EFCU Financial (EFCU) significantly increased the rates on its Jumbo CDs recently. Following an increase of 75 bps, the 24-month Jumbo CD (5.35% APY) and 30-month Bump Up Jumbo CD (5.35% APY) offer the most competitive rates in the EFCU CD product line. The minimum opening deposit is $100k, with no stated balance cap. EFCU also offers non-Jumbo CDs ($500 minimum) in all term-lengths, offering APYs a uniform 10 bps lower.
|5.35%||$100k||-||EFCU Financial||24 Month Jumbo CD|
|5.35%||$100k||-||EFCU Financial||30 Month Bump Option Jumbo CD|
|5.25%||$500||-||EFCU Financial||24 Month CD|
|5.25%||$500||-||EFCU Financial||30 Month Bump Option CD|
The Bump Up Jumbo CD offers a one-time opportunity rate "bump" to a higher rate at any time during the 30-month term. It is the account owner's responsibility to request the rate bump should the rate increase.
The new rate will be effective the day you notify us and will remain in effect until the certificate’s original maturity date.
The IRA CDs earn APYs a uniform 10 bps higher than the CDs, with the same deposit requirements.
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 […]
The amount of penalty is one-hundred eighty (180) days of dividends earned for Certificates with terms of thirteen (13) months up to and including sixty (60) months.
Partial withdrawal of principal is not allowed.
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.
The previous nationwide easy membership requirement through the EFCU Financial Foundation or Louisiana Wildlife Foundation was dropped about 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.
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 "A" at DepositAccounts.com, with a Texas Ratio of 2.12% (excellent) based on March 31, 2023 data. In the past year, EFCU has increased its total non-brokered deposits by $115.59 million, an excellent annual growth rate of 18.05%. 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 62,000 members and assets in excess of $939 million.
How the 24-Month Jumbo CD Compares
When compared to similar length-of-term 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 24-Month Jumbo Certificate, regardless of minimum deposit requirements. The following table compares the 24-Month Jumbo Certificate to the two highest-rate CDs from other credit unions, and the two highest-rate CDs from banks.
How the 30-Month Bump Option Jumbo CD Compares
When compared to similar length-of-term 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 30-Month Bump Option Jumbo CD, regardless of minimum deposit requirements. The following table compares the 30-Month Bump Option 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 8/7/2023.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.