The Louisiana-based Essential Federal Credit Union (Essential FCU) has a very competitive 48-month Certificate Special (2.50% APY). The minimum opening deposit is $500 and there is no balance cap.
Note: While the 48-month Certificate Special is listed on Essential FCU’s website with a variety of Certificates that have a $10K balance cap, CSR assured me that restriction does not apply to the 48-month Certificate Special.
As stated in Essential FCU’s Truth in Savings Disclosure brochure, the Early Withdrawal Penalty reads as follows:
A penalty of one years interest for terms of three to five years will be imposed if you withdraw funds before a Certificate of Deposit product matures.
Headquartered in Plaquemine, Louisiana, Essential Federal Credit Union offers membership to anyone who lives, works, worships, or attends school in the following Greater Baton Rouge area parishes: Ascension, East Baton Rouge, East Feliciana, Iberville, Livingston, Pionte Coupee, St. Helena, West Baton Rouge, and West Feliciana.
Joining Essential FCU and/or opening a CD can be done at any of the five Louisiana branches located in Baton Rouge (2), Gonzales, Plaquemine, and Walker.
While Essential FCU does not have an online application, there is a "Membership Wizard" to help begin the application process. Once the Membership Wizard is filled out and submitted, an Essential FCU Representative will contact you.
Credit Union Overview
Essential Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 9.02% (excellent), based on June 30, 2015 data. Essential Federal Credit Union has an above average capitalization level of 10.01%, as result of holding $267.66 Million in assets with $26.78 Million in equity. Please refer to our financial overview of Essential Federal Credit Union for more details.
Essential Federal Credit Union (NCUA Certificate # 20972) was established in 1972 as the Dow Louisiana Federal Credit Union. The name was changed fairly recently when the field of membership was expanded. Essential FCU currently has almost 25,000 members and assets in excess of $267 Million.
How the CD Compares
When compared to the 137 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Louisiana residents, Essential Federal Credit Union’s 48-month Certificate Special clearly has little competition.
The above rates are accurate as of 9/15/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.