Last week, Jefferson Financial Federal Credit Union (Jefferson Financial) raised the rates on all of its Share Certificates, adding between 64 and 83 bps. All the Share Certificates have tiered APYs, based on minimum deposits of $10k and $1k. Deposits below $10k earn APYs that are 15-25 bps lower than the APYs listed in the table below.
The Share Certificates are also available as IRAs (Traditional and Roth) earning the same tiered APYs, with the same deposit requirements.
In the past, the Truth-in-Savings disclosure was available on Jefferson Financial’s website and included the following Early Withdrawal Penalty (EWP).
Terms of longer than 12 months - 90 days’ dividends.
In my search to find the current EWP, I contacted the Call Center and was told that the EWP information was not something they had access to. The CSR said I would have to go into a branch to get the information. I decided to call a branch, but the phone numbers for the branches all go to the Call Center and the Call Center would not transfer me to a branch. Jefferson Financial’s Facebook page has a Chat function, so I started a conversation thinking I would get the answers I needed. While I was able to confirm that the EWP is part of the current Truth-in-Savings Disclosure document, I was told that,
We are only available to provide that information to members with CDs.
My argument that knowing the EWP is an important part of my due diligence when researching a CD wasn't persuasive. I still don’t know what the EWP is.
Headquartered in Metairie, Louisiana, Jefferson Financial Federal Credit Union has expanded its Field of Membership (FOM) since I last wrote about them two years ago. Following two mergers in 2018, the new FOM is as follows:
Residency: Individuals who live, work, worship, or attend school in the Louisiana Parishes of Cameron, Calcasieu, or Livingston, and portions of Jefferson, Orleans, or St. Tammany are eligible for membership.
As a result of the merger with Alabama-based Riverdale Credit Union, individuals who live, work, worship, or attend school in the Alabama counties of Autauga, Dallas, Chilton, Lowndes, Perry, or Wilcox are also eligible.
Educational Affiliation: Students and staff members of the School Systems of Bossier, Caddo, and East Baton Rouge Parishes are eligible to join. While St. James and St. Charles Parish School System staff members are eligible to join, students are not.
Employment: Employees of nearly 200 SEGs, including Ochsner Health System and the Louisiana Department of Transportation, are eligible for membership. A complete list of SEGs (located in 22 Louisiana Parishes) is available on the Credit Union’s website.
Relationship: Family members of current Jefferson Financial members are also welcome to apply.
Joining and/or opening a Share Certificate with Jefferson Financial can be done online, or at any of 16 Louisiana branches located in Baton Rouge, Denham Springs, Gretna, Harvey, Kenner, Lake Charles (2), Livingston, Luling, Marrero (2), Metairie (4), and New Orleans. There are also two full-service branches in Selma, Alabama.
Credit Union Overview
Jefferson Financial Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.63% (excellent) based on September 30, 2018 data. In the past year, Jefferson Financial has increased its total non-brokered deposits by $138.66 million, an excellent annual growth rate of 32.08%. Please refer to our financial overview of Jefferson Financial Federal Credit Union (NCUA Charter # 60738) for more details.
Jefferson Financial Credit Union 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. In 2018, two more mergers occurred: Coastland Credit Union (Metairie, LA) and Riverdale Credit Union (Selma, Alabama). Jefferson Financial currently has more than 55,400 members and assets in excess of $942 million.
How the Share Certificates Compare
When compared to similar length-of-term CDs tracked by DepositAccounts.com, which require a minimum deposit of $10k or less and are available within the FOM, Jefferson Financial Federal Credit Union’s 12-, 24-, 36-, 48-, and 60-Month Share Certificate APYs all currently rank first.
The above rates are accurate as of 1/8/2019.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.