Local Government Credit Union is offering several competitive rates for both its short-term and long-term share term certificates. Some of the best include a 3.25% APY 60-month CD, a 2.75% APY 36-month CD and a 1.50% APY 6-month CD. Minimum deposit is $250. These rates are listed in the credit union's deposit rates page as of 8/25/2010. The date above the CD rates table is old, but dates for the other tables are more current so it appears these rates are kept up-to-date.
The credit union also has competitive savings account rates for its IRAs and HSAs. The Individual Retirement Accounts have a 2.53% APY, and the Health Savings Account has a 2.28% APY as of 8/25/2010.
Credit union membership is open to those who are employees, officials or volunteers of North Carolina local government units. Please refer to the credit union's membership page for the full details. The membership may be more open then you might think. There appears to be many volunteer opportunities which may allow a North Carolina resident to be eligible to join the credit union. I've found this Volunteer Programs listing at the Raleigh government page. Before registering for any of these, it would be wise to check with the credit union to ensure the specific volunteer program would meet the credit union's criteria.
One thing unusual about LGFCU is that it shares branches with SECU, the largest credit union based in North Carolina, and one of the largest ones on the nation. This is how LGFCU describes this relationship:
Are LGFCU and SECU the same credit union?
Although some find it confusing when they first go to a branch with a State Employees’ Credit Union sign, the LGFCU and SECU connection is a simple one. Through a contractual agreement, LGFCU pays SECU personnel to provide services to LGFCU members. This is an efficient and convenient way to serve each and every member.
LGFCU has a different field of membership as well as its own board of directors and administrative staff. Some services and many policies and rates are the same for both credit unions; however, there are occasions when these differ. These variations are usually because of the different demographic and financial makeup of the two credit unions.
This gives LGFCU members access to branches throughout North Carolina. I did a 100-mile radius search from Raleigh using LGFCU's branch locator tool, and it showed 100 branches.
LGFCU's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our financial overview of Local Government Credit Union). The DepositAccounts.com rating is based on June 2010 data. The others are based on March 2010 data. The credit union is federally insured by the NCUA (Charter # 24003).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.