Long-time DA reader, cumulus, posted about a good deal in the Forum yesterday. While the 19-month Promotional Certificate (1.25% APY) offered last month by Langley Federal Credit Union (Langley FCU) is no longer available, a new 21-month Promo Certificate has been added to the product line. Earning 1.00% APY, the 21-month Promo Certificate can be opened with a $1k minimum deposit and is capped at $25k.
The 21-month Promo Certificate has some limitations, which are listed in the fine print of the landing page.
- Offer applies to all current members or new members in VA, NC, MD, and DC.
- Minimum to open a Certificate is $1,000.
- Includes IRA Certificates. Minimum to open a IRA Certificate is $500.
- Maximum deposit is $25,000. If the regular or IRA certificates are funded with more than $25,000, the balance will be transferred to primary savings.
- Limit one 21-Month Certificate and one IRA Certificate account per member.
- Not eligible for Active Rewards rate enhancement and cannot be combined with any other promotional offer.
When compared to the recently ended 19-month Promotional Certificate (1.25% APY), the current 21-month Promo Certificate (1.00% APY) isn’t as competitive: the two additional months can’t make up for the 25 bps difference in APYs. The maximum earnings for the 19-month ($25k deposit) was approximately $497, while the 21-month will only return about $439 on the same $25k.
There are 11 different Disclosures on Langley FCU’s website, but a Truth-in-Savings disclosure for CDs is still not one of them. The following information was provided by CSR.
- Individuals joining Langley FCU must first establish a membership, fund the new Langley Savings Account with the monies to be used to open the Promo Certificate, and then call 757.827.5328 to open the Promo Certificate over the phone.
- The Early Withdrawal Penalty is 180 days interest on the amount being withdrawn, with partial withdrawals allowed as long as a $1k minimum balance is maintained.
- Maturing funds can be distributed by cashier’s check or wire transfer, or transferred to a Langley FCU liquid account (checking, savings, money market account). Once the funds are in another Langley FCU account, you can initiate an ACH transfer from an outside institution. Outgoing ACH transfers cannot be initiated from any Langley FCU account.
- There is a 21 (yes, twenty-one) calendar day grace period before the 21-month Promotional Certificate renews as fixed rate 18-month Certificate.
Many thanks to the prolific cumulus for another timely Forum post.
Headquartered in Newport News, Virginia, Langley Federal Credit Union offers membership to virtually any U.S. citizen or resident alien who has a valid Social Security number. There are no longer any requirements to meet to qualify for membership – anyone is welcome to apply. That’s the good news.
The quite-not-as-good news is that the 21-month Promo Certificate is offered to “all current members or new members in VA, NC, MD, and DC.” Previous Promo Certificate offerings included an “as of date” for current members, but there’s no mention of that on the current landing page.
Joining Langley FCU and/or opening a 21-month Promo CD can be done online, over the phone (757.827.5328), or at any of 19 Virginia branches located in Carrollton, Chesapeake (2), Hampton (2), Hayes, Langley AFB, Newport News (4), Norfolk (2), Poquoson, Virginia Beach (3), 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.
Credit Union Overview
Langley Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.19% (excellent) based on March 31, 2021 data. In the past year, Langley FCU has increased its total non-brokered deposits by $597.01 million, an excellent annual growth rate of 22.83%. 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. (NACA was founded in early 1915 and 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 nearly 290,000 members and assets in excess of $3.8 billion, Langley FCU is currently the fifth largest credit union headquartered in Virginia and the 85th largest credit union in the country.
According to a recent press release,
The Board of Directors and Leadership team of Langley are excited to announce that Virginia Beach Schools Federal Credit Union (VBSFCU) has announced plans to merge with us.
VBSFCU was formed in 1960 at Princess Anne High School to meet the financial needs of their teachers. Since then, they have grown to serve all Virginia Beach City Public Schools, Accomack and Northampton County Schools, and Virginia Wesleyan University. In addition, they serve the employees of the Virginia Beach Adult Learning Center, St. John the Apostle Catholic School, and the Art Institute of Virginia Beach.
How the Promo Certificate Compares
When compared to 208 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Langley Federal Credit Union’s 21-Month Promo Certificate APY currently ranks first.
The above information and rates are accurate as of 8/26/2021.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.