Expired - Langley Federal Credit Union 14-Month CD Special Is Still Available
I wrote about the 14-month CD Special (5.70% APY) offered by Virginia-based Langley Federal Credit Union (Langley FCU) in late August. As the nationally available 1-year CD APYs have been shifting downward in the past three weeks, the 14-month CD Special has become more competitive.
Langley FCU has been offering CD Specials with competitive APYs for a few years, with each CD Special having slightly different qualifying requirements. 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, which include,
- 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 9.08% (excellent) based on June 30, 2023 data. In the past year, Langley FCU has increased its total non-brokered deposits by $557.73 million, an excellent annual growth rate of 14.61%. 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 363,000 members and assets in excess of $5.1 billion, Langley FCU is currently the third largest credit union headquartered in Virginia and the 67th 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, one credit union has 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.
The above information and rates are accurate as of 12/19/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
https://www.langleyfcu.org/14-month-promo-certificate
Or you can use the 'CD special' link mentioned in the beginning of this article.
And at a rate of 5 point whatever,...not chunk change anymore.
For that sum, go find a shared branch.
Dec ‘23 turns into Jan ‘24 now that the Fed has renounced its “higher for longer” mantra and kissed the behind of markets as it typically does. Will they plummet, - or hold their own in light of no movement down in the Fed Funds rate having yet happened. Januarys typically bring some good CU offers. Is a 5% 5 year even thinkable let alone plausible in the new year? I say yes.
I can't see them dropping that over 50 bps in one fell swoop.