EFCU Financial (LA) Boosts Short-Term Jumbo CD Rates
EFCU Financial (EFCU) recently increased the rates on its shortest-terms CDs by 25 bps. The 6-month and 12-month CDs ($500 minimum deposit) currently earn 5.50% APY, with the 6-month and 12-month Jumbo CDs ($100k minimum deposit) earning 5.60% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 5.10% | $100k | - | EFCU Financial | 6 Month Jumbo CD | |
| 5.10% | $100k | - | EFCU Financial | 12 Month Jumbo CD | |
| 5.00% | $500 | - | EFCU Financial | 6 Month CD | |
| 5.00% | $500 | - | EFCU Financial | 12 Month CD |
The IRA Jumbo CDs (Traditional, Roth, CESA) earn APYs a uniform 10 bps higher than the Jumbo CDs, with the same deposit requirements.
Early Withdrawal Penalty
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows (emphasis is mine):
If you request us to pay any portion of a Certificate Account, except for earned dividends, before the Account matures, and we consent to the early withdrawal request for any reason, you shall incur a penalty […]
Partial withdrawal of principal is not allowed.
The amount of penalty is ninety (90) days of dividends earned for Certificates with terms of less than or equal to one (1) year.
To the extent necessary to comply with the penalty provision, deductions shall be made from the amount withdrawn or the remaining certificate balance.
Availability
Headquartered in Baton Rouge, Louisiana, EFCU Financial’s field of membership (FOM) is now community-based, with individuals who live, work, worship, or attend school in the Louisiana parishes of Ascension, East Baton Rouge, East Feliciana, Iberville, Livingston, Point Coupee, St. Helena, West Baton Rouge, or West Feliciana eligible for membership.
A previous nationwide easy membership requirement through the EFCU Financial Foundation or Louisiana Wildlife Foundation was dropped more than a year ago.
Immediate family (spouse, parent, grandparent, child, grandchild, and sibling) or household members of a current EFCU member are also eligible to join.
Account Opening
Joining EFCU and/or opening a CD or a Jumbo CD can be done online or at any of eight Louisiana branches located in Baton Rouge (4), Dedham Springs, Gonzales, Prairieville, and Zachary.
Opening an IRA CD or Jumbo IRA CD can be opened at any of the above-mentioned branch locations or over the phone (800.963.3328).
Once you become an EFCU Financial member, you remain
a member as long as you keep $5 in your Share Account.
Funding and Other Details
The following information is from the Truth-in-Savings disclosure and a conversation with CSR.
- Funding – ACH, wire (no fee), check, or internal transfer
- CO-OP Shared Branch Participate – Yes.
- Ownership – Individual, joint, or trust, but a trust account must be opened in-branch.
- Dividends – Compounded/credited monthly and can be scheduled to transfer into a Share Savings account on a monthly basis.
- Maturing Funds – Wire ($15 fee), cashier’s check to the address on file, or transferred into Share Savings account.
- Beneficiaries – Up to 4 can be designated, with equal shares; Social Security numbers are required for all beneficiaries.
- Grace Period – 10 calendar days before renewal to a term “that most closely matches the original Certificate term.”
- Credit Check – Hard pull when joining.
Credit Union Overview
EFCU Financial has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.36% (excellent) based on September 30, 2023 data. In the past year, EFCU has increased its total non-brokered deposits by $20.87 million, an above average annual growth rate of 2.79%. 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. There were several mergers in the early 2000s, including the 2003 merger with EXCO FCU, 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 rebrand occurred 2015 to reflect the new FOM. EFCU is currently Louisiana’s third largest credit union, with nearly 64,000 members and assets in excess of $955 million.
How the 12-Month Jumbo CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, one credit union has a higher rate than currently offered on the EFCU Financial 12-Month Jumbo CD, regardless of minimum deposit requirements. The following table compares the 12-Month Jumbo CD to the two highest-rate CDs from other credit unions, and the two highest-rate CDs from banks.
How the 12-Month Jumbo IRA CD Compares
When compared to similar length-of-term IRA CDs tracked by DepositAccounts.com that are available within the FOM, no banks or credit unions have a higher rate than currently offered on the EFCU Financial 12-Month Jumbo IRA CD, regardless of minimum deposit requirements. The following table compares the 12-Month Jumbo IRA CD to the two highest-rate IRA CDs from other credit unions, and the two highest-rate IRA CDs from banks.
The above information and rates are accurate as of 1/11/2024.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.
Post Publication Edits
1/11/2024: Corrected minimum deposit. It should be $500 and not $1k.
Still, keep in mind that with EFCU, the quoted rates you see on their site (and here at DA) are the "APY" if dividends are taken out each month -- not the APY if dividends are left in the CD to compound. So with EFCU, if you leave the dividends in the CD to compound, "5.50" for a year actually equals "5.64" APY.