Lafayette Federal Credit Union Adds New Checking Bonuses

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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,

New members who open a checking account and initiate a qualified direct deposit to Lafayette Federal Credit Union will receive a $50 deposit to their savings account.

An additional $50 will be awarded after first direct deposit which must be deposited no later than 45 days after account opening.

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

Lafayette Federal has raised the rate on its Checking Account to 2.04% APY on balances up to $25k for both current and new members. This includes a Bonus Rate of 2.02% APY on top of the Base Rate of 0.025%. Balances greater than $25k will earn 0.025% APY. A Lafayette Federal checking account can be opened with a minimum $5 deposit.

The only requirement to qualify for the 2.02% APY is at least one qualified direct deposit of at least $500 per month, which is defined on the promotion page as,

a recurring direct deposit of a paycheck, pension, Social Security or other periodic payment of at least $500 into a checking account on a month-to-month basis made by an outside organization or agency.

Existing members who already have a Lafayette FCU Checking account will automatically earn the 2.02% APY Bonus Rate, as long as a monthly qualified direct deposit of at least $500 is maintained.

The promotion page has the title "Oh, It’s True! 2% for ‘22" which sounds like the 2% may last through 2022. However, there's no mention about how long the Bonus Rate is guaranteed to last. The small print warns that rates could change at any time: "Rates current as of January 1, 2022 and subject to change without notice."

Availability

Headquartered in Rockville, Maryland, Lafayette Federal Credit Union’s field of membership (FOM) offers a way for almost any US citizen or resident alien 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 the Potomac, Maryland area, or 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 Federal and/or applying for the $100 bonus can be done online (using promo code DD2021) or at any of the six branches currently open to walk-in traffic. As stated on the Branch Locations page,

As of August 2nd, the following branches are open for walk-in business Monday through Friday, 8:30 a.m. to 4:00 p.m.: Cabin John, Columbia Heights, Crystal City, Kensington, McLean, and Tower Oaks.

In-person visits at our Jack Welty and SBA branches remain temporarily suspended.

Branch Locations page also 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 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 2.88% (excellent), based on September 30, 2021 data. In the past year, Lafayette Federal has increased its total non-brokered deposits by $184.75 million, an excellent annual growth rate of 29.79%. 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 Ownership Financial Literary Council for all U.S. residents). Lafayette Federal is currently the ninth largest credit union headquartered in Maryland, with nearly 43,000 members and $1.1 billion in assets.

Bottom Line

With no other requirement than opening a checking account and establishing/maintaining a direct deposit, it’s relatively easy for new Lafayette Federal members to earn the $100 bonus.

On a yearly basis, the checking account’s 2.04% APY has the potential to generate an extra $500 in dividends, if a maximum $25k balance is maintained. For new members, the combination of the 2.04% APY and the $100 bonus translates into a maximum $600 bonus. Earning $600 in an online savings account (earning the current top rate of 0.65% APY) would require approximately $92k on deposit for a year.

Given the current low interest rates, checking bonuses are more attractive, as a significant return can be realized in short time-frame not currently available in either a liquid account or short-term CD.

The above information and rates are accurate as of 1/7/2022.

Don’t qualify for the Lafayette Federal bonuses? Check our list of the best savings and checking account bonus offers for a bonus that’s right for you.

Related Pages: Washington checking accounts, checking accounts, nationwide deals, bank bonuses

Comments
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