EFCU Financial Has Nationally Available Rate Leading CDs - Expired

POSTED ON BY

UPDATE 8/16/2022: Jumbo CD/CD rates have fallen – 60-month (3.85%/3.75% APY) and 12-month (2.85%/2.75% APY). In addition, the credit union posted this note at the start of its online application: "Due to reaching our deposit cap for members joining via Volunteer Eligibility, we have paused all online membership applications.."

UPDATE 8/11/2022: Jumbo CD/CD rates have risen – 60-month (4.10%/4.00 APY) and 12-month (3.10%/3.00 APY)

Deal Summary: Jumbo CDs – 60-month (3.85% APY) and 12-month (2.85% APY), $100k minimum

Availability: Easy membership requirement (see 8/16/22 update above); nine Louisiana parishes (Baton Rouge area)

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.60%$100k-EFCU Financial60 Month Jumbo CD
3.50%$500-EFCU Financial60 Month CD
2.60%$100k-EFCU Financial12 Month Jumbo CD
2.50%$500-EFCU Financial12 Month CD
Rates as of October 4, 2022.

The Jumbo IRA CDs ($100k minimum) earn APYs a uniform 10 bps higher than the Jumbo CDs.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.70%$100k-EFCU Financial60 Month Jumbo IRA (Traditional, Roth, CESA)
3.60%$500-EFCU Financial60 Month IRA (Traditional, Roth, CESA)
2.70%$100k-EFCU Financial12 Month Jumbo IRA (Traditional, Roth, CESA)
2.60%$500-EFCU Financial12 Month IRA (Traditional, Roth, CESA)
Rates as of October 4, 2022.

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Earned dividends can be withdrawn without penalty and can be scheduled to transfer into a Share Savings account on a monthly basis.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.

Availability

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.

According to CSR, joining EFCU and/or opening a CD can be done online or at any of eight Louisiana branches located in Baton Rouge (4), Dedham, Gonzales, Prairieville and Zachary.

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.

Related Pages: Baton Rouge CD rates, 1-year CD rates, 5-year CD rates, IRA CD rates, nationwide deals

Comments
Mak
  |     |   Comment #1
Almost 4% on the one for an IRA.. where's deplorable...;)
jofr4646
  |     |   Comment #3
Has anyone seen a 4% cd with a good bank/cu?
Mak
  |     |   Comment #4
This one is the closest I've seen to 4% at any bank/cu this tightening cycle, so far.
#2 - This comment has been removed for violating our comment policy.
SYC
  |     |   Comment #6
This IRA 60 Month Jumbo CD @ 3.95% brings us back to the time (March, 2018) when Sharonview FCU offered a 5 Yr CD @4.00% with a maximum of $250k.
lou
  |     |   Comment #7
As much as I like their rates, I am still not going to lock up my money just yet. Rates are going to have to go up far more than what we have already seen if they want to bring down inflation. Stay patient.
decades
  |     |   Comment #8
Well, well well , @ 3.95% this jumbo ira seems to tick most of the boxes. Just a 6-month EWP so there is actually an out. EWPs are tax deductible so it's really more like a 4- or 5-month penalty. Good job numbers today make a .75 basis point increase likely at the next fed meeting. Be interesting to hear how the leadership weighs in on this one.
lou
  |     |   Comment #10
"Really more like a 4 or 5 month penalty"

No, this is wrong. All the penalty is doing from a tax perspective is providing a deduction against the the interest income you already have received from CD. If the penalty wasn't deductible, you would have ended up with taxable phantom income.
deplorable_1
  |     |   Comment #9
Hey not bad this is kind of tempting. I think I will still pass with this mornings news though but I'm a risk taker. The EWP is light and the term is 5 years. If you are really nervous about waiting this looks like a good place to start a CD ladder. So close to 4% I wouldn't blame anyone for at least opening a smaller one even at the 3.75% rate. I don't want to get yelled at for giving bad advice because I'm holding out for higher rates in case things go south. lol ; )
#11 - This comment has been removed for violating our comment policy.
55Chevy
  |     |   Comment #14
Do you really believe CU's or banks are going to go out on a limb and offer 4% and greater 5 year CD's when the Fed Chair at his last meeting changed his tune and became less aggressive towards future 75bp rate tightening? Sure, here and there a small CU no one has ever heard of like EFCU will offer a higher rate but that will be few and far between.The smart money is putting your funds to work now when they become available and not wait for something that odds are will never arrive.Especially for  those that need the fixed income to live on in the here and now and don't want to gamble with the hope of a higher rate of return.
#19 - This comment has been removed for violating our comment policy.
deplorable_1
  |     |   Comment #37
Yes I do and have said so many times while many people were locking in at 3% for 5-7 years and saying the same exact thing. You have to remember that Powell doesn't want to scare investors which is why he keeps back peddling at every FED meeting now. This is an acceptable place to start a CD ladder not to end it. Just my opinion.
sharon907
  |     |   Comment #53
Dr D you have been forecasting the Five Handles since 2018.

All those 5 year, 3% CDs, are now 1 year, 3% CDs, a real good spot to be in.  Based on your new (?), Five-Handle Forecast.

Compared to, three years in a sub 2% - and two years in a sub 1% - savings account, waiting for the Handles to become Five.
Mak
  |     |   Comment #54
sharon... he forgot about that, he's happy with this one to start with,...he probably forgot he's a risk taker...lol
deplorable_1
  |     |   Comment #55
@Sharon: correction my 3.5%-3.75% 5 year CD's are now 19 month CD's and I have had several 5-6% capped savings accounts during that time. And I don't keep money in sub 1% accounts. Worst case scenario was 1.25% for me and even then that's just a pool of liquid cash for bank bonuses. I can get 4-5% all day long using 2-3% cash back credit cards to buy CD's oh and credit card cash rewards are tax free. I know you think you are showing me up or something but I have been around the block a few times. You are welcome to keep trying though. You and Mak seem to have a lot in common I wonder if he's doing anything Firiday night? lol
sharon907
  |     |   Comment #69
Dr D

You are correcting yourself.  You are the one that mentioned 3% CDs.

And yes, everyone else bought that Mountain American add-on and the Navy Federal add-on.  But, congratulations for your individual accomplishment.

And, you have mentioned your 10% Capped Savings Accounts for Decades.

