United States Senate Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Updated on Tuesday, September 1, 2020

United States Senate Federal Credit Union’s checking account options

Senate Checking

Senate Checking is a standard free checking account with a Visa® debit card and unlimited check writing privileges.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at more than 100,000 surcharge-free ATMs worldwide; no FEES for first four out-of-network ATM transactions each month; $1 per out-of-network transaction thereafter
  • ATM fee refund: None
  • Overdraft fee: $28 per item

Senate Checking is a basic account with no minimum deposit or balance requirements. It does not earn interest, but there are no monthly fees to worry about. It comes with an ATM card and access to an extensive, free ATM network.

If you have to use a non-network ATM, United States Senate Federal Credit Union won’t assess a fee on the first four out-of-network ATM transactions each month. However, it doesn’t refund any fees that the ATM owner may charge. This checking account earns no interest.

How to get Senate Checking

To open a Senate Checking account, you must first be a member of United States Senate Federal Credit Union. You can join if you — or a member of your household — meets employer requirements. Alternatively, you can join the Virginia Chapter of the American Consumer Council (VACC), or joining the U.S. Capitol Historical Society (USCHS) to be eligible for credit union membership.

You can fill out the membership application online in about 15 minutes. You’ll need to provide a PDF or JPG digital version of your driver’s license or other identification, address verification through a paystub or utility bill, and a credit or debit card to fund the account. When you join, you’ll also need to pay the $1 credit union lifetime membership fee, and open a savings account with a deposit of at least $5. Processing the application can take two business days or longer.

If you prefer, you can also apply at a branch, call 1-800-374-2758, or send an email to [email protected] to request an application.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

Gold Source Checking

You’ll need to maintain a sizable balance just to earn the slim dividend paid by this Gold Source Checking account.
APYMinimum Balance to Earn APY
0.05%
$2,000
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $15; waived with $2,000 minimum balance
  • ATM fee: $0 at more than 100,000 surcharge-free ATMs worldwide; no fee at out-of-network ATM transactions
  • ATM fee refund: None
  • Overdraft fee: $28 per item

This dividend-paying checking account is best for those who typically maintain high balances and want to earn interest on their money. The yield is very high compared to the average interest-checking account, however, it’s worth noting that your earnings could be quickly wiped out by maintenance fees if your account balance dips below the $2,000 minimum just a few times.

How to get Gold Source Checking

To open a Gold Source Checking account, you must first be a member of United States Senate Federal Credit Union. You can join the credit union by meeting employer requirements, joining the Virginia Chapter of the American Consumer Council (VACC), or joining the U.S. Capitol Historical Society (USCHS).

You can fill out the membership application online in about 15 minutes. Use the same form if you’re a member wanting to open an additional account.

You can also apply at a branch, contact United States Senate Federal Credit Union by phone 1-800-374-2758 or or send an email to [email protected] to have an application sent to you.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

magnifying glass

How United States Senate Federal Credit Union’s checking accounts compare

Senate Checking is a free account that comes with an ATM card, a free ATM network, and not much more — there’s no opportunity to earn interest, for example. Just because you don’t want to pay a monthly fee doesn’t mean you have to settle for zero-interest checking. There are online checking accounts out there that do pay substantial APYs while charging virtually no fees.

Meanwhile, the rate on United States Senate Federal Credit Union’s dividend-paying account, Gold Source Checking, is nothing to write home about, yet the account requires you to maintain a rather high minimum balance. If you keep that much money in your checking account on a regular basis, do yourself a favor and choose an account with more robust offerings from this list of some of the best checking accounts out there.

United States Senate Federal Credit Union’s savings account options

Primary Savings

When you open this basic savings account with a deposit of at least $5, you gain lifetime membership the United States Senate Federal Credit Union and all its financial services.
APYMinimum Balance to Earn APY
0.05%
$5.00
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0 at more than 100,000 surcharge-free ATMs worldwide
  • ATM fee refund: None
  • Overdraft fee: $28 per item

Primary Savings has a low minimum balance requirement and a competitive interest rate. It comes with an ATM card and access to an extensive free ATM network. You must maintain a balance of $5 in order to remain an active member of United States Senate Federal Credit Union, with access to the credit union’s products and services.

