Lafayette Fed Credit Union Adds Limited-Time 20-Month Thanksgiving CD

POSTED ON BY

Deal Summary: 20-month Thanksgiving Certificate, 4.75% APY, $500 min/$100k max deposit, available now through Novembe 20, 2022.

Availability: Only existing members as of 10/15/2022 are eligible. Please do not call Lafayette Federal Credit Union about this special if you do not qualify.

Our Thanksgiving Certificate is only available November 1
through November 20 – don’t miss your slice of the pie!

For the third year in a row, Maryland-based Lafayette Federal Credit Union (Lafayette Federal) is offering a 20-month Thanksgiving Certificate. This year it's earning 4.75% APY “as a token of our appreciation.” (FYI – the 4.75% APY is an impressive 273 bps higher than was offered last year.) The minimum opening deposit is $500, with a balance cap of $100k. This limited-time offer is valid November 1, 2022 through November 20, 2022, and is only available to current members. As stated on the promotion landing page,

Must be a Lafayette Federal member as of October 15, 2022 to qualify for promotional rate.

While the Truth-in-Savings disclosure does not state the Early Withdrawal Penalty (EWP) for a 20-month term, the EWP for the 18-month CD is 180 days of dividends, with partial withdrawals allowed. Lafayette Federal also stipulates that,

The bylaws of this Credit Union provide authority to impose a notice of up to 60 days for withdrawal of funds.

Funding and Other Particulars

  • Funding – ACH, wire, check, or CO-OP shared branch transfer.
  • Maturing Funds – cashier’s check or transferred into another Lafayette Federal account.
  • Dividends – compound and are credited quarterly and can be withdrawn without penalty.
  • Grace Period – 10 calendar days before the 20-month Thanksgiving Certificate will “automatically roll into a 1-year certificate with the regular rate in effect at that time.”
  • Beneficiaries – unlimited, equal shares, Social Security numbers required.

Many thanks to DA reader, petey, for the Forum post announcing the very competitive Thanksgiving Certificate. And thanks to my colleague who said Lafayette Federal members should “gobble up this CD before Thanksgiving.”

Availability

Headquartered in Rockville, Maryland, Lafayette Federal Credit Union’s field of membership (FOM) offers a way to join for almost any US citizen or resident alien, but the 20-month Thanksgiving Certificate is only available to those who have been a member as of October 15, 2022.

This is third year in a row that Lafayette Federal has offered a “members only” certificate special in November. If you’re working on your savings financial plan for 2023, joining Lafayette Federal now will ensure you’re eligible for any “members only” special next year.

If you join before the end of the year, you can also take advantage of the New Member Promotion, which consists of five separate bonuses (totaling up to $750).

  • $100 when you open a Lafayette Federal Checking Account and establish Qualified Direct Deposit
  • $50 when you open a Lafayette Federal Credit Card
  • $50 when you open a Lafayette Federal Share Certificate with $10,000+
  • $50 when you open a Lafayette Federal Preferred or Premier Savings with $10,000+
  • $500 closing cost credit towards a Lafayette Federal Mortgage Loan

Easy membership – Joining the Home Owner Financial Literary Council (one-time $10 fee) qualifies for Lafayette Federal membership.

Limited easy membership – Residents of Maryland, Virginia, and Washington, D.C. can qualify for membership through the American Consumer Council.

Residency – Individuals who live or work in that part of Montgomery County, Maryland known as Potomac, or who live, work, worship, or attend school in Washington, D.C. are also eligible to join.

Employment – Employees and retirees of nearly 200 companies are eligible to join. According to the online application, a copy of two pay stubs is required to show proof of employment.

Family relationship – Immediate family members (spouse, parent, sibling, child, grandparent, grandchild) of current Lafayette FCU members are welcome to apply.

