Banking » Reviews » State Department Federal Credit Union CDs: All You Need To Know
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State Department Federal Credit Union CDs: All You Need To Know

State Department Federal Credit Union offers competitive CD rates and terms between 6 months to 5 years. Compare rates, terms and alternative CDs
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

State Department Federal Credit Union Certificates

APY Range

4.16% – 5.41%

Minimum Deposit

$500 / $100,000

Terms

6 months – 5 years

Our Rating

4.3
4.3/5

State Department Federal Credit Union Certificates

APY Range

4.16% – 5.41%

Minimum Deposit

$500 / $100,000

Terms

6 months – 5 years

Our Rating

4.3
4.3/5

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 May 2024.

Term
APY
6 Months
4.19% / 4.40%
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
5.08%-5.20%
$1,000
3.51% – 4.85%
$5,000
0.50% – 4.88%
$250
4.00% – 5.30%
$1,000
2.25% – 4.00%
$50
4.30% – 5.30%
$10,000
0.30% – 4.75%
$500
3.31% – 5.07%
$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 May 2024.

CD APY Range
Minimum Deposit
Marcus
4.00% – 5.05%
$500
Barclays Bank
3.50% – 5.30%
$0
PNC Bank
5.05%
$1
U.S. Bank
0.05% – 0.25%
$500
Capital One
4.00% – 5.10%
$0
Chase Bank
3.00% – 4.75%
$1,000
Discover Bank
2.00% – 4.70%
$2,500
CIT Bank
0.30% – 3.50%
$1,000
Ally Bank
3.00% – 4.50%
$0
Citi Bank
0.05% – 4.75%
$500
Bank Of America
0.05% – 5.00%
$1,000
Vanguard
4.05% – 5.40%
$1,000
BMO Harris
0.05% – 4.50%
$1,000
Wells Fargo
4.75%- 5.01%
$2,500
Synchrony Bank
2.05% – 5.15%
$0
TD Bank
1.00% – 5.00%
$250
LendingClub
4.00% – 5.15%
$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

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.

Yes, you can designate a beneficiary for a CD so that the money is transferred to them upon your death.

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.

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:

  • 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.

  • 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.

  • 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.

  • 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.

Compare CD Rates

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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