All of LA Financial Credit Union (LA Financial) Term Share Certificates (TSC) offer tiered APYs based on five deposit levels – $200k, $100k, $50k, $10k, and $1k. The 60-month TSC currently offers competitive rates on the two highest deposit levels: 1.71% APY ($200k) and 1.56% APY ($100k).
The 60-month TSC is also offered as an IRA TSC (Traditional, Roth, CESA), earning the same APYs based on the same five deposit levels.
As stated on the Term Share Certificate page, the Early Withdrawal Penalty reads as follows:
180 days dividend penalty for terms over 12 months.
According to the Truth-in-Savings disclosure,
If any withdrawal or early withdrawal penalty reduces the Term Share Certificate Account balance below the minimum balance requirement, the account will be canceled and closed.
CSR stated that the above restriction applies to the individual rate tiers of the 60-month TSC. In other words, if funds withdrawn from a 60-month TSC reduce the balance to below the original opening deposit tier, the TSC will be closed.
If the Term Share Certificate Account is closed prior to maturity, any accrued dividends will be paid from the date of the end of the last dividend period to the date of account closure (not including date of closure) prior to the assessment of any early withdrawal penalty. The withdrawal penalty will be applied to the entire principal amount before the remainder of the funds is disbursed to you.
Monthly dividends can be paid out by check to the address on file, paid into another LA Financial account, or remain in the Term Share Certificate.
There is a seven calendar day grace period before an LA Financial TSC automatically renews.
Headquartered in Pasadena, California, LA Financial Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, attend school, or volunteer in Los Angeles County eligible to join.
Employees of the City of Los Angeles also qualify for membership, regardless of where they live.
Immediate family members of a current LA Financial member or LA Financial employee are also welcome to apply. “Immediate family” is defined as spouse, child, parent, sibling, grandparent, or grandchild.
Members are still required to wear a non-medical cloth face covering in order to visit a branch.
We are still practicing social distancing and can only allow a maximum of 10 people inside the branch at a time, including staff, so you may still be asked to wait outside the branch.
Current LA Financial members can open a Term Share Certificate in-branch or by calling Member Services (800.894.1200). If you are currently not a member, you have two options:
1. Apply for a Primary Savings account and open your membership online here, then call or visit a branch to open your Term Share (Certificate) account, or
2. Or visit a branch near you to open all of your new accounts at the same time.
Establishing an LA Financial membership requires opening a Primary Savings Account with a $5 minimum deposit.
LA Financial participates in both the CO-OP Shared Branching and ATM networks and provides an ATM and Shared Branch locator.
NOTE: As a division of LA Financial, Havasu Community Credit Union (Havasu CCU) offers membership to those who live, work, worship, attend school, or volunteer in Lake Havasu City, Arizona. Havasu CCU offers the same products and services as LA Financial and operates under the same NCUA Charter.
Credit Union Overview
LA Financial Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.44% (excellent) based on June 30, 2020 data. In the past year, LAFCU has increased its total non-brokered deposits by $29.21 million, an excellent annual growth rate of 7.99%. Please refer to our financial overview of LA Financial Federal Credit Union (NCUA Charter #2024 ) for more details.
Established in February 1937 as the Los Angeles County Court Employees Federal Credit Union (LACCEFCU), the founding members were six men and one woman who wanted to “protect the paychecks of many LA County employees from the unscrupulous lenders who inhabited the streets around the Civic Center.” The first financial statement issued in March 1937 listed assets of $1,003, ten loans totaling $585, and 20 members, with operations handled from the bottom desk drawer of Manager/Treasurer Floyd Fisher.
At first, no one had much money to save, so only personal loans were made to the most needy. But the concept worked and caught on quickly. After two years, member savings were $19,705; 196 loans totaled $19,705; and assets reached $22,060.
LACCEFCU merged with the Los Angeles County Hall of Records Federal Credit Union in 1994 and created the Courts and Records Federal Credit Union. In 2003, the LA Financial Credit Union re-brand occurred, with the new name chosen to reflect a diverse and growing membership, and an expansion in services. LA Financial is currently the 91st largest credit union headquartered in California, with more than 28,200 members and assets in excess of $454 million.
How the Term Share Certificate Compares
When compared to 266 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, LA Financial Credit Union's 60-Month Term Share Certificate APY currently ranks first, regardless of minimum deposit requirements.
The above rates are accurate as of 9/23/2020.
To look for the best CD rates, either nationwide or state specific, please refer to our CD Rates Table page.