I can't comprehend why you wait around for Five Handle CDs, when you make 20 times that amount on bankrupt leveraged mortgage reit funds (structured as notes).
deplorable_1
  |     |   Comment #88
No need to get nasty. You started that whole thing asking me about a bad investment. I have no problem admitting that I lost money but it was right when covid came out so that was a black swan event that was unpredictable. If not for that I was on track to make 100% of my original investment back within the year. You like to keep rubbing salt in that wound apparently. Does that make you feel superior? I guess you never made any mistakes or lost money before huh? I don't mind making mistakes It's how I learn and I'm always learning. Just because you don't agree with me politically doesn't mean you can't still be polite and non condescending.........or does it? Hmmmm
hwhiteco
  |     |   Comment #115
deplorable_1 I'm very impressed & not criticizing anything you said in the least bit but could you please help me out here by letting me know which financial institutions still accept credit cards to purchase CD's & what credit cards are currently offering 3% cash back on that type of purchase? Thanking you in advance for any info that you may be able to provide.

BTW, back in the day, I was able to purchase US Savings Bonds & I Bonds with a credit cards that also had a substantial cash rebate as well, but I thought that scenario was long-gone now
deplorable_1
  |     |   Comment #131
@hwhiteco: Sorry I don't want to put all that out on the public forum as it may kill the deals because all those FI's read these posts. I have made that mistake a few times before and I may have angered a few people on here by posting that info. Just being more careful. All the info is available on public forums you just have to do some digging. I probably shouldn't even post which credit cards count as purchases rather than cash advances. Here is a good page with lots of info and data points on this topic. It's a good place to start.
https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or...
ChrisinFla
  |     |   Comment #44
you make a good point, we each have different needs but man inflation is still raging BUT the 10 year is down big off the highs of what 3.45% I like my 3.55% brokered CD for 5 years but have dry powder if rates go high in the next several months. I think a salient point you make is compared to 5 months ago, current rates are a gold mine (I know inflation is at Carter levels). Bird in the hand?
deplorable_1
  |     |   Comment #45
@ChristinFLA: We may see higher rates in the short to mid term CD's rather than the longer term this rate cycle say 1-4 year. But that doesn't mean an odd term 5-7 year CD special won't appear. Also there may even be a point where a few high yield liquid savings accounts beat long term CD's. The yield curve is way out of whack so hard to say. Anyway this rate is about the top of the last cycle so starting here would be ok particularly if you have like 2 million and put 100k in the jumbo IRA CD @ 3.95%. That's the equivalent of well over 4% since it's tax free so you can't really go wrong with that deal at least for a portion of your funds. We could really call this the first 4% plus CD in real terms.
Mak
  |     |   Comment #56
#55...Yep, sharon and I have something in common, we both have good memories and remember what you were saying in 2018 at the top of the rate cycle, no matter how you try and spin it now....lol
deplorable_1
  |     |   Comment #60
Yeah as I recall you locked in some pretty low CD rates Mak. Good thing you get lucky in the stock market to make up for it.
Mak
  |     |   Comment #63
Depends what you call low....I'm not trying to predict where rates are going...3 year 3.15%. 3 year 3.35%, 4 year 3.5% and a 5 year 3.5%....and unlike you I am not worried if I miss the top, do you understand what laddering CDs even means? Higher rates is good for me so hopefully they go higher but there are no guarantees so I will take them as they come and I promise, I won't cry if they go higher only if they go lower.
"Got lucky in the stock market".... you really need to learn about investing imo.
Btw...SPX 4227 approaching so time to be a little careful.
deplorable_1
  |     |   Comment #64
Mak I can make 4.5% minimum on short term CD's bought with a cashback credit card more actually but I'm using a conservative estimate also tax free. I also make 5-6.17% in various capped savings accounts. Even higher ROI with bank bonuses. This doesn't even count tax free dividends. I'm losing money at 3% for a CD. Even 4% isn't a winner for me but it saves me some time. I really need 5% to get me interested. That's me though I have 2-3.3% cash back credit cards for making CD purchases. This is a very good deal for the average Joe who doesn't have all that going on. And the stock market is legalized gambling yes there is some skill involved but don't think you can't lose you can. I used to think I couldn't lose in the market until covid threw me for a loop. First time I took a loss like that lesson learned.
FirstNation
  |     |   Comment #113
Smart money is in Crypto.
Bargains to be had everywhere!
Rosedala
  |     |   Comment #16
If higher than these CDs...wouldn't the banks/CUs also impose more requirements as checking and credit cards do for their bonuses?

May I ask, did anyone try to open a membership account not residing in Lousiana?
AndrewMorning
  |     |   Comment #17
I opened a savings account for $5 ( plus $35 affiliate membership fee !!). I live in the Peoples Republic of California. Will start a ladder of CDs at this credit union.
jamesstewart
  |     |   Comment #18
Is there a membership fee with the Wildlife Foundation or EFCU Financial Foundation? Does the application process include joining those organizations?
jay59
  |     |   Comment #23
Andrew, 
If you don't mind, how many days from application to approval?  Any kinks in the process?
Thanks
AndrewMorning
  |     |   Comment #46
I applied just last Friday ( the day Ken posted the new rate) , and received an acknowledgement by email the same day, saying they were processing the application. This morning I received an email saying they needed two pieces of ID, and also to choose which one of the two organizations I wished to join. Their original application just says to send in a minimum of $40 ( $5 for Share Savings and $35 for a membership organization, without choosing which one.) So they are extremely fast in processing the app. In my latest response I asked for info on purchasing the CD.
AndrewMorning
  |     |   Comment #66
More info: Rep responded in emails:
1) affiliate membership fee IS annual.
2) CD funding is wire transfer OR mail. I choose mail as it's easier.
3) Interest is paid monthly and can be sent automatically to your savings account.
4) EFCU will set up an auto ACH transfer to outside financial account for monthly interest if you want.
I have been getting almost instant responses to my email questions , delays have been me thinking over responses.
AndrewMorning
  |     |   Comment #108
More info :
Savings account and online account are now set up. Took 4 business days, and I caused delays of about 2 days asking ( necessary) questions and pondering my responses. May have taken only 2 business days if no questions were asked. My rep was very efficient, often responding to my emails instantly. I never tried to call in, suspecting long wait times.

