State Department Federal Credit Union Certificates
APY Range
Minimum Deposit
Terms
Our Rating
State Department Federal Credit Union Certificates
APY Range
Minimum Deposit
Terms
Our Rating
State Department Certificates (CDs) Rates
For each term, there are two distinct rates depending on your minimum deposit amount. If you deposit at least $500 but up to $100K, you will receive a lower rate, but if you deposit more than $100K, you can receive higher rates based on the amount you deposit.
For terms like 1-year and 2-year CD, the State Department Federal Credit Union offers average-high rates. However, for other terms such as 6-month, 4-year and 5-year CD, the rates are among the high-yield CDs in the market, as of July 2024.
Term | APY |
|---|---|
6 Months | 4.55% / 4.76% |
12 Months | 4.99% / 5.20% |
24 Months | 4.42% / 4.63% |
36 Months | 4.16% / 4.37% |
48 Months | 4.16% / 4.37% |
60 Months | 4.16% / 4.37% |
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How Do SDFCU Certificates Stack Up Against The Competition?
As we can see in the table below, the State Department Federal Credit Union offers less diversity when it comes to terms and offers fewer options compared to other credit unions CDs.
However, the rates, especially for the longer terms such as 4-year and 5-year CD, offer decent rates compared to other credit unions and give investors the opportunity to lock the rate or a significant period of time.
Credit Union | CD Range | Minimum Deposit |
|---|---|---|
2.00% – 4.35% | $1,000 | |
5.10% – 4.98% | $1,000 | |
3.51% – 4.85% | $5,000 | |
0.50% – 5.00% | $250 | |
4.00% – 5.30% | $1,000 | |
2.25% – 5.00% | $50 | |
4.25% – 5.35% | $10,000 | |
0.30% – 5.00% | $500 | |
3.31% – 4.80% | $1,000 | |
4.85% | $1,000 |
Is It Competitive Rates Compared to Banks?
When compared to traditional banks like TD Bank, U.S.Bank, and Bank of America, State Department Federal Credit Union's certificate rates are highly competitive across nearly all CD terms.
Although some top rated online banks may offer higher rates for specific terms, SDFCU remains competitive in this area as well, making it a top choice for individuals seeking favorable rates to keep their money, as of July 2024.
CD APY Range | Minimum Deposit | |
|---|---|---|
Marcus | 3.90% – 5.15% | $500 |
Barclays Bank | 0.10% – 4.85% | $0 |
PNC Bank | 5.15% | $1 |
U.S. Bank | 0.10% – 0.40% | $500 |
Capital One | 3.90% – 5.00% | $0 |
Chase Bank | 3.00% – 4.75% | $1,000 |
Discover Bank | 2.00% – 5.10% | $2,500 |
CIT Bank | 0.30% – 3.50% | $1,000 |
Ally Bank | 3.00% – 4.85% | $0 |
Citi Bank | 0.05% – 4.65% | $500 |
Bank Of America | 0.05% – 5.00% | $1,000 |
Vanguard | 4.45% – 5.25% | $1,000 |
BMO Harris | 0.05% – 4.50% | $1,000 |
Wells Fargo | 4.24%- 4.75% | $2,500 |
Synchrony Bank | UP TO 5.15 % | $0 |
TD Bank | 1.00% – 5.00% | $250 |
LendingClub | 4.00% – 5.20% | $2,500 |
Can You Join State Department Federal Credit Union?
Here are the eligibility criteria for joining the State Department Federal Credit Union (SDFCU):
Department of State Employees and on-site contractors of the Department of State are eligible to join.
Family & Household: Spouses, parents, children, siblings, grandchildren, stepparents, stepchildren, step-siblings, and adoptive relationships are eligible. Persons living in the same residence maintaining a single economic unit are also eligible.
Organizational Affiliates: Members of SDFCU's associations, organizations, or company partners may qualify. A list of affiliates/Select Employee Groups is available on the SDFCU website.
ACC: American Consumer Council members may be eligible to join SDFCU. Applicants will need to choose ACC on their application when opening their account.
About State Department Federal Credit Union
State Department Federal Credit Union (SDFCU) is a not-for-profit financial institution that serves individuals who work for the U.S. Department of State, USAID, and other select organizations, as well as their immediate family members. The credit union was founded in 1935 and is headquartered in Alexandria, Virginia.
SDFCU offers a wide range of financial products and services to its members, including checking accounts, savings accounts, certificates of deposit, credit cards, loans (auto loans, personal loans, and home loans), and online banking services. The credit union also provides investment services, retirement planning, insurance products, and financial education resources to its members.
The credit union is also a member of the CO-OP ATM and Shared Branching networks, which provides members with access to over 30,000 fee-free ATMs and over 5,000 shared branches across the country.
FAQs
Can you open a CD online?
Yes, State Department Federal Credit Union offers the ability to open a CD online. This can be a convenient option for those who do not live near a branch location.
Can you designate a beneficiary for a CD?
Yes, you can designate a beneficiary for a CD so that the money is transferred to them upon your death.
What are the risks of a certificate of deposit?
One risk of a CD is that if you need to withdraw your money before the end of the term, you may have to pay an early withdrawal penalty. Additionally, because the interest rate is fixed, you may miss out on potential gains if interest rates rise during the term of the CD.
Can you lose money on a certificate of deposit?
As long as your deposit is within the FDIC insurance limits, you will not lose your principal investment. However, if you withdraw your money early and are subject to an early withdrawal penalty, you may receive less than your initial deposit.
How We Rate Certificates of Deposits: Our Methodology
The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:
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CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.
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CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.
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Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.
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Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.