Per Regulation D, you can make unlimited withdrawals in branches and are limited to six electronic or phone transactions per month. There is a $28 fee for additional withdrawals.

How to get Primary Savings

You’ll open a Primary Savings account as part of the process of establishing your membership to United States Senate Federal Credit Union. You can join the credit union by meeting employer requirements, joining the Virginia Chapter of the American Consumer Council (VACC), or joining the U.S. Capitol Historical Society (USCHS).

You can fill out the membership application online in about 15 minutes. You’ll need to provide a .pdf or .jpg digital version of your driver’s license or other identification, address verification through a paystub or utility bill, and a credit or debit card to fund the account. You’ll also need to pay the $1 credit union lifetime membership fee and deposit at least $5.

Processing the application can take two business days or longer. If you prefer, you can also apply at a branch, or contact United States Senate Federal Credit Union by phone 1-800-374-2758 or send an email to [email protected], to have an application sent to you.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

Holiday Savings

United States Senate Federal Credit Union members can contribute throughout the year to their Holiday Savings accounts, and the money — plus interest — will be automatically transferred to Primary Savings in plenty of time for the festive season.
APYMinimum Balance to Earn APY
0.05%
$5.00
  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $28 per item

Holiday Savings takes some of the financial stress out of the holidays by providing a convenient way to put away money throughout the year. The above-average interest rate helps your savings grow until it’s time to celebrate. If you want, you can set up direct deposit to make regular contributions from each paycheck. Funds are transferred to your Primary Savings account on November 1 so you’ll be ready for year-end expenses.

How to get Holiday Savings

United States Senate Federal Credit Union members can open a Holiday Savings account using the online membership application. You can also visit a branch, call 1-800-374-2758 or send an email to [email protected]rg to request an application.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

Youth Savings

This free account for kids at ages 18 and under teaches them about saving money and earning interest.
APYMinimum Balance to Earn APY
0.05%
$5.00
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $0
  • ATM fee: No ATM card
  • ATM fee refund: N/A
  • Overdraft fee: $28 per item

Your child can start to learn about saving money and earning interest with a Youth Savings account, free to kids up to 18 years old. There are no service fees and the account earns a competitive interest rate. The account comes with online and mobile banking.Per Regulation D, you can make unlimited withdrawals in branches and are limited to six electronic or phone transactions per month. There is a $28 fee for additional withdrawals.

How to get Youth Savings

As a member, you can open a Youth Savings account for your child using the online membership application. You can also visit a branch, call 1-800-374-2758 or or send an email to [email protected] to request an application.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

magnifying glass

How United States Senate Federal Credit Union’s savings accounts compare

The savings accounts at United States Senate Federal Credit Union pay above average interest rates. Joining the credit union involves a little bit of hassle, but it might be worth it for the extra earnings you’ll pocket each year compared to many accounts at other institutions. However, if your goal is to earn the top rates on your money, you can find even better deals at some of the best online savings accounts out there.

United States Senate Federal Credit Union’s CD rates

Share Certificates

Share Certificates — the credit union version of CDs — offer a guaranteed return for consumers who commit to keeping their money in the account for the duration of the certificate’s term.
TermAPY
60 months and up0.65% for $60,000 and up
0.65% for $20,000 - $59,999
0.65% for less than $20,000
48 to 59 months0.60% for $60,000 and up
0.60% for $20,000 - $59,999
0.60% for less than $20,000
36 to 47 months0.55% for $60,000 and up
0.50% for $20,000 - $59,999
0.50% for less than $20,000
24 to 35 months0.50% for $60,000 and up
0.50% for $20,000 - $59,999
0.50% for less than $20,000
12 to 23 months0.40% for $60,000 and up
0.40% for $20,000 - $59,999
0.40% for less than $20,000
6 to 11 months0.30% for $60,000 and up
0.30% for $20,000 - $59,999
0.30% for less than $20,000
3 to 5 months0.20% for $60,000 and up
0.20% for $20,000 - $59,999
0.20% for less than $20,000
  • Minimum opening deposit: $1,000
  • Early withdrawal penalty: Varies; ranges from 90 to 360 days of dividends on the amount withdrawn, depending on the term of the certificate.