Opening a 20-month Thanksgiving Certificate can be done online. While two Washington, DC branch locations (Jack Welty and SBA) are still temporarily closed, the remaining six full-service branch locations in Maryland (3), Virginia (2), and Washington, D.C. (1) are open to walk-in traffic. Appointments are available and can be scheduled online.

A Share Savings account must be opened with a minimum deposit of $50. A
minimum balance of $50 is required to retain your membership in the credit union.

Lafayette Federal participates in both the CO-OP Shared Branch and fee-free ATM networks.

With shared branching, you can conduct banking business in every state
across the country. Choose from more than 5,600 shared branching locations!

Credit Union Overview

Lafayette Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.51% (excellent), based on June 30, 2022 data. In the past year, Lafayette Federal has increased its total non-brokered deposits by $72.04 million, an excellent annual growth rate of 9.39%. Please refer to our financial overview of Lafayette Federal Credit Union (NCUA Charter # 619) for more details.

Chartered in 1935, Lafayette Federal Credit Union was originally known as the 1825 H Street Federal Credit Union, serving the employees of the Reconstruction Finance Corporation, the RFC Mortgage Company, and the Commodity Credit Corporation. (FYI – 1935 was a banner year for new credit unions, with more than 800 charters granted that year.) Following a relocation to the Lafayette Building in the District in 1940, the credit union adopted the Lafayette name. The largest FOM expansions occurred in 2012 (American Consumer Council membership for residents of MD, VA, DC) and 2019 (Home Owner Financial Literary Council for all U.S. residents). Lafayette Federal is currently the sixth largest credit union headquartered in Maryland, with more than 51,000 members and assets in excess of $1.4 billion.

According to a press release,

We are excited to share with you that Lafayette Federal was recognized by Newsweek as one of America's Best Banks for 2022. Newsweek partnered with Lending Tree to assess thousands of banks and credit unions nationwide, using a ranking system with over 50 different factors to present best-in-class options for consumers. Lafayette Federal outperformed even the largest banks and credit unions in the country, marking an extraordinarily proud moment for our organization.

How the 20-Month Thanksgiving Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions currently have higher rates than offered on the Lafayette Federal 20-Month Thanksgiving Certificate. The following table compares the 20-Month Thanksgiving Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
4.75%20-Month Thanksgiving Certificate (EWP=270 days)Lafayette Federal Credit Union
4.60%20-Month Certificate Special (EWP=120 days)United States Senate Federal Credit Union
4.40%15-Month Blue CD via SaveBetter (EWP=270 days)Blue Federal Credit Union
4.30%18-Month CD (EWP=180 days)Banesco USA
4.23%18-Month CD (EWP=180 days)First Internet Bank

The above information and rates are accurate as of 11/4/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.

Related Pages: Washington CD rates, 1-year CD rates, nationwide deals

Comments
payitforward
  |     |   Comment #1
I'm a member, but will pass on this offer. In this fast-moving climate, 20-mos. is considered long term. 5% APY for short-term CD or liquid savings should be available in the not-so-distant future.
Striker
  |     |   Comment #2
Will pass also. Another factor to consider - with this 20 month term, maturity could be near the bottom of this rate cycle. Rates will very likely be falling at that time in preparation for the November 2024 election. Will then need to re-invest at a lower rate. I may be wrong - but still holding out for those 5+% 5-7 year offers hopefully coming after the next 2 rate increases. We'll see.
ARK
  |     |   Comment #3
Very good offer! but I'm not a fan of callable CDs
LovinSomeCDs
  |     |   Comment #4
Im surprised how many lack the critical thinking needed in life. So, this offer is about .50 to .75 higher than many 5 and 7 year offers out there. Wow! Great! Sign me up, right?
Until you think about the maturity date. So 20 months puts you at July of 2024. I wonder what big event will be approaching during the summer of 2024.....

