Signature FCU Review 2023

Signature FCU Review 2023

Signature Federal Credit Union

Our experts at Personal Finance Insider are here to answer all your banking questions and provide unbiased product reviews. When it comes to banking products, we value transparency and make sure our opinions are our own. While we may receive a commission from our partners in some cases, our focus is on helping you make informed choices. Let’s dive into the features and offerings of Signature Federal Credit Union.

Signature Federal Credit Union Overall Rating

Signature Federal Credit Union is a financial institution based in Alexandria, Virginia. Since its establishment in 1970, it has been offering a wide range of banking products such as checking accounts, savings accounts, certificates (CDs), loans, and more. Even if you don’t live in Virginia, you have the convenience of opening these accounts online.

As a member of the Co-op Shared Branching network, Signature Federal Credit Union provides access to over 5,000 physical branch locations across the country. Additionally, they offer an online banking dashboard and a highly rated mobile banking app, with a 4.6 out of 5 stars rating in the Google Play store and a 4.8 out of 5 stars rating in the Apple store.

Deposits at Signature Federal Credit Union are insured by the National Credit Union Association (NCUA) for up to $250,000 per account, or $500,000 for a joint account.

Signature Federal Credit Union Savings Account Review

While Signature Federal Credit Union offers various savings accounts, its basic account provides very low Annual Percentage Yields (APYs). With a balance of $5 to $99, account holders earn zero interest. On balances of $100 or more, the APY increases to 0.15%, which is lower than the national average rate for savings accounts.

However, Signature’s savings accounts have certain advantages. They don’t impose monthly fees, and they offer options to help children save. The credit union’s Youth Savings account pays a little interest and even provides an opportunity to earn up to a $20 annual bonus for achieving good grades in school.

Signature Federal Credit Union High-Yield Checking Account Review

One of the standout offerings from Signature Federal Credit Union is its high-yield checking account. With an APY ranging from 0.00% to 4.00%, it offers one of the best rates among high-yield checking accounts. To qualify for the highest available APY, you need direct deposits totaling at least $1,000 per month, use your account debit card at least 15 times per month, and be enrolled in e-statements. Balances above $20,000 do not earn interest.

In addition to their high-yield account, Signature also provides standard checking accounts, youth checking accounts, reward-earning accounts, and checking accounts specifically designed for members aged 55 and older.

Signature Federal Credit Union Certificate Review

Signature Federal Credit Union offers share certificates, essentially certificates of deposit (CDs). The terms for these certificates range from three months to 60 months, with a minimum balance requirement of $500. Depending on the term, you can earn a competitive APY between 3.75% and 5.55%. Signature’s certificates have been featured in our best CD rates guide.

An interesting feature is the one-year EZ Save certificate, which allows you to deposit additional funds into the account throughout the one-year term. This flexibility is rare for certificates.

Signature Federal Credit Union Money Market Account Review

The Signature Federal Credit Union Money Market Account features a tiered interest rate system based on your account balance. You can earn an APY of 0.90% to 1.35%. However, you won’t earn interest on balances below $500. As your balance reaches $10,000 and $50,000, your rate increases.

An advantage of Signature’s money market accounts is that there are no early withdrawal penalties. However, account holders are subject to a six-withdrawal limit each month.

How to Join Signature Federal Credit Union

To become a member of Signature Federal Credit Union and take advantage of their various products, you must meet specific eligibility criteria. Membership is open to immediate family and household members of existing Signature FCU members, U.S. Postal Service personnel, Marymount University Alumni Association members and employees, and employees of various organizations and associations.

If you are not eligible through these channels, you can become a member by joining the American Consumer Council for an annual fee of $8. Once you’ve applied for membership, you’ll need to open a Signature Federal Credit Union Savings Account and deposit a minimum of $5 before you can access their other products.

Is Signature Federal Credit Union Trustworthy?

While we typically look at Better Business Bureau ratings to evaluate a bank or credit union’s customer interaction, Signature Federal Credit Union does not have a profile with the Bureau. However, we encourage you to read online customer reviews and speak with current members to gauge their satisfaction and determine if the credit union aligns with your needs.

It’s worth noting that Signature Federal Credit Union has not been involved in any recent public controversies.

Signature Federal Credit Union FAQs

Q: How does Signature Federal Credit Union compare to Redneck Bank?

A: Both Signature Federal Credit Union and Redneck Bank offer high-yield checking accounts, but Redneck Bank offers a much higher APY. While Signature’s high-yield checking account pays 0.00% to 4.00% APY, Redneck Bank’s account offers 0.25% to 5.30% APY. Redneck Bank requires a $500 minimum deposit and only 10 transactions per month, making it the preferable choice if you’re seeking a high-yield checking account. However, if you are interested in a broader range of banking products, Signature Federal Credit Union has more options including savings accounts, certificates (CDs), loans, and more.

Q: How does Signature Federal Credit Union compare to Bread Savings?

A: Signature Federal Credit Union and Bread Savings both offer certificates with high-interest rates. Signature pays 3.75% to 5.55% APY on terms ranging from three months to six years, while Bread pays 4.35% to 5.35% APY on terms between one and five years. However, Bread only offers CDs with terms of one year or longer. If you are looking for shorter-term certificates, Signature may be the better choice. Additionally, Signature provides a wider range of products, including savings accounts, checking accounts, and money market accounts, while Bread primarily focuses on CDs and a high-yield savings account.

Methodology: How We Reviewed Signature Federal Credit Union

At Personal Finance Insider, we evaluate banking institutions based on their ethics, customer support, mobile apps, and other factors specific to each type of account. For Signature Federal Credit Union, we rated their checking, savings, and money market accounts using Personal Finance Insider’s bank account methodology, as well as their certificates using Personal Finance Insider’s certificate of deposit methodology. Our aim is to provide you with all the information you need to make informed decisions about your financial needs.

In conclusion, Signature Federal Credit Union offers competitive rates on high-yield checking accounts and share certificates. Their savings accounts, however, offer lower rates compared to national averages. With a range of products and the convenience of online banking, Signature Federal Credit Union provides flexibility and accessibility to its members. Whether you are looking for a checkings account, savings account, certificate, or money market account, Signature Federal Credit Union has options worth considering.