Am very happy I chose to fund by snail mail, because EFCU seems to be in the process of raising their rates, which I will be eligible for. Will not even mail in my deposit until new rates are clarified. Come to think of it, I could delay for a while , watching for other 4%+ CDs ! Funding quickly in a time of rapidly raising rates is not so great a benefit.
lou
  |     |   Comment #109
Will they hold the rate for you while you mail them the money?
myturn1959
  |     |   Comment #119
Same question. I hate to go through the application process, cough up the $40 and then find that the rate won't hold while your $100,000 check meanders through the US postal service
lou
  |     |   Comment #120
Not to mention the hard credit inquiry they will do, which affects your credit score.
AndrewMorning
  |     |   Comment #158
I have it in writing ( email from rep) that I will get the new higher rate. She knows I am mailing in a check, so YES !
AndrewMorning
  |     |   Comment #137
Checked with rep this morning on new rates, she said " You will get the new rates" and provided snail mail address to send check. Not anticipating any problems even if the USPS takes it's sweet time delivering the mail.
AndrewMorning
  |     |   Comment #173
final update :
1) mailed in my check on Monday 8/15, and received by EFCU on Thursday 8/18 ( not bad for the USPS !)
2) deposited by them in my savings account same day (Thursday)
3) they called Thursday with final questions, I did not call back till Friday (today)
4) today (Friday) they set up CD account and sent me the Disclosure statement showing the promised 4% APY rate.
5) My online account already shows the new CD at the proper rate.

So despite their telephone problems, they are incredibly fast when they have the proper info. Maybe I just got lucky with my rep (Shala), but I managed to get their highest rate in the narrow window when they increased their rate, and were taking online applications.
decades
  |     |   Comment #22
Can the EWP exceed the dividends earned to that point?
Rosedala
  |     |   Comment #33
decades, the EWP is only 180 days for all CDs. Very generous compared with other institutions. :)
Rosedala
  |     |   Comment #32
Any ideas about this glitch? Clicking on “Please Sign-Online Membership Application” takes you to “Membership and Deposit Accounts”. Clicking on “Membership” only, all ways take you to “Apply for Deposit Account”. So I filled it out making sure to also check “Agree to Provide Personal info…”. After 3 times of getting: “Your identity could not be verified –Insufficient info for questions.” I gave up. Again thanks for your thinking?
DAJunkie
  |     |   Comment #138
I've tried three different web browsers, all with the same failure you indicate.
Hard to believe others have been successful! Perhaps time of day, geographical region of applicant,
phase of the moon, etc. are important factors?
kcfield
  |     |   Comment #39
Finally a highly rated financial institution with great rates and low EWP. Ken, thank you for being thorough in checking the rates for the IRA version of the certificate, which in this case is 10 basis points higher. There are not many FI's with different rates between the regular and IRA version of their CDs but there are enough that it is worth checking.
P_D
  |     |   Comment #40
I think that's right kc. Sometimes the IRA rates are different than the regular rates. But interestingly it can go either way. I've seen IRA rates that were lower than regular rates and sometimes they accomplish that by not allowing IRAs to use the higher rate account types. Synchrony Bank is a big bank example of that. I've encountered a number of others as well.
kcfield
  |     |   Comment #41
P_D: I agree, it can certainty go both ways. I think a lot of folks don't even bother to check the differential, which is why I thought it worth mentioning.
MY2CENTWORTH
  |     |   Comment #42
Comment 39 writes,"finally a highly rated financial institution.Here are some recent reviews of EFCU Financial. 1)Worst bank ever every other check I deposit gets a 7 day hold. They have made me late on way to many bills because of this and customer service is no help.2)TERRIBLE! Will charge you $30 for overdraft, even if you deposit money INSTANTLY. Takes 24 hours to see your money deposited when writing a check. Cannot do transfers from other banks, only check and cash. It’s 2022, I should be able to transfers my funds easily and not be penalized. 3)$40,000k salary with 701 credit score still isn't good enough for a small loan. What more do they want?! Changing credit unions! Completely ridiculous!!
andybuji
  |     |   Comment #47
So a couple of things to be noted.

First, the online application states a $2500 cap on funding via a form filled out ACH pull. Of course I called them up about this, and a CSR confirmed this. More than that, she said it would require a wire initiated through another FI going to the savings account to fund a certificate.  This sounds way off - an ACH push wouldn't work?  Either way, though, it looks like some extra handling would be necessary.

I verified that an annual $35 fee is required. ANNUAL. That effectively reduces the 3.75 to 3.68 on a 50K certificate. Of course the less the CD the more the $35 eats into the rate.

Ken says, "Maturing funds can be distributed by wire ($15 fee) or by cashier’s check to the address on file", but the Disclosures say, "All funds transfer will be made according to our security procedures. The security procedures we will use are: (1) wire transfers must be made in person at the Credit Union unless other approved security measures are used". True, not true? ACH pull can't take it out? There's some grey area here now.

Lastly, in the Disclosures, is this little surprising item: under Ownership, Multiple Owner Accounts: "All Multiple Owner Accounts are joint Accounts without rights of survivorship. Upon the death of any Joint Owner, the surviving Joint Owner(s) may continue to access the Account and make withdrawals."

This without rights of survivorship is unique to me, I've never seen rights of survivorship precluded on account options before in dealing with other FI's. If you want a joint account, the impact depends on how much the account is and the probate laws in your state. Or you can bypass with a single account with a POD, but that presents a whole other kettle of fish to deal with.

So this FI has a certain amount of "baggage" let's say, and may not be as clean as others to work with. But the rate is good and the EWP is excellent for a 5 year.  As always it's all in the details on the direct CD's.  At least this FI has a full Disclosure  to look at, some do not.  You can sidestep these concerns with a brokered CD in exchange for market risk and, as others have pointed out, a marginally lower rate since interest is not added back to the CD.
hank
  |     |   Comment #48
they told me the 35 dollar fee for people who live outside of Louisiana is a one time fee that is required. There is no limit on an ACH withdrawal if it is initiated by an outside institution
jay59
  |     |   Comment #49
#47

$35 annual fee? Is that the donation for account opening? I understood that to be a one time charge.
andybuji
  |     |   Comment #50
Well it wouldn't be the first time different responses come from different CSR's. It's a bad look, but not atypical. Although I tend to believe the one I spoke to - she said the charge would come from your savings account, and when it's due to renew you would get an email ahead of the date the membership charge would be debited again. That's pretty explicit for a piece of absolutely wrong information.

