Signature Federal Credit Union Review 2023

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Signature Federal Credit Union Overall Rating

Signature Federal Credit Union Pros and Cons

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.

Compare Today’s Savings Rates

Signature Federal Credit Union offers a variety of checking accounts, but the high-yield option is its standout. The account pays 0.00% to 4.00% 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 $20,000 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 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 $500. You’ll earn 1.75% to 5.05% 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.

The Signature Federal Credit Union Money Market Account has a tiered interest rate system based on balance. You’ll earn 0.90% to 1.35%. 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 members
• U.S. Postal Service postmasters, postmasters relief, supervisors, or officers in charge
• Marymount University Alumni Association members and employees
• Employees 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 Washington
• Members 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 and deposit $5 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

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 0.00% to 4.00%, 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 0.25% to 5.30% APY. You’ll need a $500 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 1.75% to 5.05% APY, with terms from three months to six years. Bread pays 4.35% to 5.35% 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.

Aly J. Yale is a freelance writer, specializing in real estate, mortgage, and the housing market. Her work has been published in Forbes, Money Magazine, Bankrate, The Motley Fool, The Balance, Money Under 30, and more.
Prior to freelancing, she served as an editor and reporter for The Dallas Morning News. She graduated from TCU’s Bob Schieffer College of Communication with a focus on radio-TV-film and news-editorial journalism. Connect with her on Twitter or LinkedIn.

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Evelyn He

Compliance Associate

Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love.
The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   
Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. 
Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.

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