Lafayette Federal Credit Union Adds 24-Month Valentine Certificate


Deal Summary: 24-month Valentine Certificate, 5.09% APY, $500 min/$25k max aggregate deposit, available now through February 28, 2023.

Availability: Easy membership requirement.

Roses are red,
Violets are blue,
A sweet Valentine offer made just for you!

Now through February 28, 2023, Maryland-based Lafayette Federal Credit Union (Lafayette Federal) is offering a 24-month Valentine Certificate. Earning 5.09% APY, this limited time special can be opened with a $500 deposit. There is a “maximum aggregate promotional certificate balance is $25,000 per member.” This offer would have been much sweeter with a larger maximum balance.

Unlike Lafayette Federal's Fixed CDs, the Valentine Certificate is not available as IRA CD.

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

We may impose a penalty if you withdraw any of the principal prior to maturity. Penalties for the fixed-rate jumbo certificates will be imposed on amounts withdrawn whether dividends have been earned or not at the rate paid or payable for the term as follows:

  • 2-year, 270 days of dividends

This may reduce the principal. If the withdrawal reduces the Certificate below the minimum balance, it will be closed.

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.

Thanks to DA reader, njmacuser, for the Forum post about this promotion.

Jumbo Certificate Rates Still Competitive

Lafayette Federal continues to offer very competitive Jumbo Certificate rates. These require a $100k minimum deposit. The rates include 4.78% APY (5-year term), 4.73% APY (4-year term) and 4.68% APY (3-year term). These rates have been available since early January. For more details, please refer to my January 5th post.

New Member Promotion

The bonuses (totaling up to $750) offered to individuals who “make the switch” and join Lafayette Federal are available now through March 31, 2023. There are five separate bonuses, including one for opening a certificate.

  • $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


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.

Account Opening

Joining Lafayette Federal and/or opening a Valentine 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!

Funding and Other Details

  • Funding – ACH, wire transfer, or by check.
  • CO-OP Shared Branch Participant – Yes.
  • Earned Dividends – Compounded and credited quarterly and may be withdrawn at any time.
  • Maturing Funds – Distributed by cashier’s check or transferred into another Lafayette Federal account.
  • Grace Period - Ten calendar day grace period before automatic renewal as a 24-month fixed-rate certificate.
  • Beneficiaries – Unlimited, equal shares, Social Security number required.

Credit Union Overview

Lafayette Federal Credit Union has an overall health grade of "A+" at, with a Texas Ratio of 3.73% (excellent), based on September 30, 2022 data. In the past year, Lafayette FCU has increased its total non-brokered deposits by $87.36 million, an excellent annual growth rate of 10.85%. 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 sixth largest credit union headquartered in Maryland, with nearly 56,000 members and assets in excess of $1.65 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 24-Month Valentine Certificate Compares

When compared to similar length-of-term CDs tracked by which are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Lafayette Federal Credit Union Valentine Certificate. The following table compares the Valentine Certificate 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 2/14/2023.

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

  |     |   Comment #1
Fed's Williams: It is possible that the Fed will cut rates in 2024 and 2025 to reflect lower inflation.
  |     |   Comment #2
A Cd is only as good as its EWP. (unless the rate is 200 basis pts higher than everyone else)

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Availability: Easy membership requirement.

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More Past Offers

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