Even though EFCU Financial’s (EFCU) 12-month Jumbo CD recently lost 10 bps, its 2.25% APY is still a rate leader. All of EFCU’s IRAs earn APYs a uniform 10 bps higher, with the 12-month Jumbo IRA currently earning 2.35% APY. Both the Jumbo CD and Jumbo IRA require a minimum opening deposit of $100k.
|2.35%||$100k||-||EFCU Financial||12 Month Jumbo IRA (Traditional, Roth, CESA)|
|2.25%||$100k||-||EFCU Financial||12 Month Jumbo CD|
The non-Jumbo versions of both the 12-month CD and IRA earn APYs 10 bps lower. The minimum opening deposit is $500.
|2.25%||$500||-||EFCU Financial||12 Month IRA (Traditional, Roth, CESA)|
|2.15%||$500||-||EFCU Financial||12 Month CD|
According to CSR, the Early Withdrawal Penalty for CDs/IRAs with terms of 12 months or greater is a loss of six months’ dividends.
Headquartered in Baton Rouge, Louisiana, EFCU Financial’s field of membership (FOM) is residency-based, with individuals 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, qualifying for membership.
Immediate family (spouse, parent, grandparent, child, grandchild, and sibling) or household members of current EFCU members are also eligible to join.
Joining EFCU can be done online or at any of eight Louisiana branches located in Baton Rouge (4), Dedham, Gonzales, Prairieville and Zachary. Opening a CD requires an in-person visit to any of the eight branch locations.
Once you become an EFCU Financial member, you remain
a member as long as you keep $5 in your Share Account.
In addition to offering members access to the CO-OP Shared Branch and ATM networks, the
EFCU Financial debit card can be used to access your money
nationwide at more than 55,000 ATM's in the Allpoint network.
Credit Union Overview
EFCU Financial has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.23% (excellent) based on September 30, 2019 data. In the past year, EFCU has increased its total non-brokered deposits by $67.11 million, an excellent annual growth rate of 19.47%. Please refer to our financial overview of EFCU (NCUA Charter # 13) for more details.
In 1937, more than 175 Stanocola Processing Plant employees formed the Stanocola Processing Employee’s Federal Credit Union, with an initial deposit of $941.70. As the ownership of the Plant changed (ultimately owned by Exxon), so did the Credit Union’s name, with a total of five name changes between 1949 and 1994. In the early 2000s there were several mergers, including the 2003 merger with EXCO FCU, which has the distinction of being the largest credit union merger in Louisiana history. Following a change to a community charter in 2007, the Credit Union experienced its largest growth spurt. The EFCU (Exxon Federal Credit Union) Financial name was adopted in 2015, and today, EFCU is Louisiana’s fifth largest credit union, with more than 45,300 members and assets in excess of $520 million.
How the Jumbo CD Compares
When compared to 239 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, EFCU Financial's 12-month Jumbo CD APY currently ranks first, regardless of minimum deposit requirements.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.25% APY||12-Month Jumbo CD ($100k min)||EFCU Financial|
|2.22% APY||12-Month Share Certificate ($1k min)||Ascension Credit Union|
|2.20% APY||12-Month CD ($1k min)||Quontic Bank|
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.
How the Jumbo IRA Compares
When compared to 239 similar length-of-term IRAs tracked by DepositAccounts.com that are available within the FOM, EFCU Financial's 12-month Jumbo IRA APY currently ranks second first, regardless of minimum deposit requirements.
|Interest Rate||IRA Length of Term||Credit Union/Bank|
|2.38% APY||12-Month IRA ($1k min)||Ascension Credit Union|
|2.35% APY||12-Month Jumbo IRA ($100k min)||EFCU Financial|
|2.27% APY||13-Month IRA ($100k min)||America’s Credit Union|
To look for the best IRA rates, both nationwide and in your state, please refer to our IRA Rates Table page.
The above rates are accurate as of 1/13/2020.