Langley Federal Credit Union Has New 15-Month CD Special
For a limited time, Langley Federal Credit Union (Langley FCU) is offering a 15-month CD Special earning 1.00% APY. New money is required to fund the CD Special, with a minimum $1k opening deposit and a $25k maximum deposit. There is a limit of one CD Specials per member. (Thanks to DA reader, wuvulu21.) While this is a limited-time offer, no end-date has been specified.
Langley FCU’s Active Rewards, which adds an additional 0.10% to CDs, does not apply to the Promotional Certificate.
Langley FCU’s website contains 11 different Disclosures, but a Truth-in-Savings disclosure for CDs is not one of them. The following information was provided by CSR.
- The Early Withdrawal Penalty is 180 days interest on the amount being withdrawn, with partial withdrawals allowed as long as a $1k minimum balance is maintained.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 15-month CD Special renews as an 18-month CD.
Availability
Headquartered in Newport News, Virginia, Langley Federal Credit Union offers membership to virtually any U.S. citizen or resident alien with a valid Social Security number.
In the past, Langley FCU’s field of membership (FOM) included employment status, organization affiliation, family relationship, and membership in several non-profit organizations, with the specifics listed on the online application.
Long story short, there are no longer any requirements to meet to qualify for membership – anyone is welcome to apply.
Joining Langley Federal Credit Union can be done online 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. Masks are required for any in-branch visit.
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.
The 15-month CD Special can be opened online, by phone (757.827.5328), or at any of the above mentioned branch locations. According to CSR, those joining Langley FCU must first establish their membership, fund their new Langley Savings Account with the monies to be used to open the Promotional Certificate, and then call 757.827.5328 to open the Certificate over the phone.
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 2.55% (excellent) based on September 30, 2020 data. In the past year, Langley FCU has increased its total non-brokered deposits by $484.83 million, an excellent annual growth rate of 20.04%. 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 more 281,000 members and assets in excess of $3.5 billion, Langley FCU is currently the fifth largest credit union headquartered in Virginia and the 86th largest credit union in the country.
In keeping with its tag-line of “Save, Borrow, & Spend Wisely,” Langley FCU is committed to the well-being of its community. According to a January 2021 press release,
Langley Federal Credit Union and Langley for Families Foundation donated a record-breaking $1,402,468 during 2020. Langley demonstrated its commitment to the Hampton Roads community by donating more than ever and increasing its charitable giving by 30%.
Grants specifically designated for COVID-19 response totaled $364,200. Yearly donations exceeded $1,000,000 for the second consecutive year and helped 127 different organizations that provide healthcare, housing and human services, safety and security, and financial education services.
How the CD Special Compares
When compared to 147 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Langley Federal Credit Union’s 15-Month CD Special APY currently ranks first.
The above information and rates are accurate as of 3/3/2021.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.
With their new $25K maximum offer ($250 per year @ 1.00% APY) if you've got bigger fish to fry, best to find a larger frying pan!
I've got a brokered CD [2.75% APY] with 10 times as much, maturing at the end of the month. This simply won't cut it.
Open to ideas for reinvesting the entire CD, whole hog (whole fish), with the ability to siphon off interest (as with the brokered CD) so the one-stop-shop account doesn't extend beyond FDIC/NCUA insurance coverage limits. Any suggestions?
Or does Ken's note imply that I can open up ten of these?
"There is no stated limit on the number of CD Specials that can be opened."
I have seven figure deposits to negotiate with and I have never found a bank or CU of any size that would negotiate rates, terms or any other part of CDs. Years ago they used to do that, but not any more.
I assume it is because of government regulation, internal compliance to ensure the CDs are uniform and comply with financial, legal and regulatory intent, a notion that it is somehow unfair and unethical to other depositors to negotiate and/or contrary to a favorable public image, or all of the above that makes them stick to the offer as publicly stated with no deviations allowed.