Bank Fund Staff Federal Credit Union Step-Up Share Certificate Account Review

Bank Fund Staff Federal Credit Union Step-Up Share Certificate Account is offered by Bank Fund Staff Federal Credit Union, a credit union founded in 1947 and based in Washington DC, DC. Bank Fund Staff Federal Credit Union Step-Up Share Certificate Account is available in 0 states (and Washington, DC).

• Only one CD account type available. Bank Fund Staff Federal Credit Union CD only offers bump up CD accounts.
• Very high APY. This account offers an annual percentage yield of up to 0.55%, which is much higher than the national average for a CD account.
• $1,000 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit.
• Limited selection of CD terms. Bank Fund Staff Federal Credit Union CD only offers two CD terms. This limits your options when trying to set up a CD ladder.

Are cd accounts from Bank Fund Staff Federal Credit Union federally insured?

Yes, your Bank Fund Staff Federal Credit Union cd accounts are insured up to $250,000 per person by the National Credit Union Share Insurance Fund (NCUSIF). Individual Retirement Accounts (IRA) are insured separately up to $250,000. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

What types of CDs does Bank Fund Staff Federal Credit Union offer?

• Traditional CDs. These CDs pay a fixed interest rate i you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.
• Bump-up CDs. Bump-up CDs allow you to increase the interest rate you earn on your savings if the going interest rates rise. These CDs are useful in a changing interest rate environment.

What CD rates does Bank Fund Staff Federal Credit Union offer on its CDs?

Bank Fund Staff Federal Credit Union CD offers an APY starting at 0.45% and ranging up to 0.55%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What is the minimum deposit to open a CD account with Bank Fund Staff Federal Credit Union?

Bank Fund Staff Federal Credit Union CD requires a minimum deposit of $1,000 to open an account.

What is the grace period for Bank Fund Staff Federal Credit Union CD?

There is a 7-day grace period for Bank Fund Staff Federal Credit Union CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 7-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does Bank Fund Staff Federal Credit Union CD charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

Bank Fund Staff Federal Credit Union does not charge an early withdrawal fee.