Here's another reason. New members must join, not donate to, one of two organizations. The first, Louisiana Wildlife Foundation, on their Join LWF page has Monthly or Yearly Membership. The lowest tier for Yearly is "Sustaining", at $35. These terms tend to indicate recurring membership fees. In addition, their is also a link to Renew Your Membership. Why have a link to Renew if it's a one and done charge?  Or do you think the one and done is only for new EFCU customers?  There is also a separate link for Donate.

The other is the EFCU Financial Foundation. That page has a Donate Now link, but no link to Join. So go figure. Maybe AndrewMorning will let us know what the real deal is a year from now.
P_D
  |     |   Comment #51
This is another great example of why the banking laws need to be rewritten. This whole concept of bank versus credit union needs to be eliminated. It's such an inefficiency and as you can see the loopholes to become a credit union "member" render the whole concept of a credit union obsolete. They should drop the pretense and just let financial institutions compete for deposits without all the unnecessary hoops that depositors have to jump through.
lou
  |     |   Comment #52
Wrong. If credit unions become like banks, then expect them to give us similar deposit rates.
Choice
  |     |   Comment #58
#51.  Kiss off isolated/remote communities…very logical
P_D
  |     |   Comment #61
#58
There are no isolated or remote communities. The Internet takes care of that.

#52.
If the system is made more efficient deposit rates will be higher AND banks can be more profitable both at the same time. It's a win win. The current structure is outdated and inefficient.
lou
  |     |   Comment #62
Are you kidding me? Banks are upset because credit unions don't pay taxes. If they did, they would have to lower deposit rates to offset the additional tax liability. Sure let's make them pay 0.1% to depositors just like most banks do. Maybe you should join the army of lobbyists the ABA employs to shutdown the credit union industry. Unbelievable.
FirstNation
  |     |   Comment #114
Says a guy with multiple CDs in credit unions who doesn't even understand what a credit union is! Ya, the banking laws need to be rewritten. Starting with breaking-up any of the banks that got bailed-out with taxpayer money. Bank socialism is OK, but credit unions aren't?
jamesstewart
  |     |   Comment #79
According to the EFCU website "At EFCU Financial, once you become a member, you're always a member." If you do not renew your membership, you are still a member. I don't see how they can legally force an annual membership in an outside organization (LWF) if they don't care if a local member changes eligibility after joining. "There's no need to close your membership if you change employers, move to a new neighborhood or move across the country."
lou
  |     |   Comment #96
andybuji, are joint accounts w/o rights of survivorship considered joint accounts by the NCUA for the purposes of increasing insurance to $500,000?
andybuji
  |     |   Comment #98
Lou - my understanding is that with the NCUA, as well as the FDIC, joint tenancy itself conveys the 500K limit. The survivorship details control estate issues upon the death of the primary account holder.

Further research shows this policy is not particular to EFCU, but is particular to the state of Louisiana. "While other states permit probate avoidance designations on investment accounts, like Transfer on Death (TOD) and Joint Tenants With Rights of Survivorship (JTWROS), these designations are not recognized for Louisiana residents and investment companies do not permit their Louisiana customers to make these designations.

A related issue affects Louisiana bank account holders who make a POD (Payable on Death) Designation. Louisiana banking laws simply release banks from liability to heirs or the estate for paying a beneficiary in accordance with the POD Designation. But if the account owner has different heirs pursuant to a Will or Trust, the POD beneficiary may be accountable to those funds they received."

http://www.rabalaisestateplanning.com/blogs/2018/2/18/transfer-on-death-tod-and-joint-tenants-with-rights-of-survivorship-jtwros-designations-not-recognized-in-louisiana

It is important to note that EFCU will allow the surviving joint account holder to control the account. That is critical, and the first most important logistical fact. However, I still stand by my hypothesis, although this is without the benefit of ANY expert advice, that the amount of the account would fall into probate. In California, as of 4/1/22, the "small estate limit" whereby you avoid probate is $184,500. Depending on the probate limits of your state, I would avoid adding an EFCU account that would exceed those limits.
lou
  |     |   Comment #100
andy, if I set up a joint account with a beneficiary at this credit union, do you think it would bypass probate if the depositor resides in a state other than Louisiana. Let's suppose the amount exceeds the $184,500 limit. Why would their laws apply to California?

I am not sure I am following you. Are you saying if i have a POD beneficiary on the account and I die, the money would have to go through probate if I live in Ca. This particular credit union wouldn't honor the POD designation?
andybuji
  |     |   Comment #103
Lou, I may have spoken hastily. I've started the app process myself and will fund a joint savings account with one POD with the $40 ACH and then evaluate. I'd only do a max 100K certificate. I don't like grey areas and Louisiana is the only state with these different succession rules. So I'm going to do more research on the probate process before I jump in, especially from the CA side.

But it surely seems EFCU will give your joint owner access if you die, and the POD access if both of you die. I guess that's the only thing that really matters and what probate is all about.

From EFCU's terms:

"All Multiple Owner Accounts are joint Accounts without rights of survivorship. Upon the death of any Joint Owner, the surviving Joint Owner(s) may continue to access the Account and make withdrawals. Any Owner of a Multiple Owner Account is authorized and deemed to be the agent of all Owners(s) and may act for the other Owner(s). The Credit Union may accept orders and instructions from any Owner. Each Owner guarantees the signatures of the other Account Owners. Any Account Owner may withdraw all funds in the Account, stop payment on Items drawn on an Account, transfer, or pledge to the Credit Union all or any part of the shares of any Account without the consent of the other Account Owner(s) and the Credit Union shall have no duty in such event to notify any other Account owner(s). Any such pledge shall survive your death and shall be superior to the rights of any other Account Owner(s).