Offering unusually strong yields, United States Senate Federal Credit Union’s CDs provide guaranteed returns for customers looking to park their cash for a period of time. There is a wide range of terms to suit your needs, ranging from three months to five years. You’ll need a minimum of $1,000 to open a share certificate/CD, and you’ll want to be very certain you won’t need the money during the term, as there are substantial penalties for early withdrawal.

How to get United States Federal Credit Union’s CDs

Members can open a CD by filling out an online application, or send an email to [email protected] to request an application, calling 800.374.2758, or visiting a branch.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

Bump Rate Share Certificates

Bump Rate Share Certificates let you lock in a guaranteed rate of return while also providing the flexibility of a one-time option to adjust the dividend rate to the current offered rate.
TermAPY
60 months 0.55% for $60,000 and up
0.55% for $20,000 - $59,999
0.55% for less than $20,000
48 months0.50% for $60,000 and up
0.50% for $20,000 - $59,999
0.50% for less than $20,000
36 months0.45% for $60,000 and up
0.45% for $20,000 - $59,999
0.45% for less than $20,000
  • Minimum opening deposit: $1,000
  • Early withdrawal penalty: Varies; ranges from 90 to 360 days of dividends on the amount withdrawn, depending on the term of the certificate

Bump rate share certificates require you to lock up your money for longer periods of time in exchange for higher yields. However, they do provide some flexibility. During the term of the certificate you have the option to request a one-time dividend increase. The dividend will then be changed to the current offered rate for the remainder of the term of the certificate.

While there is no guarantee that the rate will rise during the term of the CD, the feature does provide you with a sense of confidence that you won’t be stuck with a sub-par rate in case the market rate rises.

How to get United States Federal Credit Union’s Bump Rate Share Certificates

Members can open a Bump Rate Share Certificate by filling out an online application, or send an email to [email protected] to request an application, contact the credit union by phone at 1-800-374-2758, or visiting a branch.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

magnifying glass

How United States Senate Federal Credit Union’s CD rates compare

Simply put, United States Senate Federal Credit Union’s CDs pay well. Especially for customers with very large balances who can commit to five-year terms, the credit union actually pays some of the top rates in the market. Depending on the amount you have to invest and how long you are willing to lock up your money, it may be worth checking out some of the best CD rates out there.

United States Senate Federal Credit Union’s money market account options

Senate Money Market

Senate Money Market provides a way for customers with balances of $2,000 and higher to earn substantially higher interest rates than they would in Primary Savings.
APYMinimum Balance to Earn APY
0.15%
$2,000
0.15%
$10,000
0.15%
$20,000
0.15%
$40,000
0.15%
$75,000
0.15%
$100,000
0.15%
$150,000
0.15%
$250,000
0.15%
$500,000 and over
  • Minimum opening deposit: $2,000
  • Monthly account maintenance fee: $0
  • ATM fee: No ATM card
  • ATM fee refund: N/A
  • Overdraft fee: $28 per item

Senate Money Market is a free account that pays tiered interest rates on balances of $2,000 and more, with the rates going up as the balances increase. It may benefit consumers who want to earn a bit of interest on a lump sum while keeping the funds liquid.

Per Regulation D, you can make unlimited withdrawals in branches and are limited to six electronic or phone transactions per month. There is a $28 fee for additional withdrawals.

How to get Senate Money Market

As a member, you can open a Senate Money Market account using the online membership application. You can also visit a branch, call 800.374.2758 or or send an email to [email protected] to request an application.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

magnifying glass

How United States Senate Federal Credit Union’s money market accounts compare

Senate Money Market accounts pays a higher rate of interest than the Primary Savings account. However, you do need to deposit a large sum to earn those rates. The minimum opening deposit is steeper than what many institutions require.

If earning the most you can on your money is your priority, checking some of the best money market accounts available in the market.

