Security Service Federal Credit Union is a bank and credit union founded in 1956 and based out of San Antonio. SSFCU serves customers in the Texas, Colorado, California, and Utah area and currently serves more than 730,000 members. SSFCU boasts higher CD rates than many of its competitors and a good set of flexible terms and options. Aside from CDs, SSFCU offers standard banking services such as checking accounts, savings accounts, credit cards, auto loans, and personal loans. 

SSFCU does not offer flat CD rates but has rates that differ depending on where you live. When you sign up for a CD account, you enter your zip code so you can find the rate for your particular area. 

For example, for a zip code in Austin, TX, the current rates are a 0.05% rate for a 3 month CD all the way up to a 1.00% rate for a 7year certificate. All standard CDs have a $500 minimum deposit. 

SSFCU also offers special CD accounts for larger deposits They offer accounts starting at 0.10% for a $10,000 deposit over 3 months up to a 1.05% rate over 7 years for a $25,000 deposit. All CD accounts also get a cut of dividends, which is normally equal to the percentage of interest. 

Minimum balances to earn APY are as follows: Certificates and IRA Certificates, $500; Future Builder Certificates, $250; Jumbo Share Certificates, $25,000. Penalty for early withdrawal.

SSFCU is a good option because they offer many different plans with flexible initial deposits and maturation time frames. As is often the case, SSFCU will charge penalties if you withdraw funds before the target date. The exact penalty amount depends on the length of the original deposit, the amount of time elapsed, and the amount that is withdrawn. For a CD of 1 year or less, you must pay 3 months of interest as a penalty when withdrawing. 

For a certificate that is up to 5 years, you must pay 6 months in simple interest. For a CD of 5 years or more you must pay 1 year’s worth of simple interest on the amount that you withdraw. These penalties are fairly lenient so withdrawing money is not a huge punishment, although it is in your best interest to let the funds sit until their maturation date.

SSFCU will send you a notice 20 days before your money reaches its maturation date. At that point, you can either withdraw it. If you wait for 7 days and do not do anything, then it will automatically be redeposited and the certificate will be renewed for another period. 

SSFCU also has a special Future Builder Share Certificate that has a term of 1 year and a 0.30% APY rate. This special CD allows you to make extra deposits and withdraw before the maturation date. The Future Builder Share Certificate also allows unlimited deposits up to the last week before the original certificate matures. 

The bottom line is that SSFCU offers poor to below average. CDs with highly variable rates, time frames, and initial deposits. You can start small with a $500 deposit or start large with a $25,000+ deposit to get a better rate.