"POD Accounts: A Payable on Death (POD) Account is an instruction to the Credit Union that an Account so designated is payable to the owner(s) during the account owners’ lifetimes, and upon the death of the last account owner, such POD account is payable to any named and surviving POD beneficiary designated on your Account Card. Accounts payable to more than one surviving POD beneficiary are owned jointly by such beneficiaries without rights of survivorship."
lou
  |     |   Comment #104
These probate rules only apply if you live in Louisiana and I think it's for investment accounts, not bank accounts.
MY2CENTWORTH
  |     |   Comment #57
All things considered I still think this is a good credit union to do business with at this time.I doubt if rates will ever hit 4% on a 5 year CD so I suggest going all in on this offer.I also like the donation aspect to the wildlife association! HE HE
lou
  |     |   Comment #59
Let's revisit this post before the end of this year.
donwein
  |     |   Comment #65
I have just spoken with my CSR at EFCU after completing a wire transfer from Ally Bank.
She told me that we should wait until tomorrow to open the 60-month jumbo CD, because there will be a rate INCREASE from 3.85% to 4.00%.
All I can say is Hallelujah, 4% has at long last arrived!!
deplorable_1
  |     |   Comment #67
Oh no! does that make me right? I believe I said we might see the first 4% CD in early August and it might be a special. What will Sharon907 and Mak say? Crow party of two your table is ready. ; )
sharon907
  |     |   Comment #68
Dr D

I will say, you are four years late, and 100 basis points away, from your Five Handle.

I still have another year on my 4.27% Achieva 5-year IRA.

You are not good at this.
Mak
  |     |   Comment #73
sharon... back then he could have just said, sorry guys I was wrong and I gave all of you bad advice back then, but that is too difficult for him to admit he was wrong so instead he must spin spin spin.
Mak
  |     |   Comment #70
LOL... ..I believe sharon and I in our above comments were talking about your 2018 5% calls but you obviously missed it or you have a hard time comprehending.,..the comments are still above if you want to reread.
Btw, you said 5% to 6% but who is keeping track, not you that's for sure....what are you investing with 2 quarters and a nickel...lol
sharon907
  |     |   Comment #71
I forgot about the Handles of Six.

Good memory.

So long ago.
Mak
  |     |   Comment #75
sharon, not only back then, he said it recently also.... now it's only 4%...;)
deplorable_1
  |     |   Comment #72
Wow now it's 6%! lol you guys keep moving the goal post I guess. That's ok how was your date? Did you spring for the buttered popcorn Mak? ; )
Mak
  |     |   Comment #74
Darn, I knew I should have saved your comment, I won't make that mistake again...;)
slimjimmy51
  |     |   Comment #92
Will the early withdrawal penalty stay the same at 180 days with the rate change to 4% on a Roth IRA 60 month Jumbo CD?
Mak
  |     |   Comment #76
sharon... recently when he was predicting 5% to 6% CDs in the future I remember posting this after his comment and the 10 year yield dropped below 3.25%... I said if the 10 year yield can't stay above 3.25% the only way you see a 5% CD is if it's an outlier... and yes I have a very good memory.
sharon907
  |     |   Comment #77
Dr. D

March 5 2018

Comment # 83

When 5 year CD's hit 5-6% I will start to lock up some cash long term again.

https://www.depositaccounts.com/banks/sharonview-fcu/offers/
Mak
  |     |   Comment #78
Sharon... Uh Oh, you just served him up some of that crow to eat ......lol
deplorable_1
  |     |   Comment #80
So what's your point? Other than you have a whole lot of time on your hands.Yep that's when I opened up my 5% APY Insight card savings accounts. So I made 5% without having to lock up my cash. Oh and the interest compounded in those accounts too above the $5,000 cap. I was also getting close to 6% on short term CD's bought with a 2-3.3% credit card(tax free). So I never locked up all my cash long term. I had a short term 5% CD. I didn't add to my add-on CD's until much later when rates on liquid saving went way down.
Mak
  |     |   Comment #81
I'm going to edit that.
You talk about this card and that card as ways to invest but I wouldn't be interested in that and I'm not sure many people here invest that way. What are the limits on the accounts, how much can you put in them?
As far as 12% dividend stocks, I wouldn't be interested in those either, it isn't important to me that I get the highest yield or interest rate.
deplorable_1
  |     |   Comment #82
Yeah I know most people don't do that Mak I only mention it because it is assumed that I'm letting my cash sit in some low earning .5% savings account waiting on higher CD yields and losing out on interest. That's not the case at all I need a higher rate or I won't bother. The limits for buying CD's with a credit card varies by institution but multiples are possible. Also you are limited to your available credit somewhat but you can always pay your card off early once you earn the cash back. I have been using credit cards as a financial tool ever since Discover came out with the first cash back credit card and 0% no fee balance transfers came about. I used to earn 6% plus in GMAC demand notes on the banks money with balance transfer checks back in the day. I even used to get cash back of 1-2% on top of that based on the transfer amount. I stopped doing them once rates dropped to 0% and they started charging 3-5% BT fees. Every once in a while I still find a good one though with low or no fee.
Mak
  |     |   Comment #85
If it works for you that's fine but to me seems like too much to go thru, I just ladder my CDs, as old CDs mature I purchase new ones, if the rates are trending up then the average of my ladder also trends up, if rates don't go up then at least I got some, as I said I don't try and wait for the top. 

I'm not trying to tell people what to do with their funds, this it what works for my situation... people have to decide what is best for their individual situation.
deplorable_1
  |     |   Comment #87
Yeah Mak it's a bit of work for sure but much easier than say rewards checking accounts with a bunch of useless debit card transactions to do every month for the same or lower rate. If I could get 5-6% in the bank again I wouldn't even bother but when rates went to 0% I had to think outside the box. I don't have as much cash as some of you guys I need to make a better yield.
Mak
  |     |   Comment #89
Dep #87..., I don't have that much cash either, the CDs I've opened lately were brokered CDs mainly and not large ones but I still like to ladder, but then again I'm still working and so is my wife... everyone's situation is a little different but I wish you the best, I might argue with you but I have nothing against you personally... well except for your view on Trump...;)
deplorable_1
  |     |   Comment #129
@Mak: Thanks Mac thumbs up I have nothing against anyone personally including you and I don't care what anyone's politics are as long as they treat me with respect. I don't ever report anyone's posts so I don't think that's too much to ask.
milty
  |     |   Comment #83
What is this 2-3.3% credit card of which you speak? The best cash back CC I've seen for general purchases is 2%. Of course, even 6-month CDs have some yield today, so not all your CC-CD yield is tax free, right?
deplorable_1
  |     |   Comment #86
Yes correct Milty the regular interest is taxed. I have a grandfathered deal with BoA 3% for online purchases and a 10% customer bonus so 3.3%. 2 2% cash back cards. There are a couple of 2.5% cards I think Alliant has one. It's all limited or capped in some way from the credit card or the FI but still worth doing.
milty
  |     |   Comment #90
Thanks, d_1. Sounds like a great deal on your BoA card. I just got a flyer today about my AE card where they added online purchases and gas as eligible for the 3% cash back, along with supermarket.
deplorable_1
  |     |   Comment #91
Yeah the online purchases category comes in handy. Sometimes they give you 5% on Paypal or Amazon which you can buy pretty much anything online if your credit card is linked in your Paypal account. This is a good thing for online purchases since the seller does not have access to your CC account number.
sharon907
  |     |   Comment #93
Dr D

