EFCU Financial Federal Credit Union 5 Year CD – My Money Blog

Update: The rate has since dropped to 3.75% APY as of 8/16/22, and they have also stopped accepting applications from people joining through an EFCU Financial Foundation or Louisiana Wildlife Federation membership. I hope some people are interested. Thanks to reader Hugo for the warning.

Original post:

EFCU Financial Federal Credit Union has higher certificate rates as of 11/8/22. NCUA insured. Found through DepositAccounts. Here are the pricing highlights:

  • 60 month regular certificate 4.00% APY (minimum $500)
  • 60 month regular certificate 4.10% APY (Jumbo $100k minimum)
  • 60 month IRA certificate 4.10% APY (minimum $500)
  • 60 month IRA certificate 4.20% APY (Jumbo $100k minimum)
  • Also available: 12 month, 18 month and 24 month at 3.00% APY, 30 month CD at 3.25% with one-time markup allowed.

More details:

  • The early withdrawal penalty for a 60 month certificate is 180 days of dividends.
  • Pull hard credit with a new membership application.
  • Must keep a minimum of $5 in a stock savings account as long as you are a member of a credit union.

Membership Eligibility. Their eligibility criteria are open to anyone nationwide. People who live, work, worship, or attend school in these nine Louisiana parishes can register for free: East Baton Rouge, West Baton Rouge, Ascension, East Feliciana, West Feliciana, Iberville, Livingston, Point Coupee, St. Helen. Anyone nationwide can join EFCU Financial with a membership in the EFCU Financial Foundation or the Louisiana Wildlife Federation. The cost is $35 for an annual membership.

Good deal? This is a very competitive CD rate for a 5-year CD, about 35 basis points higher than the next best rate. For comparison, as of 12/8/22, the 5-year Treasury bill rate is 2.97%. The firm credit draw and $35 entry fee make it best for high balances to be worth it.

From their website and mobile app, they seem to use the same core software as many other credit unions.

As with previous credit union certificate offers, I would always recommend acting quickly if you are interested. That’s a good enough deal that it’s entirely possible there will be enough new apps to overwhelm their limited staff (and filing needs). You can shell out $35, start the application process, take the credit, and frustrate the deal before you can fund the certificate. I’m not saying it will happen, but it is possible. Of course, it’s also possible that this is just the start of several sites offering 4% APY CDs.

Jack L. Goldstein