United States Senate Federal Credit Union’s IRA account options

IRA CD rates

United States Senate Federal Credit Union offers traditional and Roth IRAs that can be opened as share certificates — the credit union’s version of CDs — to help you save for retirement.
TermAPY
60 months and up0.65% for $60,000 and up
0.65% for $20,000 - $59,999
0.65% for less than $20,000
48 to 59 months0.60% for $60,000 and up
0.60% for $20,000 - $59,999
0.60% for less than $20,000
36 to 47 months0.55% for $60,000 and up
0.55% for $20,000 - $59,999
0.55% for less than $20,000
24 to 35 months0.50% for $60,000 and up
0.50% for $20,000 - $59,999
0.50% for less than $20,000
12 to 23 months0.40% for $60,000 and up
0.40% for $20,000 - $59,999
0.40% for less than $20,000
6 to 11 months0.30% for $60,000 and up
0.30% for $20,000 - $59,999
0.30% for less than $20,000
3 to 5 months0.20% for $60,000 and up
0.20% for $20,000 - $59,999
0.20% for less than $20,000
  • Minimum opening deposit: $5
  • Early withdrawal penalty: Varies; ranges from 90 to 360 days of dividends on the amount withdrawn, depending on the term of the certificate; no penalty for certain exceptions such as college tuition or buying a first home.

With a United States Senate Federal Credit Union traditional or Roth IRA, you can purchase share certificates with IRA funds. They allow you to lock in the same relatively high yields as the credit union’s regular share certificates. By purchasing the certificates within an IRA, you’ll enjoy tax advantages that help you save more for retirement. The minimum deposit for opening an IRA is just $5, making it easy to get started.

Contributions are limited to $5,500 per year, but those who are ages 50 and up are allowed an additional $1,000 catch-up contribution.

How to get United States Senate Federal Credit Union’s IRA CDs

For assistance choosing the right IRA CDs for your individual situation, United States Senate Federal Credit Union members can or send an email to [email protected] for more information, call 1-800-374-2758 to speak with a representative, or visit a branch in person.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

magnifying glass

How United States Senate Federal Credit Union’s IRA CD rates compare

United States Federal Credit Union’s CDs generally pay above-market rates and, in particular, the credit union’s five-year CDs significantly outperform the national averages for five-year CDs. However, you do need to have a high balance to qualify for the top rates. Before you commit to any IRA CD, it’s best to check out all the offerings among the best IRA CD rates in the market.

Traditional and Roth IRA Savings

United States Senate Federal Credit Union offers traditional and Roth IRA savings accounts that pay a significant premium over regular savings accounts.
APYMinimum Balance to Earn APY
0.05%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: $0
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $28 per item

If you’re looking for a safe place to park some of your retirement savings, United States Senate Federal Credit Union’s traditional and Roth IRA savings accounts pay a significantly higher interest rate than its regular savings accounts, though it’s still not a very high rate. Which type of IRA you choose depends largely on your income. Anyone with earned income who is under age 70 ½ is eligible to open a traditional IRA, and contributions are typically tax deductible. Individuals with earned income below applicable IRS limits can qualify for a Roth IRA, and contributions to such accounts are not tax deductible.

Per Regulation D, you can make unlimited withdrawals in branches and are limited to six electronic or phone transactions per month. There is a $28 fee for additional withdrawals.

How to get Traditional or Roth IRA Savings

For help choosing the appropriate retirement savings account for your individual situation, United States Senate Federal Credit Union members can send an email to [email protected] for information, call 1-800-374-2758, or visit a branch.

SEE DETAILS Secured

on United States Senate Federal Credit Union’s secure website

NCUA Insured

Overall review of United States Senate Federal Credit Union’s banking products

While many credit unions limit membership by factors like geographical location or employer, United States Senate Federal Credit Union offers flexible membership criteria, meaning almost anyone can join.

Members get lifetime access to a variety of beneficial financial products, including access to deposit accounts that pay above-average interest rates, and CDs that earn exceptionally high yields. The credit union also offers its members home loans, retirement accounts, personal loans and credit cards.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Do you have a question?