When someone shows you are factually wrong, the mature response is to apologize.

Considering the amount of time you spend here repeating yourself, over a period of a decade, do understand the irony of you insulting someone for spending ONE minute to show that you are factually wrong, every time you repeat the same claim?
deplorable_1
  |     |   Comment #94
Excuse me but you were telling people to lock up CD's waaay early(just recently) and that we would not get a 4% let alone 5%(the jury is still out). So you are correct the mature thing to do would be to apologize. But instead you choose to attack me by digging up an old post telling people what I intended to do not telling them what they should do and then attempt to spin it.
sharon907
  |     |   Comment #95
Dr D.

I have never, once, "told" anyone to "lock up CDs."

I have never stated "that we would not get a 4% let alone 5%" CD.

The only comment I have made, is that since 2018, you told people to avoid 4% CDs, and wait for 5-6% CDs.  Yet you have the nerve to pretend you didn't.

And, that it is silly you are now claiming victory, for a 4% CD, that you suggested people avoid, in 2018.

You have a serious honesty problem.
deplorable_1
  |     |   Comment #97
You have this way of passive/aggressive attacking people on this forum. Like PD for example. If you don't like my advice and don't find my posts informative then use your free will to move along and just don't read them. That is the mature thing to do. There is no need to insult me personally or others. I give my opinion and people are free to take it or leave it. I make suggestions I don't tell people what to do. What are you saying that people can't make up their own minds and I twisted their arm or something? I believe I said CD's would get to 5% and I think we did have one or two 5% CD's. If not we certainly got pretty darn close. So please forgive me if I missed it by a few basis points. Do you hold the politicians you vote for to the same high standards? That's a rhetorical question I already know the answer.
sharon907
  |     |   Comment #99
You can't stay on topic. When I show you are factually wrong, you move onto something else.

Telling you and PD, you are factually wrong, is not an attack. And is the Opposite of passive agressive.

You are so bad at this.
Mak
  |     |   Comment #101
sharon, I was feeling bad for him before but I would suggest ignoring him, he can't admit when he's wrong even when you paste his own comment and show it to him.
sharon907
  |     |   Comment #111
Mak, I spend about five minutes per day on this site.

PD and Dr D simply generate so much content, is literally impossible to ignore.
Rosedala
  |     |   Comment #102
Hello Sharon, forgive me but I agree with deplorable_1 in that nobody has to follow his (or anyone's) "advice" good or bad. If you did and failed, it's a lesson to you. All this bickering isn't helping the purpose of this site. True, I don't have to read it; however, I do read most comments to learn from others' opinions not bickerings. That's all I want to say. :)
sharon907
  |     |   Comment #110
Rosedala, you repeatedly misstate the purpose of this website.

The purpose of this site, is to generate advertising dollars.

As I have explained before, I like to learn from the mistakes of others.

You should try it.  You don't have to keep making the same mistakes, as others.
P_D
  |     |   Comment #112
dp1
This poster doesn't have a clue what they are talking about. They throw air balls and think they scored a point. It's comical. Best thing to do is just ignore. The readers can figure out the game themselves.
lou
  |     |   Comment #117
Deplorable, the posters, Mak and Sharon, are trolling you. My advice is too ignore them. Eventually, they will get tired of their shtick if they can't get a reaction from you. It's crazy they are so agitated because in 2018 you didn't correctly forecast rates.

So because you're wrong once in awhile, you can't ever make a prediction again based on a reasonable scenario? Don't engage with them. No one on this site wants to hear them repeat themselves ad nauseam. I know they don't want to hear it, but it's enough, shut up already.
Robb
  |     |   Comment #127
Lou Agree. Why are people calling someone out on a call made back in 2018 and chasing him on several threads? Everyone is entitled to an opinion whether right or wrong. Trolling only serves to bring the thread content down and makes it difficult to navigate through relevant posts and serves to drive away some of the better posters. Hope Ken puts a stop to this.
deplorable_1
  |     |   Comment #128
@lou You are correct as usual. I usually try to just ignore this stuff but one poster asked me over and over what I invested in and I mistakenly thought they were just genuinely interested so as to learn from my mistake and I like to help. Instead they had a different agenda and just wanted ammunition to make personal attacks against me.
I apologize to everyone for clogging up this page with that I will try to do better in the future.
P_D
  |     |   Comment #130
dp1
You're not the one who owes the apology. You are the one who is due the apology.

Just ignore the trolls.
FirstNation
  |     |   Comment #116
Considering he can never even get his "facts" straight, why would you even want to question the rest of his imaginary world? Just recently, he posted that there's never been a period of zero inflation. Like his mentors, he constantly makes things up. It's grown beyond tiresome. Other than the occasional CD deal that gets posted on this website, most of the comments are **** for tat garbage.
decades
  |     |   Comment #84
critical mass achieved... 4% ...time to open a small starter position. will APY shame my local PNC bank that is only paying .05% on 5-year funds.... see if they will match.
donwein
  |     |   Comment #105
The new EFCU rate sheet is up: 4.10% for the 60-month jumbo CD, 4.20% for the IRA version.
Shelby
  |     |   Comment #106
Thanks donwein for the updates
yfh
  |     |   Comment #107
Do they allow partial withdraw or allow multiple same term CDs?
RonPaul
  |     |   Comment #118
Is it normal they want me to make the check payable to efcu financial when mailing the check to open the cd?
jofr4646
  |     |   Comment #121
I wonder if Ken %, thinks the other online banks/cu will want to go higher ?????
mffarrell
  |     |   Comment #123
I wouldn’t touch this with ten foot pole. Too sketchy for me, especially with rule of law concerning beneficiaries. And, it’s Louisiana!
RonPaul
  |     |   Comment #124
Why is it bad that its Louisiana?
RonPaul
  |     |   Comment #125
Some of the customer service people did seem kinda sketchy tho
fred_b
  |     |   Comment #126
Do we have a definitive answer on whether the required contribution to the EFCU Financial Foundation or Louisiana Wildlife Fund is a one-time thing or an annual thing?

