Lafayette Federal Credit Union is headquartered in Rockville and is the 6th largest credit union in the state of Maryland. It is also the 252nd largest credit union in the nation. It was established in 1935 and as of March of 2025, it had grown to 216 employees and 57,515 members at 9 locations. Lafayette Federal Credit Union's savings rates are 8X the national average, and it has an A health rating.
Field of Membership Restrictions
Membership in Lafayette Federal Credit Union is open to anyone who joins the Home Ownership Financial Literacy Council ($10 fee). Residents of Maryland, Virginia, or Washington, D.C. who belong to the American Consumer Council (can join through the Credit Union's online application) are eligible to join. Also eligible are those who live or work in the Potomac, Maryland area; live, work, worship, or attend school in Washington, D.C.; or are employed by any of nearly 200 Select Employer Groups.
See current membership details
Excellent Rates, Great Service
I've been with LFCU for over 8 years. Recently I moved a lot of money into their 5-yr, 3.64% APY CD. I like to do that in blocks of cash rather than one big one. So after opening one, I got their Rep to send me an "Account Amendment" form, which spared me the tedious process of having to present my I.D. and other requirements for each subsequent CD.
All has gone smooth, but beware of steep CD-breakage penalties. I like their website, too.
Beware - CD Rate Can Change While They Send You Docusign
Lafayette won't lock in your CD rate even if you apply online and have them pull "available" funds from your Lafayette share account. The money won't be pulled right away. They first have to get you to sign a DocuSign, which can take several days to process and email to you. But, if their CD rates go down during those several days, then you might get stuck with the lower CD rate! And the 5 YR CD EWP penalty is 600 days! All this was confirmed by a Lafayette Customer Service "Specialist". So BEWARE!
Read Rate Details Carefully
Read the rate details carefully! I am accustomed to rate tiers where if you have at least a minimum amount, you get a higher interest rate, and thought this would be the case at first look. But I fortunately read carefully and want to alert others to do so. No matter your balance, the first 50K of your money is at the bottom tier rate, the next 50K at the next tier rate, etc. and the top rate is only on the amount beyond $250K.
Given that putting in more than $250K goes beyond federal protection limits for an individual account, and more than $500K goes beyond those limits for joint accounts, it may even require a trust account (which they do offer) or going beyond federal protection limits to match the rates of other banks.
My 5 Year CD Experience
?When I opened my CD I requested ALL monthly dividends be transferred to my savings accounts on a monthly basis. So far this has not happened without my having to contact LFCU, the last time I was informed “Dividends can be transferred at any time, but there will be a penalty if the loan has not full matured including the dividends earned on 06/30/2025.” TOTAL CONFUSION, I still am not confident that all earned dividends will be transferred as requested on a monthly basis.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 619 |
| Year Chartered | 1935 |
| Employees | 216 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.09% |
| Return on Equity - YTD | 0.79% |
| Annual Interest Income | $32MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $2.02B$2.02B |
| Loans | Q1 2025vs Q1 2024 | $1.59B$1.57B |
| Deposits | Q1 2025vs Q1 2024 | $1.74B$1.74B |
| Equity Capital | Q1 2025vs Q1 2024 | $233.7MM$230.3MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $58.1MM$63.2MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $25.3MM$27.6MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |