EFCU Financial Steady CD Rates Have Become Market Leaders

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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 CD (1.35% APY) are the most competitive. EFCU also has non-Jumbo CDs ($500 minimum) in all term-lengths that offer APYs a uniform 10 bps lower.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.35%$100k-EFCU Financial60 Month Jumbo CD
1.25%$500-EFCU Financial60 Month CD
0.85%$100k-EFCU Financial6 Month Jumbo CD
0.75%$500-EFCU Financial6 Month CD
Rates as of January 22, 2022.

The Jumbo IRA CDs ($100k minimum) earn APYs a uniform 10 bps higher than the Jumbo CDs, with the 60-month Jumbo IRA CD currently earning 1.45% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.45%$100k-EFCU Financial60 Month Jumbo IRA (Traditional, Roth, CESA)
1.35%$500-EFCU Financial60 Month IRA (Traditional, Roth, CESA)
0.95%$100k-EFCU Financial6 Month Jumbo IRA (Traditional, Roth, CESA)
0.85%$500-EFCU Financial6 Month IRA (Traditional, Roth, CESA)
Rates as of January 22, 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.

Availability

UPDATE 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.

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 1.42% (excellent) based on June 30, 2021 data. In the past year, EFCU has increased its total non-brokered deposits by $86.62 million, an excellent annual growth rate of 17.9%. 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 53,500 members and assets in excess of $687 million.

How the Jumbo CDs Compare

When compared to 230 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, EFCU Financial's 6-month Jumbo CD APY currently shares the top spot with Veridian Credit Union’s 9-month Jumbo CD Special.

When compared to 205 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, EFCU Financial's 60-month Jumbo CD APY currently shares the top spot with Abound Credit Union’s 59-month CD.

The above information and rates are accurate as of 10/23/2021.

To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.

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

Comments
alan1
  |     |   Comment #1
According to the article, "EFCU Financial’s field of membership (FOM) is 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, qualifying for membership."

The EFCU Financial CDs mentioned in the article _may_ be available to people who do not meet the above-listed criteria. According to the credit union's website, one can join via:

"4. Volunteer membership through the EFCU Financial Foundation or the Louisiana Wildlife Foundation."
https://www.efcufinancial.org/join-us/
Ken Tumin
  |     |   Comment #2
Thanks alan1 for noting this! The post has been updated. If any person outside of LA joins, please leave a comment to let us know how it goes. It seems like some CUs don't always remain welcoming to out-of-state applicants even though their FOM has an option for out-of-state people to join.
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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