Has anyone from out of state applied? Is there an annual contribution stated in the membership agreement or CD agreement? I somehow doubt it. What's the CU going to do if you have a 5 YR CD and you don't continue to make donations after joining the CU?

I'd like to apply if it's a one time thing, but not if it's an annual commitment.
premmer
  |     |   Comment #149
$5 deposit required to maintain active Share Membership.
$35 donation to either organization is a one-time cost.
Shelby
  |     |   Comment #132
Filled out online application early Thursday AM, received call from CS at 1pm same day. Quick response...CU seems to be on par with most, foundation membership fee is not annually as I didn't expect it to be,180 day EWP on 5 yr CD.Whats not to like if you are in the market for a 4.10%  5 yr CD. Also, for those that just recently purchased brokered CD's under par, the bid price today to sell was very close to my buy price.
beecia
  |     |   Comment #133
For those in money market funds waiting for higher CD rates, what money market would allow you to withdraw a large sum of money all at once to jump into the CD?
deplorable_1
  |     |   Comment #134
So there is a hard credit pull for this CD as well? And is the membership fee annual or one time for either organization? Just looking for confirmation. What's with all these credit union hard pulls for joining or opening a bank account CD? I know this isn't a deal breaker for most but I have a low score temporarily due to multiple 0% no fee balance transfers done recently.
FirstNation
  |     |   Comment #153
Plus they want a hair sample to verify your DNA.
Shelby
  |     |   Comment #135
Just opened account in 24 hours with acct. access included.Very good customer service with experienced loan officer/cd specialist welcoming me to the FI over the phone.Answered all questions, emailing documents as we spoke and stated to contact her back in the future if any questions.I received her dedicated phone line for any follow up.Hard pull is definite, wire needs to be received by them no later then 5pm central for a date stamp for that day, call to open a CD once funds are in saving/checking, one time donation fee.
lou
  |     |   Comment #136
Shelby, I just sent you private message. Can you take a look at it.
Lou
deplorable_1
  |     |   Comment #139
Thanks for the info and review Shelby
PabloSavin
  |     |   Comment #172
deplorable_1. Gotta say, I love reading your posts. Been buying CD's for over 35 years. Sometimes I go great and sometimes I buy dogs. Have a few at 2.25% coming due next couple of years. Have the ladder out 7 years and it seems to be working. Have sold a souple of brokered items today for a better return and a longer return time. Rates are not going up forever!
RonPaul
  |     |   Comment #140
What documenta did u need to provide?
donwein
  |     |   Comment #141
Any two forms of official ID - I used my FL driver's license and social security card.
FirstNation
  |     |   Comment #152
jofr4646, Thanks for that tidbit of uselessness.
jimdog
  |     |   Comment #142
I don't like that their capitalization rate is "C" and seeing their bad loans double in a year. Staying under FDIC coverage makes it OK. However, would not put in life's savings due to their poor ratings.
55Chevy
  |     |   Comment #144
If you get in the weeds with any FI you will find something. Overall strong CU that is focused on increasing its customer base and assets in the wake of a possible recession next year. Intelligent  move  on their part raising rates now considering next year people will be more strapped for cash.
FirstNation
  |     |   Comment #155
Heck, credit unions don't even have to pay dividends if the CU is under economic duress. On the other hand, a bank has to pay interest up until it goes bankrupt. Try putting Round-Up on that weed.
myturn1959
  |     |   Comment #156
At that point one could withdraw his funds and place them elsewhere. Rate would probably be less of course. Or am I mistaken in that belief?
sharon907
  |     |   Comment #164
FirstNation is correct #155.

Credit unions disclosures routinely states dividends will be paid out of profits.

This site is full of nonsensical bickering, while these types of major issues are completely ignored.
jimdog
  |     |   Comment #143
Any one know if they will allow you to take RMDs from an IRA CD without penalty?
lou
  |     |   Comment #146
good question!
premmer
  |     |   Comment #147
If federal regulations require you take an annual RMD, how can a FI penalize you?
I've been taking RMDs for many years at numerous FIs without a penalty.
FirstNation
  |     |   Comment #151
A FI is under no legal obligation to allow you to break the terms of a CD. The federal RMD regulations apply to you - not the FI. Most all FI's allow penalty-free RMDs. But that's just policy. Read the CD disclosure.
premmer
  |     |   Comment #157
Any FI offering IRA CDs and penalizing RMDs is in need of a new business plan.
Harv4725
  |     |   Comment #159
Rate for the 60-month CD changed as of today, August 16, 2022.
3.85% for Jumbo CD; 3.95 for IRA Jumbo Cd.
cyberguys
  |     |   Comment #160
This credit union no longer offers the $4% 5 yr CD. The jumbo is now 3.85%. I opened an account on 8/8 and applied for my husband to be joint on 8/9 and he still hasn't been added. This place cannot handle all the influx of online applications and whenver you speak to them, they say they are processing applications in the order received. They only have about 125 employees and must be inundated. Unfortunately I wired $200,000 but didn't open the CD because I wanted it to be joint. Now I am not sure whether I want to entrust that amount of money with such an understaffed FI.
myturn1959
  |     |   Comment #163
This is what showed up on their website.
Due to reaching our deposit cap for members joining via Volunteer Eligibility, we have paused all online membership applications.

If you live, work or worship in one of our nine surrounding parishes in Louisiana and want to apply for membership, you can visit one of our branch locations; or, apply online in a few days when we will have our online application up again.

Please visit our website for a list of membership qualifying parishes.

