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.
The Fixed CDs are also available as Fixed IRAs (Traditional, Roth, CESA), earning the same APYs 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 (EWP):
4-year Fixed CD, 480 days of dividends
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.
Headquartered in Kensington, Maryland, Lafayette Federal Credit Union’s field of membership (FOM) now 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 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. As of April 6, 2020, all Lafayette FCU branch lobbies (Maryland, Virginia, and Washington, D.C.) are closed to the general public, with the credit union “now operating on an appointment only structure.” The COVID-19 Readiness page provides “Schedule a Meeting” links for each individual branch location.
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 13.25% (above average), based on December 31, 2019 data. In the past year, Lafayette FCU has increased its total non-brokered deposits by $48.48 million, an excellent annual growth rate of 11.37%. 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 tenth largest credit union headquartered in Maryland, with more than 22,000 members and $681 million in assets.
How the Fixed CDs Compare
When compared to 160 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Lafayette Federal Credit Union’s 4-year Fixed CD APY currently ranks third.
When compared to 169 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 third.
The above rates are accurate as of 4/26/2020.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.