NO WAY either party will let these high interest rates still be around right before an election. We will probably be back to ZIRP by then, if not before.
SouthernGirl
  |     |   Comment #5
Does anyone know how long Lafayette CU has disclosed that EWP, "this may reduce the principal"? I believe there are investors that opened a CD in 2020, that might need to review the Lafayette's Truth and Savings Disclosure to determine if that verbiage applies to their CD and the EWP that will be calculated now. You might be able to withdraw the dividends, and then close the CD with no EWP penalty.
Lafayette Federal Credit Union Unveils New Jumbo CD Product Line
Deal Summary: Fixed Jumbo CDs – 1-year (3.96% APY), 2-year (4.27% APY), 3-year (4.37% APY), 4-year (4.47% APY), 5-year (4.58% APY), $100k minimum deposit.

Availability: Easy membership requirement.

In the past six months, Maryland-based Lafayette Federal Credit Union (Lafayette Federal) has had four substantial across-the-board CD rate increases. As DA reader, Emm, pointed out yesterday in a Forum post comment, Lafayette Federal has a new set of CD rates, but these higher APYs belong to a new line of Fixed Jumbo CDs.

Earning APYs 15-16 bps higher than the Fixed...

Continue Reading
Lafayette Federal Credit Union Significantly Hikes Long-Term CD Rates
Deal Summary: Fixed CDs – 7-month (3.29% APY), 1-year (3.80% APY), 2-year (4.11% APY), 3-year (4.22% APY), 4-year (4.32% APY), 5-year (4.42% APY), $500 minimum deposit.

Availability: Easy membership requirement.

With CD rate hikes over the weekend, Maryland-based Lafayette Federal Credit Union (Lafayette FCU) is continuing this year's practice of good-sized rate increases on a monthly basis. Including this month’s rate increases, there have been four substantial across-the-board rates in the past six months. Fixed CDs required a $500 minimum opening deposit, with no stated balance...

Continue Reading
Lafayette Fed Credit Union Significantly Boosts Short-Term CD Rates
Deal Summary: Fixed CDs – 7-month (2.83% APY), 1-year (3.14% APY), 2-year (3.29% APY), 3-year (3.34% APY), 4-year (3.49% APY), 5-year (3.64% APY), $500 minimum deposit.

Availability: Easy membership requirement.

While it seems that many credit unions and banks have been incrementally increasing their CD rates on an almost weekly basis, Maryland-based Lafayette Federal Credit Union (Lafayette FCU) has had three substantial across-the-board CD rate increases in the past five months. The latest Lafayette FCU CD rate hikes occurred yesterday.

The most competitive rates in the Fixed...

Continue Reading
Lafayette Federal Credit Union Nearly Doubles All Fixed CD Rates
Deal Summary: Fixed-Rate CDs – 7-month (2.12% APY), 1-year (2.37% APY), 2-year (2.88% APY), 3-year (3.13% APY), 4-year (3.39% APY), 5-year (3.64% APY), $500 minimum deposit.

Availability: Easy membership requirement.

With yesterday’s across-the-board increases ranging between 111-173 bps, the Fixed-Rate CD APYs offered by Maryland-based Lafayette Federal Credit Union (Lafayette FCU) have doubled (or nearly doubled) the rates offered when I last reviewed them in April 2022. These new rates will place several of the Fixed-Rate CDs near or at the top of the nationally available categories in the...

Continue Reading
Lafayette Federal Credit Union Boosts All Fixed CD Rates
Deal Summary: Fixed CDs – 7-month (1.01% APY), 1-year (1.21% APY), 2-year (1.41% APY), 3-year (1.56% APY), 4-year (1.71% APY), 5-year (1.91% APY), $500 minimum deposit.

Availability: Easy membership requirement.

With recent across-the-board rate increases between 31-65 bps, the Fixed CDs offered by Maryland-based Lafayette Federal Credit Union (Lafayette FCU) will be featured near or at the top of the nationally available categories in next week’s CD Summary. The new APYs are highest rates since June 2020.

The most competitive rates in the Fixed CD product line...

Continue Reading

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.