La Capitol Fed Credit Union Has Very Competitive 16- and 26-Month Bump CDs

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Deal Summary: Bump Rate Share Certificates – 16-month (3.49% APY) and 26-month (3.59% APY), $1k minimum deposit of new money, option of one rate increase, limited-time offer.

Availability: Easy membership requirement.

Louisiana-based La Capital Federal Credit Union (La Cap) is offering two limited-time Bump Rate Share Certificates (BRSC): 16-month (3.49% APY) and 26-month (3.59% APY). The opening minimum deposit is $1k of new money (funds not currently on deposit in an La Cap account), with no stated balance cap. While there is no end-date specified, La Cap “reserves the right to end or modify this offer at any time.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.59%$1k-La Capitol Federal Credit Union26 Month Bump Share Certificate Special
3.49%$1k-La Capitol Federal Credit Union16 Month Bump Share Certificate Special
Rates as of October 3, 2022.

The two BRSC were added to the product line in mid-July and have had two substantial rate increases. The 16-month BRCS gained a total of 157 bps, with the 24-month BRCS gaining 132 bps.

The landing page describes how the bump-up option works:

During the term of the 16-month Special Share Certificate, you are permitted to make a one-time request to adjust the dividend rate to the effective dividend rate of the 1-year Thrifty Saver Certificate or 1-year Super Saver Share Certificate.

During the term of the 26-month Special Share Certificate, you are permitted to make a one-time request to adjust the dividend rate to the effective rate of the 2-year Thrifty Saver Certificate or 2-year Super Saver Certificate.

The minimum opening deposit amount of the Thrifty Saver Certificates and Super Saver Certificates must be met to adjust to the effective rate.

The new dividend rate will be paid for the remaining term of the special share certificate. The term of the special share certificate will remain the same.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.70%$100k-La Capitol Federal Credit Union2 Year Super Saver Share Certificate
2.60%$1k-La Capitol Federal Credit Union2 Year Thrifty Saver Share Certificate
2.38%$100k-La Capitol Federal Credit Union1 Year Super Saver Share Certificate
2.27%$1.5k-La Capitol Federal Credit Union1 Year Thrifty Saver Share Certificate
Rates as of October 3, 2022.

According to CSR, earned dividends (compounded and credited monthly) “cannot be withdrawn and will automatically remain on deposit in the Bump Rate Share Certificate.

As stated in the fine print on the landing page, the Early Withdrawal Penalty (EWP) reads as follows:

The penalty schedule is Terms of 1 year to less than 3 years 180 days’ dividends

Funding a Bump Rate Share Certificate can be done by ACH, wire, internal transfer, or check (if opened in-branch). La Cap participates in the CO-OP Shared Branch network, making the transfer of funds into an La Cap Regular Savings account relatively simple. As stated at the bottom of the fine print on the landing page,

At maturity, the special share certificate will not auto-renew, the certificate will be closed and the balance will be deposited into a transaction account.

Unlimited beneficiaries can be designated, with percentages available. Social Security numbers are required for all named beneficiaries and credit checks will be run on all named beneficiaries.

Availability

Headquartered in Baton Rouge, Louisiana, La Capitol Federal Credit Union’s field of membership (FOM) is wide and varied, with a way for almost any U.S. citizen (18 years or older with a valid Social Security number) to qualify for membership.

Easy Membership: Members of the Louisiana Association for Personal Financial Achievement ($20 membership fee) are eligible for membership. Joining the association and applying for La Cap membership can be done simultaneously, using the credit union’s online application.

Residency: Individuals who live, work, worship, or attend school in the City of Baton Rouge or the underserved areas in 14 Louisiana parishes also qualify for membership.

    LA parishes – Allen, Grant, Jefferson, Lincoln, Natchitoches, Orleans, Ouachita, Plaquemine, Rapides, St. Bernard, St. Charles, St. John, Terrebonne, and Tangipahoa.

Education Affiliation: Registered students at University of Louisiana at Monroe, Louisiana Tech University, Northwestern State University, Southeastern Louisiana University, Delgado Community College, Nunez Community College, or Baton Rouge Community College are eligible to join.

Employment: Employees of SEGs (listed on the online application) or of “any Louisiana state agency without its own credit union” qualify for membership.

Family Relationship: Immediate family members (spouse, child/stepchild, parent/stepparent, sibling, grandparent, and grandchild) of current La Cap members are welcome to apply.

Joining La Cap and/or opening a Bump Rate Share Certificate can be done online or at any of 15 Louisiana branches located in Alexandria, Baton Rouge (4), Hammond, Harvey, Houma, Metairie, Monroe (2), Natchitoches, Oakdale, Pineville, and Ruston.

The Membership Application is also available as a fillable PDF and can be returned in-person or by mail.

A $5 minimum deposit in a Regular Savings account establishes an La Cap membership, but a $100 minimum balance is required to earn dividends. The monthly service fee on a Regular Savings accounts is waived with a $100 minimum balance or if there is an active loan account or certificate account.

La Cap participates in the CO-OP Share Branching Network, providing nationwide locations where credit unions members can conduct basic financial transactions. Nearly 5,000 shared branches are currently open, serving more than 700 credit unions..

Credit Union Overview

La Capitol Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.86% (excellent) based on March 31, 2022 data. In the past year, La Cap has increased its non-brokered deposits by $42.72 million, an excellent annual growth rate of 7.40%. Please refer to our financial overview of La Capitol Federal Credit Union (NCUA Charter # 14568) for more details.

Founded in 1961, the aptly named La Capitol Federal Credit Union’s first office was in the basement of the Louisiana state capitol building. The original FOM was exclusive to the employees of the State of Louisiana Department of Commerce and Industry. In slightly more than 60 years, La Cap has grown to become Louisiana’s sixth largest credit union, with more than 53,000 members and assets of nearly $700 million.

How the 16-Month Bump Rate Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the La Capitol Federal Credit Union 16-month Bump Rate Share Certificate. The following table compares the 16-month Bump Rate Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 26-Month Bump Rate Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the La Capitol Federal Credit Union 26-month Bump Rate Share Certificate. The following table compares the 26-month Bump Rate Share Certificate 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 8/25/2022.

To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.

Related Pages: Shreveport CD rates, New Orleans CD rates, Monroe CD rates, Lake Charles CD rates, Alexandria CD rates, Baton Rouge CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
NYCnative
  |     |   Comment #1
LaCap CSR says hard pull from your Equifax credit report. Seems excessive to open a Bump Up CD with a minimum deposit.
andybuji
  |     |   Comment #2
I don't get outraged over a hard pull, but even for me this is out of line
"credit checks will be run on all named beneficiaries"
P_D
  |     |   Comment #3
"credit checks will be run on all named beneficiaries"

OY! It will really svck when your beneficiaries sue you for damaging their credit.

I doubt that the FI has the legal authority to do any kind of credit check on the beneficiaries without their consent.
rockies
  |     |   Comment #4
Perhaps this is another way of saying "We do not want to deal with beneficiary tracking/paperwork." Seems unethical to make this demand. May I ask in what document La Capitol disclosed this?
#6 - This comment has been removed for violating our comment policy.
Shelby
  |     |   Comment #7
Ken, thank you for all you do! I have a request, under your Deal Summaries is it possible you can also include if the FI does a "Hard Pull,Soft Pull,No Pull, or? I ask this because in the LaCap summary for example it refers to "According to the CSR."  Either you or your staff must be in touch with the CSR's, or you depend on info that is not first hand in your summaries.It would help a lot if you in fact converse with the CSR's to ask about the "pulls" and share that info in your summaries. Again,Thank you!

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