If you do not live, work or worship in one of our nine surrounding parishes, unfortunately you do not qualify for membership at this time.

Effective 8/16/2022
55Chevy
  |     |   Comment #165
#160.   On 8/8 and 8/9 the 5 yr rate was 3.85 so you now get what you originally anticipated.
Shelby
  |     |   Comment #161
EFCU is honoring the 4.1% rate to those that have recently (last few days) joined the CU and wanted to open a CD and have the cash in their account on file ready to open (TODAY) 8/16/22. I just opened some 5 year CD's this morning and my CU rep happily honored the 4.1% 5 year rate for me.In fact she tried calling me earlier in the morning to inform me the ACH had just posted to my acct and if I wanted to open CD’s? If you joined highlighting on your application you were joining for a CD they should honor the rate today because the 4.1% was also reflected online on their website earlier today.You may have to ask for a supervisor to get the rate, I spoke to my CU Rep that originally opened my acct. a few days ago and she volunteered to give me the 4.1 without me even asking for it. EFCU has very good customer service and if you joined the last few days for the 4 percent rate you should be ready to grab it immediately as any rate can change at any time! 
sharon907
  |     |   Comment #162
The Greek Chorus was absolutely correct - we got the Handles of Four.

Now, the Five and Six!!

Onward! Upward!
lou
  |     |   Comment #166
They are no longer accepting new applications for any of their certificates as of today.
55Chevy
  |     |   Comment #167
Because they have reached their dollar cap but they are honoring all applications already submitted. And opening CD’s for those that want one for whomever submitted a new app.
lou
  |     |   Comment #168
Look at post #163. New applications through the volunteer membership will not be accepted. Post #161 is also correct.
lou
  |     |   Comment #169
EFCU Financial is no longer a nationwide credit union. It is now restricted to its local service area.
55Chevy
  |     |   Comment #170
Yes because they were flooded with out of state applications that were for opening CD’s of course, in order to get the offered rate. They have temporarily stopped accepting apps for the time being out of their local service area. Reasonable considering they have reached the dollar cap they were seeking.
111
  |     |   Comment #171
During the last rate bubble Keesler FCU did a similar thing - somewhat artificially expanded its geographical footprint, collected deposits for its 5%, 7-month CDs, then later (2019) shrunk back to the local footprint for new members. (Just not nearly so fast as EFCU did!) I'm not complaining, because I benefited, I'm still a Keesler member and it still has some decent offerings. However, such actions can't help but be confusing and even annoying to some.

Some FIs yo-yo their rates (more often banks), some their membership footprints (more often FCUs). Really, they should consider it more of an online game, and charge admission.
andybuji
  |     |   Comment #174
Congrats #173! Of course you got the advertised rate - there was never any reason to think you wouldn't. But but but - they didn't guarantee it - in writing, on their website! And they did a HARD PULL!! Don't they know we're the lenders here?

The DA participants are arguably the most conservative, risk averse investors on the planet. To be interested in fixed income all these terrible years? and then the first two banks that deliver 4% for a  decent length, and some of you can't wait to throw them under the bus. Because principles! And more inflation! Unbelievable.
Choice
  |     |   Comment #175
FIs want depositors that are going to borrow money so that they can make money...ergo they don't want your money and have hard pull unless you are a candidate to borrow money b/c their current loan departments are disfunctional!  So keep getting upset and pass up the "greater" rates they currently offer.
111
  |     |   Comment #176
#174 - “DA participants are arguably the most conservative, risk averse investors on the planet.” Gonna do a slight pushback here, andy. Gonna point out that there are some DA users - however small the subset - who actually view the fixed income market as only one “part of their normal, diversified portfolio”. And who visit this site with that end in mind. (BTW, can't think how many times I've use that quoted phrase on this website in the past. Till I'm blue in the face, mostly. Largely to no avail.)

So... ballast, in other words. Ballast to offset one's more volatile (and over the mid- to long-term, more profitable) holdings.

But still - if ballast can earn its keep in some years instead of only providing a fairly low correlation with stocks, so much the better.
EFCU Financial Steady CD Rates Have Become Market Leaders
UPDATE: 10/25/2021 – Membership is available nationwide. (See Availability section below)

Deal Summary: Jumbo CDs ($100k minimum) – 6-month (0.85% APY) and 60-month (1.35% APY).

Availability: Easy membership requirement; residents of nine Louisiana parishes (Baton Rouge area).

EFCU Financial (EFCU) CD rates have not changed in the past 17 months and have become more competitive as the majority of other CD rates have fallen. While all the EFCU Jumbo CDs ($100k minimum) offer very good rates, the 6-month Jumbo CD (0.85% APY) and 60-month Jumbo...

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EFCU Financial 12-Month Jumbo CD Earns 2.25% APY
Deal Summary: 12-month Jumbo CD, 2.25% APY, $100k. 12-month Jumbo IRA, 2.35% APY, $100k.

Availability: Residents of nine Louisiana parishes (Baton Rouge area).

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.

The non-Jumbo versions of both the 12-month...

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EFCU Financial 48-Month CD Earns Up To 3.50% APY
Deal Summary: 48-month CD – 3.40% APY ($500) and 3.50% ($100k). 48-month IRA – 3.50% APY ($500) and 3.60% ($100k).

Availability: Residents of nine Louisiana parishes (Baton Rouge area).

The original intent for this EFCU Financial (EFCU) blog post was to highlight the 48-month CD, which earns 3.40% APY ($500 min) or 3.50% APY ($100k min). All of EFCU’s CDs offer tiered APYs, with Jumbo CDs ($100k min) earning an extra 10 bps.

When I took a closer look at EFCU’s rate sheet, I...

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EFCU Financial (LA) Offers 84-Month Super 7 Variable Rate CD
Deal Summary: 84-month Super 7 Variable Rate CD, 2.75% APY, $500 minimum deposit.

Availability: Residents of nine Louisiana parishes (East Baton Rouge).

For the past few months, rising rates have been prevalent in short-term CDs, with long-term CD rates remaining stagnant. EFCU Financial (EFCU) is one of the few credit unions that has recently raised the rate on a long-term product: 84-month Super 7 Variable Rate CD (2.75% APY). The minimum opening deposit is $500, with no stated deposit cap.

As stated on EFCU's Rates...

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