EFCU Financial

Overview / Commentary
10719 Airline Hwy
Baton Rouge, LA 70816-4213

EFCU Financial is headquartered in Baton Rouge and is the 3rd largest credit union in the state of Louisiana. It is also the 426th largest credit union in the nation. It was established in 1934 and as of March of 2024, it had grown to 130 employees and 65,941 members at 8 locations. EFCU Financial's money market rates are 8X the national average, and it has an A health rating.

Field of Membership Restrictions

Membership in EFCU Financial is open to those who live, work, worship, or attend school in the Louisiana parishes of Ascension, East Baton Rouge, East Feliciana, Feliciana, Livingston, Point Coupee, St. Helena, West Baton Rouge, or West Iberville. Immediate family or household members of an existing EFCU member are also eligible to join.
See current membership details

Related Posts

EFCU Lowers Rates Again -- This Time In The Middle Of The Month - 3/14/2024

EFCU usually changes their rates at the start of each month -- but not this time. After lowering their rates back in Jan, when March started, they kept the Jan and Feb rates -- the PDF showed rates valid from 3/1/24 to 3/31/24. But that all changed after only 10 days. Suddenly, on 3/11, new rates were posted, and they lowered yet again -- in the middle of the month, which is unusual for them. Take it as a warning that you can't count on places that traditionally only change at the start of each month to always do so, especially when rates are going down. And of course, take those "good until" dates with a grain of salt (as we all know). Rates can, and sadly do, change at any time. Example: 18mo: 5.00 -> 4.75 24mo: 5.00 -> 4.75 12mo: 5.25 -> 5.00 6 mo: 5.25 -> 5.00 (note that as with all EFCU rates, quoted rates are actually APR, so the APY will be slightly higher). I like EFCU, but there's now nothing to encourage deposits there.

EFCU Rate Drops - 1/2/2024

Well, as feared EFCU lowered rates. Their 30-mo Bump Up ($500 min) went from 5.25 (5.35 APY) to 5.00 (5.11 APY) Shorter term ones that were 5.75 (5.85 APY) lowered to 5.50 (5.6 APY) 3yr, 4yr, and 5yr that were 4.75 (4.85 APY) lowered to 4.50 (4.59 APY) Most things lowered, nothing went up.

[Limited Membership] EFCU 30Mo Jumbo (100K) @ 5.48% APY + 1 Time Bump Still Availalbe - 10/3/2023

For those who qualify to join EFCU (only those who live local in Louisana now are able to join) or for those who are already members, EFCU has an attractive CD. Their 30 month "Bump Up" Jumbo CD (100k) has a compounded rate of 5.48% (the listed non-compounded rate of 5.35% = 5.48% when compounded), plus a 1-time Bump Up Option where, if rates go up, you can call them and get a 1-time rate bump during the term. The EWP is good, too (180 days). Seems a good way to lock in a solid rate (5.48%) for 2.5 years, with the ability to raise the rate higher if rates go up. The only downside is that eligibility to join the CU is limited now to those who live local in Louisana. Ken wrote a blog post in early August about this, but I wanted to post that it's still available. According to Ken's post, partial early withdrawals are not allowed.

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This Place Does It The Right Way.

Posted by: |

If you're eligible to join EFCU, do so. They're a great Credit Union that does business the right way.

One nice thing about EFCU that I hope they never change, is that EFCU's advertised savings rates are actually the APR not APY: Most places that advertise savings rates advertise the rate you'll get at maturity only if you keep the dividends in the CD to compound. But EFCU's advertised rates are what you'd get if you take the dividends out -- if you decide to keep the dividends IN the CD, you'll get a higher rate than EFCU's advertised rate. (If you see a place advertising a "4% CD", most places will offer you a CD with a "rate" of 3.93% that will TURN INTO 4% if you keep the dividends in the CD each month to compound, rather than taking them out every month. EFCU does it the honest way: if EFCU offers a "4% CD", that's their base rate, not the compounded rate, so you'll get the 4% even if you take the dividends out--and if you keep the dividends IN the CD, you'll get something like 4.07% instead, on that "4% CD"). That's the honest way to do it.

Their penalty for breaking a CD early is very decent as well: For terms up to 5 years it's 180 days (less for short term ones). The penalty applies to IRA CDs as well, but of course there's no penalty on mandatory RMD withdrawals.

If you're interested in an IRA, there's currently one person who handles most of the IRA stuff, but she's easily reachable (not always the case at many other credit unions!), knows her stuff, and is easy to work with.

EFCU's website doesn't have many features, but their CSR agents are always good. ACH transfers can indeed be set up on their website (there are amount limits for ACHs initiated from EFCU's website, but not if it's pulled/initiated from another place).

