At the end of last week, Jefferson Financial Credit Union (Jefferson Financial) raised the rates on its 48-month Share Certificate (2.17% APY) and 60-month Share Certificate (2.38% APY).
The minimum deposit to earn these rates is $10k, with deposits below $10k earning APYs of 41 basis points lower.
These are the first rate increases for either Share Certificate in seven months, and are the highest APYs in nearly four years.
Both Share Certificates are also available as IRAs (Traditional and Roth) earning the same APY, with the same funding requirements.
As stated on Jefferson Financial’s Truth in Savings Disclosure, the Early Withdrawal Penalty reads as follows:
Terms of longer than 12 months - 90 days’ dividends.
3-Month Share Certificate Special
For those savers who are partial to short-term investments, Jefferson Financial is offering a 3-month Share Certificate Special (3.00% APY, $100k minimum). This Special is only available for the month of April.
- $100k in the 3-month Share Certificate Special = approximately $741
- $100k in a Savings account earning 1% = approximately $249
Headquartered in Metairie, Louisiana, Jefferson Financial Credit Union offers several ways to become a member.
Residency: Individuals who live in Jefferson Parish (which includes Metairie, Kenner, and Gretna) are eligible for membership.
Educational Affiliation: Students and staff members of the School Systems of Bossier, Caddo, Jefferson, and Livingston Parishes are eligible to join. While St. James Parish School System staff members are eligible to join, students are not.
Employment: Employees of 400+ SEGs, including Ochsner Health System and the Louisiana Department of Transportation, are eligible for membership. A complete list of SEGs, which includes many companies located in 29 other Louisiana Parishes, is available on the Credit Union’s website.
Relationship: Family members of current Jefferson Financial members may also qualify for membership.
Joining and/or opening a CD with Jefferson Financial can be done online or at any of 13 Louisiana branches located in Baton Rouge, Denham Springs, Gretna, Harvey, Jefferson, Lake Charles (2), Livingston, Marrero (2), and Metairie (3).
Credit Union Overview
Jefferson Financial Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.85% (excellent) based on December 31, 2015 data. In the past year, Jefferson Financial has increased its total deposits by $19.93 Million, an excellent annual growth rate of 6.8%. Please refer to our financial overview of Jefferson Financial Credit Union for more details.
Jefferson Financial Credit Union (NCUA Charter # 60738) was established in 1966 as the Jefferson Parish School Board Employees Credit Union, with its headquarters located above a florist shop. The name was changed in 2008 when the Credit Union became the first in Louisiana to receive a residential group common bond designation (all residents of Jefferson Parish). A merger in 2012 with Main Street Financial Credit Union (located outside of Baton Rouge) expanded not only the number of members, but also Jefferson Financial's presence in the state. Today, Jefferson Financial has over 50,700 members in 30 Louisiana Parishes.
How the CDs Compare
When compared to the 139 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents of the New Orleans metro area, Jefferson Financial Credit Union’s 48-Month Share Certificate currently ranks first.
When compared to the 151 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents of the New Orleans metro area, Jefferson Financial Credit Union’s 60-Month Share Certificate currently ranks second.
The above rates are accurate as of 4/4/2016.