can be opened online or over the phone once membership is approved, with existing members having the option to open Share Certificates directly through the online banking platform or mobile app.
Funding and Account Details
Funding for the CD can be done through ACH, wire transfer, check, internal transfer, or shared branch transaction. The CD must be funded within 30 days of application, or it will be closed automatically. Dividends are compounded and credited monthly, with various options for the distribution of matured funds.
Our Take on the CU Offer
The Signature Federal Credit Union’s offer on the 24-month Share Certificate, boasting a 5.25% APY, presents a notably attractive investment opportunity in the current landscape of CD rates.
This rate, especially with the decreasing trends among similar products nationally, positions this CD as a standout choice for savers aiming for substantial returns over a two-year period.
READ MORE: SEE THE BEST CD RATES HERE
Frequently Asked Questions
Q1: How long will the 5.25% APY rate last?
A1: The duration of the 5.25% APY offer is not specified, and rates are subject to change based on market conditions.
Q2: Can I withdraw part of my CD balance early?
A2: Yes, partial withdrawals are permitted, with the EWP applied only to the withdrawn amount.
Q3: How can I become a member of Signature FCU?
A3: Membership is available to U.S. citizens or permanent residents through various eligibility criteria, including employment, affiliation, or an easy membership option via the ACC.
Q4: Are there any fees for opening a CD?
A4: There are no specific fees mentioned for opening a CD, but early withdrawal penalties and a potential new account closure fee apply.
Q5: Can I add beneficiaries to my CD account?
A5: Yes, unlimited beneficiaries can be designated using the Account Update Form, with assigned percentages and required Social Security numbers.