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 November 30, 2020, and is only available to current members. As stated on the 85th Anniversary Promotion landing page,

Must be a Lafayette Federal member as of October 31, 2020 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 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.

Thanks to DA reader, HollyHolly, for the Forum post about this very competitive CD. Let's hope we keep seeing these types of credit union CD specials as this zero-rate environment drags on.


Headquartered in Rockville, Maryland, Lafayette Federal Credit Union’s field of membership (FOM) now offers a way to join for almost any US citizen or resident alien, but only existing members (as of 10/31/20) can open a Special Share Certificate.

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.

Opening a Special Thanksgiving Share Certificate can be done online. As of April 6, 2020, the eight full-service branches in Maryland (3), Virginia (2), and Washington, D.C.(3) are operating on an “appointment-only structure.” Lafayette FCU’s Branch Locations 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 11.14% (excellent), based on June 30, 2020 data. In the past year, Lafayette FCU has increased its total non-brokered deposits by $166.12 million, an excellent annual growth rate of 37.62%. 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 FCU is currently the tenth largest credit union headquartered in Maryland, with nearly 26,000 members and $816 million in assets.

How the Special Thanksgiving Share Certificate Compares

When compared to 151 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Lafayette Federal Credit Union’s 20-month Special Thanksgiving Share Certificate APY currently ranks first.

The above rates are accurate as of 11/4/2020.

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, 1-year CD rates, nationwide deals

  |     |   Comment #1
Ken, LFCU is headquartered in Rockville, MD, not Rockland. I live in Rockville myself. It's a suburb of DC.

Mailing Address
Lafayette Federal Credit Union
2701 Tower Oaks Boulevard
Rockville, MD 20852
Ken Tumin
  |     |   Comment #2
Thanks ichaelm. It's now corrected.
  |     |   Comment #3
Must have already been a member as of Oct 31,2020 to take advantage of this promotional rate of 1.86 APR for 20 Mo.
  |     |   Comment #4
where did u see unlimited beneficiares? I opened acct on line today and it would only accept two.
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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Lafayette Federal Credit Union 5-Year CD Earns 3.03% APY
Deal Summary: 5-year Fixed CD, 3.03% APY, $500 minimum deposit.

Availability: Easy membership requirement.

Here’s something to be grateful for: Maryland-based Lafayette Federal Credit Union (Lafayette FCU) is now an easy membership requirement credit union and is offering 3.03% APY on its 5-year Fixed CD. The minimum opening deposit is $500, with no stated balance cap.

The 5-year Fixed CD is also available as a Fixed IRA (Traditional, Roth, CESA), earning the same 3.03% APY with the same funding requirements.

As stated in the Truth-in-Savings disclosure, partial withdrawals...

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