Signature FCU IRA Savings Rate 1.75%

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CharacterCounts
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Joined: Sun Apr 21, 2019 10:58 am

Signature FCU IRA Savings Rate 1.75%

Post by CharacterCounts » Thu May 21, 2020 6:17 pm

Signature FCU appears to have a very good IRA savings rate of 1.75%. They are a new name to me. Has anyone had experience with them?

lakpr
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Re: Signature FCU IRA Savings Rate 1.75%

Post by lakpr » Thu May 21, 2020 6:32 pm

Not the answer you are looking for, but locking up your money meant for retirement in a Savings account does not make sense. It should be invested in the market.

UNLESS you are already retired and looking for safety of principal, of course. In which case, 1.75% is really an excellent rate.

I am not familiar with this credit union specifically, but "FCU" in the name implies that the deposits are guaranteed by NCUA, the equivalent of FDIC protection for bank accounts. I'd not hesitate to use them for that specific purpose.

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Rob5TCP
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Re: Signature FCU IRA Savings Rate 1.75%

Post by Rob5TCP » Thu May 21, 2020 9:40 pm

https://www.depositaccounts.com/banks/s ... union.html

Their financials seem good. But, the review are mixed to so-so. One states a 900 days EWP.
That is the steepest I've seen.

Do a little research on them at the above listing.

Topic Author
CharacterCounts
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Re: Signature FCU IRA Savings Rate 1.75%

Post by CharacterCounts » Thu May 21, 2020 9:56 pm

Rob5TCP wrote:
Thu May 21, 2020 9:40 pm
https://www.depositaccounts.com/banks/s ... union.html

Their financials seem good. But, the review are mixed to so-so. One states a 900 days EWP.
That is the steepest I've seen.

Do a little research on them at the above listing.
Thanks for the link. The 1.75% is for an IRA savings account, not a CD - therefore, no EWP. 1.75% seems very high for now, which is why I was inquiring.

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whodidntante
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Re: Signature FCU IRA Savings Rate 1.75%

Post by whodidntante » Thu May 21, 2020 9:57 pm

lakpr wrote:
Thu May 21, 2020 6:32 pm
Not the answer you are looking for, but locking up your money meant for retirement in a Savings account does not make sense. It should be invested in the market.

UNLESS you are already retired and looking for safety of principal, of course. In which case, 1.75% is really an excellent rate.
Vanguard Total Bond Market has a significantly lower yield, 1.50%. Does that meet your definition of an investment? Honestly, it's debatable.

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David Jay
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Re: Signature FCU IRA Savings Rate 1.75%

Post by David Jay » Thu May 21, 2020 10:50 pm

CharacterCounts wrote:
Thu May 21, 2020 6:17 pm
Signature FCU appears to have a very good IRA savings rate of 1.75%. They are a new name to me. Has anyone had experience with them?
For what period is this guaranteed? Interest rates are falling everywhere (note recent Ally quarter point drop). I would not go through the bother of moving your money if this is not a guaranteed rate for some period - it is likely to fall until it is in line with other institutions.
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

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