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- Dividends – compound and are credited quarterly and can be withdrawn without penalty.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.”
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.
|APY||CD 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.