Lafayette Federal Credit Union Boosts All Fixed CD Rates

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.64%$500-Lafayette Federal Credit Union5 Year Fixed CD
3.39%$500-Lafayette Federal Credit Union4 Year Fixed CD
3.13%$500-Lafayette Federal Credit Union3 Year Fixed CD
2.88%$500-Lafayette Federal Credit Union2 Year Fixed CD
2.37%$500-Lafayette Federal Credit Union1 Year Fixed CD
2.12%$500-Lafayette Federal Credit Union7 Month Fixed CD
Rates as of July 1, 2022.

The most competitive rates in the Fixed CD product line belong to the 7-month (1.01% APY), 1-year (1.21% APY), and 5-year (1.91% APY). Any of the Fixed CDs can be opened with a $500 minimum deposit; there are no stated balance caps.

With the exception of the 7-month, all the Fixed CDs are also available as Fixed IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.64%$500-Lafayette Federal Credit Union5 Year Fixed IRA (Traditional, Roth, CESA)
3.39%$500-Lafayette Federal Credit Union4 Year Fixed IRA (Traditional, Roth, CESA)
3.13%$500-Lafayette Federal Credit Union3 Year Fixed IRA (Traditional, Roth, CESA)
2.88%$500-Lafayette Federal Credit Union2 Year Fixed IRA (Traditional, Roth, CESA)
2.37%$500-Lafayette Federal Credit Union1 Year Fixed IRA (Traditional, Roth, CESA)
Rates as of July 1, 2022.

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

Penalties for the fixed-rate certificates and IRA certificates will be imposed on amounts withdrawn whether earned or not at the rate paid or payable for the term as follows:

  • 7-month, 90 days of dividends
  • 1-year, 180 days of dividends
  • 2-year, 270 days of dividends
  • 3-year, 360 days of dividends
  • 4-year, 480 days of dividends
  • 5-year, 600 days of dividends

In addition to the onerous EWPs, Lafayette FCU 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 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 Rockville, Maryland, Lafayette Federal Credit Union’s field of membership (FOM) offers a way to join for almost any US citizen or resident alien.

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 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.

Joining Lafayette FCU and/or opening a Fixed CD can be done online. While two Washington, DC branch locations (Jack Welty and SBA) are 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 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 "A+" at DepositAccounts.com, with a Texas Ratio of 3.36% (excellent), based on December 31, 2021 data. In the past year, Lafayette FCU has increased its total non-brokered deposits by $233.91 million, an excellent annual growth rate of 35.74%. 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 seventh largest credit union headquartered in Maryland, with nearly 46,000 members and assets in excess of $1.2 billion.

How the 7-Month Fixed CD Compares

How the 1-Year Fixed CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, only one bank has a higher rate than currently offered on the Lafayette Federal Credit Union 1-Year Fixed CD. The following table compares the 1-Year Fixed CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 5-Year Fixed CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, two banks have higher rates than currently offered on the Lafayette Federal Credit Union 5-Year Fixed CD. The following table compares the 5-Year Fixed CD 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 4/7/2022.

To search for the best CD rates, both nationwide and state-specific, please refer to our CD rates table page.

Related Pages: Washington CD rates, 1-year CD rates, 5-year CD rates, IRA CD rates, nationwide deals

Comments
Lafayette Federal Credit Union Adds New Checking Bonuses
Deal Summary: Up to $100 in bonuses for new members. 2.04% APY on Checking Account balances up to $25k for existing and new members.

Availability: Easy membership requirement.

Maryland-based Lafayette Federal Credit Union (Lafayette Federal) is offering a $100 bonus for opening a checking account with direct deposit of at least $500. According to the bonus landing page,

If the new membership account is closed within six months of opening, the initial $50 promotional deposit will be deducted from the account.

2% Checking Promotion

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Lafayette Federal Credit Union Offers Two Checking Bonuses
Deal Summary: Checking Bonus Rate, 1.00% APY, on balances up to $25k. $85 bonus on checking accounts with direct deposit.

Availability: Easy membership requirement.

In addition to its 20-month Special Thanksgiving Share Certificate, Lafayette Federal Credit Union (Lafayette FCU) is also offering a Checking Bonus Rate, which is available to both existing and new members. This is an ongoing bonus. According to CSR, the Bonus Rate will be in effective indefinitely.

The bonus rate is 1.00% APY added to the base rate of 0.025% APY,...

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Current Members Only - Lafayette FCU Has Limited-Time 20mo Special CD
Deal Summary: 20-month Special Thanksgiving Share Certificate, 2.02% APY, $500 min/$100k max deposit.

Availability: Only existing members as of 10/15/2021 are eligible. Please do not call Lafayette Federal Credit Union about this special if you do not qualify.

For the second year in a row, Maryland-based Lafayette Federal Credit Union (Lafayette FCU) is offering a 20-month Special Thanksgiving Share Certificate (2.02% APY) “as a special thank-you … in celebration of the Thanksgiving holiday.” (FYI – the 2.02% APY is 16 bps higher than offered last year.)...

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Existing Members Only - Lafayette FCU Adds Limited-Time 20-Mo Special CD
Deal Summary: 20-month Special Thanksgiving Share Certificate, 1.86% APY, $500 min/$100k max deposit.

Availability: Only existing members as of 10/31/20 can qualify. Please do not call credit union about this special if you do not qualify.

Maryland-based Lafayette Federal Credit Union (Lafayette FCU) is offering a 20-month Special Thanksgiving Share Certificate (1.86% APY) “as a token of our appreciation and in honor of our 85th anniversary.” The minimum opening deposit is $500, with a balance cap of $100k. This limited-time offer is valid November 10, 2020 through...

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Lafayette Federal Credit Union Has Nationally Available CDs
Deal Summary: Fixed CDs – 4-year (1.92% APY), 5-year (2.02% APY), $500 minimum deposit.

Availability: Easy membership requirement.

Maryland-based Lafayette Federal Credit Union (Lafayette FCU) may not be that familiar to DA readers, but several of the Fixed CDs offered by this easy membership requirement credit union have been included in DA’s bi-weekly CD Rates Summary. The most competitive rates belong to the 4-year Fixed CD (1.92% APY) and the 5-year Fixed CD (2.02% APY). The minimum opening deposit is $500, with no stated balance cap.

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