Los Angeles Federal Credit Union has some competitive rates on its share certificate with terms of 6 to 11 months. The highest yield is 5.30% APY with a $100K minimum for the Senior Jumbo share certificate. You must be 55 years or older to qualify for the Senior share certificates. A Jumbo share certificate, a Senior share certificate with a $1,000 minimum, and an IRA certificate with a $500 minimum have a yield of 5.15% APY. A regular share certificate with a $1,000 minimum has a yield of 5.00% APY.
The Jumbo Senior share certificates also have a high yield of 5.17% APY on all terms of 24 months and longer.
I last reported on this credit union in February 2007. At that time their Senior Jumbo share certificate rates were as high as 5.97%. The previous month, they were offering a 6-month special CD with a 6.19% APY.
Membership is open to members of the Los Angeles Charitable Association. Membership in this association is open to anyone living in the greater Los Angeles, California area. The fee to join the association is $1. You can also be eligible to join the credit union through select employer groups. Please refer to their Membershiup Eligibility page for the full details.
There's a $5 credit union membership fee (can be waived with a LAFCU Visa card application), and membership requires a $5 balance in your share savings account. To avoid monthly fees, you must maintain a $50 balance. Please see the bottom of the eligibility page for more details.
Branches are located in Culver City, El Monte, Gardena, Glendale, Downtown Los Angeles and Van Nuys. The credit union is federally insured by the NCUA (Charter # 1207). It has $620.4 million in assets and 46,875 members.
Thanks to the reader who mentioned this certificate in the finding-the-best-rates post.