For more than two years, Virginia-based Langley Federal Credit Union (Langley FCU) has featured a series of promotional certificates that have been available for about a month. The latest promotion is a 14-month CD Special, offering a competitive 5.70% APY.
|5.70%||$500||-||Langley Federal Credit Union||14 Month CD Special - New Money|
While offering competitive APYs, the CD Specials have not been a string of “cookie-cutter” CDs; each CD Special has had a slightly different qualifying requirement. The current 14-month CD Special is unique because it can only be opened by new members with new money.
A new member is defined as an individual that does not currently have an account with Langley Federal Credit Union.
New money is defined as funds not currently on deposit with Langley Federal Credit Union.
The phrase “new members with new money” seems obvious at first glance, but it may be worded that way so an existing Langley FCU member can’t fund a CD Special being opened by a new member who might possibly be a relative.
The fine print on the landing page lists the 14-month CD Special details, including,
- The minimum balance to open the certificate is $500.
- Open to new members with new money.
- No maximum deposit.
- Includes IRA Certificates.
- Limited time offer.
- Not eligible for Active Rewards rate enhancement and cannot be combined with any other promotional offer.
Early Withdrawal Penalty
As stated in the Truth-in-Savings for Certificates, the Early Withdrawal Penalty reads as follows:
Terms of 12 months of longer – 180 days’ dividends
The TIS also states,
If the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal.
Availability and Account Opening
Headquartered in Newport News, Virginia, Langley Federal Credit Union offers membership to virtually any U.S. citizen or resident alien, 18 years or older, with a valid Social Security number. There are no other requirements to meet to qualify for membership – anyone is welcome to apply.
Joining Langley FCU and/or opening a 14-month CD Special can be done online, over the phone (757.827.5328), or at any of 21 Virginia branches located in Carrollton, Chesapeake (2), Hampton (3), Hayes, Langley AFB, Newport News (3), Norfolk (2), Poquoson, Virginia Beach (5), Williamsburg, and Yorktown.
A savings account is the initial account to establish your membership with Langley. Once you make the initial $5 deposit, you become a member of the credit union, enabling you to take advantage of many other products and services that meet your needs.
Langley FCU participates in the CO-OP Shared Branch network, providing its members with access to more than 5,000 shared branches across the country.
Funding and Other Details
- Funding – ACH ($51k max), wire, or credit/debit card ($1k max).
- CO-OP Shared Branch Participant – Yes.
- Ownership – Individual, joint, or trust.
- Dividends – Compounded/credited monthly; automatic transfer of dividends to a Langley FCU liquid account can set up when opening a CD Special.
- Maturing Funds – Wire, cashier’s check to address on file, or internal transfer. ACH transfers cannot be initiated from any Langley FCU account.
- Beneficiaries – Unlimited (Langley representative must assist in adding, either by phone or secured email), percentages can be assigned, Social Security numbers required.
- Grace Period – 7 calendar days before automatic renewal.
- Credit Check – Soft pull when joining.
Credit Union Overview
Langley Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.09% (excellent) based on March 31, 2023 data. In the past year, Langley FCU has increased its total non-brokered deposits by $600.06 million, an excellent annual growth rate of 16.03%. Please refer to our financial overview of Langley Federal Credit Union (NCUA Charter # 1261) for more details.
Langley Federal Credit Union was originally chartered in 1936 as the National Advisory Committee for Aeronautics (NACA) Laboratory Federal Credit Union. (Founded in early 1915, NACA was the predecessor of NASA.) Twenty-five NACA employees each deposited $1 to pay the charter fee, and the following month, the Credit Union opened its doors with assets totaling $275. With more than 356,000 members and assets in excess of $5.1 billion, Langley FCU is currently the third largest credit union headquartered in Virginia and the 66th largest credit union in the country.
How the 14-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationally and have minimum deposit requirements of $10k or less, two credit unions have a higher rate than currently offered on the Langley Federal Credit Union 14-month CD Special. The following table compares the 14-month CD Special 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|
|6.00%||12-Month CD (EWP=90 days)||City Credit Union|
|5.75%||10-Month CD Special (EWP=90 days)||Abound Credit Union|
|5.70%||14-Month CD Special (EWP=180 days)||Langley Federal Credit Union|
|5.60%||12-Month CD (EWP=90 days)||Limelight Bank|
|5.55%||12-Month CD (EWP=90 days)||CFSB|
The above information and rates are accurate as of 8/29/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.