Lafayette Federal Credit Union 5-Year CD Earns 3.03% APY

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Deal Summary: 5-year Fixed CD, 3.03% APY, $500 minimum deposit.

Availability: Easy membership requirement.

Here’s something to be grateful for: Maryland-based Lafayette Federal Credit Union (Lafayette FCU) is now an easy membership requirement credit union and is offering 3.03% APY on its 5-year Fixed CD. The minimum opening deposit is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.03%$500-Lafayette Federal Credit Union5 Year Fixed CD
3.03%$500-Lafayette Federal Credit Union5 Year Fixed IRA (Traditional, Roth, CESA)
Rates as of December 6, 2019.

The 5-year Fixed CD is also available as a Fixed IRA (Traditional, Roth, CESA), earning the same 3.03% APY with the same funding requirements.

As stated in the Truth-in-Savings disclosure, partial withdrawals are permitted and are subject to the following substantial Early Withdrawal Penalty:

5-year Fixed CD, 600 days of dividends

Funding can be done by ACH, wire transfer, or by check. Maturing funds will be distributed by cashier’s check or transferred into another Lafayette FCU account. There is a ten calendar day grace period before a CD automatically renews.

Unlimited beneficiaries can be named and Social Security numbers are required for all. If multiple beneficiaries are named, equal shares will be assigned.

Availability

Headquartered in Kensington, Maryland, Lafayette Federal Credit Union’s field of membership (FOM) now offers almost any US citizen or resident alien a way to join.

Easy membership – Joining the Home Owner Financial Literary Council (one-time $10 fee) qualifies for Lafayette FCU 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 Potomac, Maryland, or live, work, worship, or attend school in Washington, D.C. are also eligible to join.

Employment – Employees and retirees of more than 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.

Joining Lafayette FCU and/or opening a Fixed CD can be done online, or at any of three Maryland branches (Kensington, Potomac, Rockville), two Virginia branches (Arlington, McLean), or three Washington, D.C. branches.

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 FCU 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 "B+" at DepositAccounts.com, with a Texas Ratio of 12.76% (above average), based on June 30, 2019 data. In the past year, Lafayette FCU has increased its total non-brokered deposits by $23.89 million, an excellent annual growth rate of 5.72%. 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 FCU is currently the 11th largest credit union headquartered in Maryland, with more than 20,700 members and $601 million in assets.

How the Fixed CD Compares

When compared to 186 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Lafayette Federal Credit Union’s 5-year Fixed CD APY currently ranks first.

Interest RateCD Length of TermCredit Union/Bank
3.03% APY5-Year Fixed CDLafayette Federal Credit Union
2.95% APY60-Month CDPen Air Federal Credit Union
2.88% APY60-Month CertificateState Department Federal Credit Union

The above rates are accurate as of 11/29/2019.

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

Related Pages: Washington CD rates, 5-year CD rates, nationwide deals

Comments
Bat Masterson
Bat Masterson   |     |   Comment #1
Good deal! Thank you, Ken.
#2 - This comment has been removed for violating our comment policy.
alan1
alan1   |     |   Comment #3
If you join the Home Ownership Financial Literacy Council, you can receive a $25 bonus for opening a Lafayette Federal checking account. Use promo code HOFLC.
Details at https://www.lfcu.org/hoflc-member-coupons.aspx
CDmanFL
CDmanFL   |     |   Comment #5
Hopefully this is the beginning to more 5 year CD rates at and over 3%.
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DCGuy
DCGuy   |     |   Comment #14
The residency requirement is in Potomac, MD while the bank HQ is in Kensington, MD? So people who live a few blocks from the bank are not eligible based on residency? Also, people who live, work, worship or attend school in DC are eligible. My work HQ is in DC, but my POD is outside the boundaries of DC, would that make me eligible based on work location?
CapitalClimate
CapitalClimate   |     |   Comment #15
Funding via ACH or credit card for new accounts is limited to $2000.

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