EFCU Financial (EFCU) is currently offering very good rates on its Jumbo CDs, with 60-month (3.85% APY) and 12-month (2.85% APY) having the most competitive rates. The minimum opening deposit for any Jumbo CD is $100k. EFCU also has non-Jumbo CDs ($500 minimum) in all term-lengths, offering APYs a uniform 10 bps lower.
|4.60%||$100k||-||EFCU Financial||12 Month Jumbo CD|
|4.60%||$100k||-||EFCU Financial||60 Month Jumbo CD|
|4.50%||$500||-||EFCU Financial||12 Month CD|
|4.50%||$500||-||EFCU Financial||60 Month CD|
The Jumbo IRA CDs ($100k minimum) earn APYs a uniform 10 bps higher than the Jumbo CDs.
According to CSR, the Early Withdrawal Penalty for CDs/IRA Certificates with terms of 12 months or greater is a loss of six months’ dividends. Partial withdrawals are not allowed: a CD can only be closed early.
Earned dividends can be withdrawn without penalty and can be scheduled to transfer into a Share Savings account on a monthly basis.
Funding a CD online can be done by ACH, wire, or internal transfer. EFCU participates in the CO-OP Shared Branch network, which makes the transfer of funds relatively easy. Maturing funds can be distributed by wire ($15 fee) or by cashier’s check to the address on file. When you inform EFCU that you will not be renewing a CD, the maturing funds will automatically be transferred into a Share Savings account following the maturity date. There is a seven day grace period before a CD will renew.
Up to four beneficiaries can be designated, with Social Security numbers required for all named beneficiaries.
See 8/16/22 update above.
Headquartered in Baton Rouge, Louisiana, EFCU Financial’s field of membership (FOM) includes an easy membership requirement: any U.S. citizen/resident alien is eligible to join through a membership in the EFCU Financial Foundation or the Louisiana Wildlife Foundation.
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 also qualify for membership.
Immediate family (spouse, parent, grandparent, child, grandchild, and sibling) or household members of current EFCU members are also eligible to join.
Once you become an EFCU Financial member, you remain
a member as long as you keep $5 in your Share Account.
Update 8/9/22: A DA reader informed me that EFCU Financial does a hard pull via Equifax in the membership application process.
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 1.49% (excellent) based on March 31, 2022 data. In the past year, EFCU has increased its total non-brokered deposits by $98.21 million, an excellent annual growth rate of 18.11%. 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 fifth largest credit union, with nearly 57,000 members and assets in excess of $777 million.
How the 60-Month Jumbo CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, no banks or credit unions have a higher rate than currently offered on the EFCU Financial 60-Month Jumbo Certificate, regardless of minimum deposit requirements. The following table compares the 60-Month Jumbo Certificate to the two highest-rate CDs from other credit unions, and the two highest-rate CDs from banks.
How the 60-Month Jumbo IRA CD Compares
When compared to similar length-of-term IRA CDs tracked by DepositAccounts.com that are available nationally, no banks or credit unions have a higher rate than currently offered on the EFCU Financial 60-Month Jumbo CD, regardless of minimum deposit requirements. The following table compares the 60-Month Jumbo IRA CD to the two highest-rate IRA CDs from other credit unions, and the two highest-rate IRA CDs from banks.
How the 12-Month Jumbo CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, two banks have higher rates 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.
The above information and rates are accurate as of 8/5/2022.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.