Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: Signature Federal Credit Union might be a good choice if you’re looking for a high-yield checking account or CD (what Signature calls “share certificates”). Both offer competitive interest rates. Its savings accounts, however, offer lower rates than national averages — so if a high-yield savings account is on your radar, you may want to explore elsewhere.
Signature Federal Credit Union Overall Rating
FeatureInsider rating (out of 5)Savings3.5Checking4Certificates4Money market account4Trustworthiness3Total3.75
Signature Federal Credit Union Pros and Cons
ProsCons
Competitive interest rates on high-yield checking accounts, money market accounts, and share certificates
5,000 shared physical branches
Wide network of free ATMs nationwide
No monthly fees
Free transfers from another account for overdraft protection
Many account types and terms to choose from, including rewards accounts
Low interest rates on savings accountsCustomer service only available 9 a.m. to 5 p.m. weekdays Many accounts have transaction and withdrawal limitsOverdraft fee is $30 if you don’t have another SFCU account to transfer funds fromDividends compound monthly or quarterly, not daily
Signature Federal Credit Union Savings Account – Product Name Only Review
Signature Federal Credit Union offers a variety of savings accounts, but its most basic one offers very low APYs (Annual Percentage Yields). With a balance of $5 to $99, account holders earn zero interest. At balances of $100 or more, the APY increases to 0.15% — lower than the national average rate for savings accounts.
On the upside, Signature’s savings accounts have no monthly fees, and there are options to help your children save. The credit union’s Youth Savings account pays a little interest and offers up to a $20 annual bonus for earning all A’s in school.
Signature Federal Credit Union High-Yield Checking Account – Product Name Only Review
Signature Federal Credit Union offers a variety of checking accounts, but the high-yield option is its standout. The account pays Signature Federal Credit Union High-Yield Checking Account – APY APY. Its highest APY is one of the best high-yield checking rates out there.
Signature’s high-yield checking account doesn’t require a minimum balance, but you do need direct deposits totaling at least $1,000 per month to qualify for the highest available APY. You also must use your account debit card at least 15 times per month and be enrolled in e-statements. Balances above $40,000 do not earn interest.
Along with its high-yield account, Signature also offers standard checking accounts, youth checking accounts, reward-earning accounts, and checking accounts for members age 55 and older.
Signature Federal Credit Union Certificate – Product Name Only Review
Signature Federal Credit Union offers share certificates, which is what credit unions call certificates of deposit (CDs). Signature’s terms range from three months to 60 months and require a minimum balance of Signature Federal Credit Union Certificate – Minimum Deposit. You’ll earn Signature Federal Credit Union Certificate – APY APY, depending on the term, and Signature is featured in our best CD rates guide.
Signature also offers a one-year EZ Save certificate, which offers a competitive APY with a minimum $50 deposit. You can deposit more into the account — a rare feature for certificates — throughout the one-year term.
Signature Federal Credit Union Money Market Account – Product Name Only Review
The Signature Federal Credit Union Money Market Account – Product Name Only has a tiered interest rate system based on balance. You’ll earn Signature Federal Credit Union Money Market Account – APY. You won’t earn interest on balance below $500, and your rate increases when your balance reaches $10,000 and $50,000.
There are no early withdrawal penalties on Signature’s money market accounts, though account holders are subject to a six-withdrawal limit each month.
About Signature Federal Credit Union
Signature Federal Credit Union is a credit union based in Alexandria, Virginia. It opened in 1970 and offers a variety of checking accounts, savings accounts, certificates (CDs), loans, and other financial products. Even if you don’t live in Virginia, you can open these accounts online.
Signature is a member of the Co-op Shared Branching network, which gives members access to more than 5,000 physical branch locations across the country. Members also have access to an online banking dashboard and mobile banking app, which currently has a 4.6 out of 5 stars in the Google Play store and a 4.8 out of 5 stars in the Apple store.
Customer service is available over the phone between 9 a.m. and 5 p.m. Monday through Friday, and via email. Deposits at Signature Federal Credit Union are insured by the National Credit Union Association (NCUA) for up to $250,000 per account ($500,000 for a joint account).
