Langley Federal Credit Union Unveils Competitive 21-Month Promo CD

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Deal Summary: 21-month Promo Certificate, 4.07% APY, $500 minimum deposit, new money required.

Availability: Easy membership requirement

Virginia-based Langley Federal Credit Union (Langley FCU) has debuted a new 21-month Promo Certificate earning 4.07% APY. This limited-time offer can be opened with a $500 minimum deposit, with no stated balance cap. Like September’s 16-month Promo Certificate, the 21-month Promo Certificate requires new money, which is defined as “funds not currently on deposit with Langley Federal Credit Union.”

The 21-month Promo Certificate is also available as an IRA Promo Certificate (Traditional and Roth), earning the same 4.07% APY with the same deposit requirements.

Since the beginning of the year, the Promo Certificates have been available for at least a month before a new Promo Certificate is added. For the last three months, the new Promo Certificate has made its debut mid-month. The following is a list of the Promo Certificates Langley FCU has offered in 2022.

  • 16-month Promo Certificate, 4.00% APY (September)
  • 19-month Promo Certificate, 3.20% APY (August)
  • 33-month Promo Certificate, 3.25% APY (July)
  • 22-month Promo Certificate, 2.75% APY (June)
  • 27-month Promo Certificate, 2.25% APY (May)
  • 22-month Promo Certificate, 1.50% APY (February)
  • 14-month Promo Certificate, 1.25% APY (January)

The fine print on the landing page lists the 21-month Promo Certificate details, including,

  • The minimum balance to open the certificate is $500. No maximum deposit.
  • Limited time offer.
  • Not eligible for Active Rewards rate enhancement and cannot be combined with any other promotional offer.

As stated in the Truth-in-Savings for Certificates, the Early Withdrawal Penalty reads as follows:

        Terms of 3 to 6 month – 90 days’ dividends

        Terms of 12 months of longer – 180 days’ dividends

According to CSR, those 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. Langley FCU participates in the CO-OP Shared Branch network, facilitating the transfer of funds. While the initial membership funding can be done online, the membership application lists these limitations: “Card $1,000.00 and Bank account transfer $51,000.00.

Dividends are compounded and credited monthly. As stated in the TIS disclosure,

At your option, you may choose to have dividends credited to your certificate account or transferred to another account of yours. If you elect to have dividends transferred to another account, compounding will not apply.

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 7 calendar day grace period before the 21-month Promo Certificate renews as a "regular" 24-month Fixed Rate Certificate.

According to CSR, there is no limit of the number of beneficiaries that can be designated but “a representative must assist in adding a beneficiary,” either through a phone call or secured email. Social Security number, full legal name, and DOB are required for each beneficiary.

Thanks to DA reader, Carpline, for the Forum post about Langley FCU newest Promo Certificate.

Availability

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 longer any requirements to meet to qualify for membership – anyone is welcome to apply.

Joining Langley FCU and/or opening a 21-month Promo Certificate 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.

Credit Union Overview

Langley Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.16% (excellent) based on June 30, 2022 data. In the past year, Langley FCU has increased its total non-brokered deposits by $569.4 million, an excellent annual growth rate of 17.54%. 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 340,000 members and assets in excess of $4.4 billion, Langley FCU is currently the fourth largest credit union headquartered in Virginia and the 78th largest credit union in the country.

How the 21-Month Promo Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the Langley Federal Credit Union 21-month Promo Certificate. The following table compares the 21-month Promo Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 10/7/2022.

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, Norfolk CD rates, 5-year CD rates, IRA CD rates, nationwide deals

Comments
computerboy757
  |     |   Comment #1
Renews to an 18-month certificate, not 24 months. Langley Certificates always renew down in term.
Rickny
  |     |   Comment #2
_You have to call to open a CD. Just plain ridiculous. Hold times and callbacks... No thanks.
RZ
  |     |   Comment #3
I have not encountered any usual hold times and found the the CSRs to be friendly and helpful. You can set up the CD immediately by phone and fund it later.
Rickny
  |     |   Comment #4
You should be able in this day and age open a CD online with no hassle and not have to make a phone call.
P_D
  |     |   Comment #5
I agree. I try to minimize phone contact because I consider it a bigger security risk than doing things online. Other disadvantages are that you don't have a record of the conversation unless you record the call, and in most cases it's much less time efficient. I feel really uncomfortable giving someone my private information on the phone, but sometimes it's not avoidable. It's even riskier when they're working from home and not being supervised. I really appreciate the well-designed websites and processes that enable minimal phone interaction. And of course it's much more efficient for them too.

It's not necessarily a deal killer for me, but it does raise the question of why they can't make it more efficient.
RZ
  |     |   Comment #11
I was already a Langley CU member. No personal information was asked, I only had to request for the CD to be opened and that I would fund it via the balance in my savings account. I actually appreciate the personal service one receives from the smaller CUs as opposed to speaking to someone at some overseas call center whose native language is other than English.
Buckeyes
  |     |   Comment #6
one year treasuries are being offered at etrade for 4.36%. just sayin.
Mals
  |     |   Comment #7
Totally agree Buckeyes. I have been an active buyer of various Treasuries for a few weeks. Returns on Treasuries have been consistently better than traditional CD’s and so much easier to transact.
Rickny
  |     |   Comment #8
#6 Are these secondary market? Are they selling at discount or premium? Rate sounds great
Buckeyes
  |     |   Comment #9
yes secondary market Rick. I have only recently explored this option myself. the math always works out though to the rate they quote you. Ive bought 3,6,9 and 12 month to put my IRA money to work that's been sitting in all cash since January, but once rates crept up i needed to put the money to work safely. I'm flying by the seat of my pants :)
Rickny
  |     |   Comment #10
#9 Thank you for the information. May start looking at Treasury issues. Opening CDs has become more of a hassle and/or having to deal with hard credit hits.
RZ
  |     |   Comment #12
It may be a small difference but buying the new issues that come out weekly saves you the expense of the bid/ask spread inherent to the secondary market
P_D
  |     |   Comment #13
On the other hand with a non-competitive bid you do not know what your yield will be until the auction is completed. Also by the time the new issue auction for the term you want to buy takes place the market may have changed.
RZ
  |     |   Comment #14
Not likely for there to be a significant change on the short term TBills. The price you get generally beats the spreads.
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Availability: Easy membership requirement

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