I have no idea if this will change, but before I switched to electronic statements, they even sent me out paper statements for free (no fee).

While rates can change at any time, EFCU usually updates their rates at the beginning of each month.

EFCU may not have a lot of fancy bells and whisltes, but they're a good, solid credit union, they do things the right way, they have great rates, and their fees and penalties (like a CD early withdrawal penalty) are reasonable.

If you're eligible to join them, I'd definitely do so.

Solid Credit Union

Posted by: |

EFCU tries to provide good customer service to its membership as well as high deposit rates.

Hard (Pull) To Join.

Posted by: |

Yet another land mine to explode in your face when seeking just to become a member. Find another place unless strong reasons exist to join here. The deposit rates might be one and I was tempted until asking about credit check against non-borrowing applicants. WHY are CU's so fortified against the remote possibility that a depositor might cause a problem someday? Applicants already face soft pulls.

Did Not Complete The Application

Posted by: |

The account application was asking many questions unrelated to a typical bank account application. I stopped halfway through the application because I did not feel comfortable giving out irrelevant personal information.



Health Grade Components

NCUA #13
Year Chartered1934
Primary Regulator
Profit Margin
Return on Assets - YTD0.79%
Return on Equity - YTD9.72%
Annual Interest Income$13.3MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$1.06B$939.3MM
LoansQ1 2024vs Q1 2023$933.4MM$818.1MM
DepositsQ1 2024vs Q1 2023$919.9MM$824.6MM
Equity CapitalQ1 2024vs Q1 2023$85.1MM$75MM
Loan Loss AllowanceQ1 2024vs Q1 2023$3.3MM$3.2MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$2.7MM$1.6MM
Real Estate OwnedQ1 2024vs Q1 2023$0$0
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Always verify rates and promotions with the bank or credit union. We are not EFCU Financial; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

EFCU Financial Savings Account Rates

0.25%$0-IRA Flex Account
0.20%*$10k*-HSA Checking Account
OTHER TIERS: 0.10% $0 - $5k | 0.15% $5k - $10k
0.10%$5-Share Savings Account
0.10%$5-Business Savings

EFCU Financial Money Market Rates

3.56%*$50k*-Platinum Money Market Savings
OTHER TIERS: 1.00% $2.5k - $50k

EFCU Financial Checking Account Rates

5.12%*$0$10kRewards Checking
OTHER TIERS: 0.50% $10k+
0.25%*$100k*-Business Interest Checking
OTHER TIERS: 0.15% $5k - $25k | 0.20% $25k - $100k

EFCU Financial CD Rates

5.10%$100k-6 Month Jumbo CD
5.10%$100k-12 Month Jumbo CD
5.00%$500-6 Month CD
5.00%$500-12 Month CD
4.85%$100k-18 Month Jumbo CD
4.85%$100k-24 Month Jumbo CD
4.85%$100k-30 Month Bump Option Jumbo CD
4.75%$500-18 Month CD
4.75%$500-24 Month CD
4.75%$500-30 Month Bump Option CD
4.35%$100k-36 Month Jumbo CD
4.35%$100k-48 Month Jumbo CD
4.35%$100k-60 Month Jumbo CD
4.25%$500-36 Month CD
4.25%$500-48 Month CD
4.25%$500-60 Month CD

EFCU Financial IRA Rates

5.20%$100k-6 Month Jumbo IRA
5.20%$100k-12 Month Jumbo IRA
5.10%$500-6 Month IRA
5.10%$500-12 Month IRA
4.95%$100k-18 Month Jumbo IRA
4.95%$100k-24 Month Jumbo IRA
4.95%$100k-30 Month Bump Option Jumbo IRA
4.85%$500-18 Month IRA
4.85%$500-24 Month IRA
4.85%$500-30 Month Bump Option IRA
4.45%$100k-36 Month Jumbo IRA
4.45%$100k-48 Month Jumbo IRA
4.45%$100k-60 Month Jumbo IRA
4.35%$500-36 Month IRA
4.35%$500-48 Month IRA
4.35%$500-60 Month IRA

EFCU Financial Locations
Branch Office7822 Magnolia Beach RdDenham Springs, LA 70726
Branch Office3861 Scenic HwyBaton Rouge, LA 70805
Branch Office15026 Market StBaton Rouge, LA 70817
Branch Office1804 Church StZachary, LA 70791
Branch Office1508 S Burnside AveGonzales, LA 70737-4405
Branch Office17235 Old Jefferson HwyPrairieville, LA 70769
Branch Office3663 Monterrey DrBaton Rouge, LA 70814-2920
Branch Office9210 Perkins RdBaton Rouge, LA 70810

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