How to Join Signature Federal Credit Union
To open an account with Signature Federal Credit Union, you first must become a member. Membership is open to:
Immediate family and household members of existing Signature FCU membersU.S. Postal Service postmasters, postmasters relief, supervisors, or officers in chargeMarymount University Alumni Association members and employeesEmployees of the National Association of Postmasters of the United States, the National Association of Postal Supervisors, Signature Federal Credit Union, the Enlisted Association of the National Guard of the United States, the National Enlisted Reserve Association, Case Design/Remodeling, Martin Communications, Mass Benefits Consultants, The PrintShop, FirstMark Financial Resources, the DC Coalition for the Homeless, Pet Assure, the Del Ray Business Association, the International Interior Design Association, and the Boys and Girls Club of Greater WashingtonMembers of the American Consumer Council (you can become a member of this for $8 annually)
Once you’ve applied for membership, you’ll need to open a Signature Federal Credit Union Savings Account – Product Name Only and deposit Signature Federal Credit Union Savings Account – Minimum Deposit before you can use any of Signature’s other products.
Is Signature Federal Credit Union Trustworthy?
At Personal Finance Insider, we typically look at Better Business Bureau ratings to see how a bank or credit union interacts with its customers. Signature Federal Credit Union does not have a profile with the Bureau yet, so there are no complaints or reviews to use for evaluating the company’s business practices. You may want to read online customer reviews or speak with current members to see if the credit union is a good fit.
Signature Federal Credit Union has no recent public controversies.
Signature Federal Credit Union FAQs
Is Signature Federal Credit Union legitimate?
Yes, Signature Federal Credit Union is a legitimate financial institution based in Alexandria, Virginia. It opened in 1970 and is insured by the National Credit Union Administration (NCUA).
What is the Signature Federal Credit Union savings rate?
Signature FCU’s savings rates depend on what type of account you open. The Signature Federal Credit Union Savings Account – Product Name Only, which you must open to become a member, pays Signature Federal Credit Union Savings Account – APY APY.
How are Signature Federal Credit Union’s reviews?
Signature Federal Credit Union currently has 3.4 stars on Google. It is not yet rated with the Better Business Bureau or Trustpilot.
Where are Signature Federal Credit Union’s locations?
Signature Federal Credit Union is headquartered in Alexandria, Virginia, but it’s primarily an online bank. It is a member of the Co-op Shared Branching network, which gives members access to 5,000-plus shared physical locations nationwide.
Methodology: How We Reviewed Signature Federal Credit Union
To review Signature Federal Credit Union, we rated its checking, savings, and money market accounts using Personal Finance Insider’s bank account methodology, and its certificates using Personal Finance Insider’s certificate of deposit methodology.
In general, we look at ethics, customer support, and mobile apps when rating an institution. Other factors we consider depend on which type of account we’re reviewing. For example, we look at overdraft protection for checking accounts and early withdrawal penalties for CDs.
How Signature Federal Credit Union Compares
Signature Federal Credit Union vs. Redneck Bank
Both Signature Federal Credit Union and Redneck Bank offer high-yield checking accounts, though Redneck Bank pays a much higher APY.
Signature’s high-yield checking account currently pays Signature Federal Credit Union High-Yield Checking Account – APY, and it requires at least $1,000 in direct deposits and 15 debit transactions minimum each month to earn the best rate. Redneck Bank’s account, on the other hand, offers Redneck Bank Rewards Checkin’ Account – APY APY. You’ll need a Redneck Bank Rewards Checkin’ Account – Minimum Deposit minimum deposit and only 10 transactions per month.
While Redneck Bank is the clear choice if you’re looking for a high-yield checking account, the same isn’t true if you want to explore other products. Redneck only offers two products: the high-yield checking account and a money market account. Signature FCU’s products include several savings, checking, and money market accounts, as well as certificates, loans, mortgages, and more.
Signature Federal Credit Union vs. Bread Savings
Signature Federal Credit Union and Bread Savings both offer certificates with high interest rates. Signature pays Signature Federal Credit Union Certificate – APY APY, with terms from three months to six years. Bread pays Bread Savings High-Yield CD – APY APY on terms between one and five years.
Despite its higher rates, Bread only offers CDs that are one year or longer, so if you’re looking for shorter terms, Signature may be the better choice. Signature also offers more products overall. Bread’s products include only CDs and a high-yield savings account.