Langley Federal Credit Union Adds Competitive 22-Month Promo CD

In the past 15 months, Virginia-based Langley Federal Credit Union (Langley FCU) has offered seven competitive limited-time Promo Certificates. The eighth and most recent Promo Certificate is a 22-month that earns 2.75% APY. This limited-time offer can be opened with a $500 minimum deposit of new money, with no balance cap. New money is defined as “funds not currently on deposit with Langley Federal Credit Union.”

Previous Promo Certificates were available only to current members or new members in Maryland, North Carolina, Virginia, and the District of Columbia, but the 22-month has no such restrictions: all new members (regardless of residency status) and current members can open a 22-month Promo Certificate, as long as the new money requirement is met.

The fine print on the landing page lists the 22-month Promo Certificate details, including,

• The minimum balance to open the certificate is $500. No maximum deposit.
• Limited time offer.
• To qualify for the offer, certificates must be funded completely with new deposits. New deposits are defined as funds not currently on deposit with Langley Federal Credit Union.
• Not eligible for Active Rewards rate enhancement and cannot be combined with any other promotional offer.

If you have been reading the Langley FCU blog posts for the past year, the next sentence will probably sound familiar. There are 11 different Disclosures on Langley FCU’s website, but an online Truth-in-Savings disclosure for CDs continues to be non-existent. 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• The Early Withdrawal Penalty is 180 days interest on the amount being withdrawn, with partial withdrawals allowed as long as a $500 minimum balance is maintained.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 22-month Promotional Certificate renews as fixed rate 24-month Certificate.

Availability

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.

Unlike previous Promo Certificates that were offered only to current members or new members in Maryland, North Carolina, Virginia, or the District of Columbia, the 22-month Promo Certificate is available to current members and new members, no matter where they reside.

Joining Langley FCU and/or opening a 22-month Promo CD can be done online, over the phone (757.827.5328), or at any of 23 Virginia branches located in Carrollton, Chesapeake (2), Hampton (3), Hayes, Langley AFB, Newport News (4), Norfolk (2), Poquoson, Suffolk, 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 3.95% (excellent) based on March 31, 2022 data. In the past year, Langley FCU has increased its total non-brokered deposits by $530.8 million, an excellent annual growth rate of 16.52%. 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 than 322,000 members and assets in excess of $4.4 billion, Langley FCU is currently the fourth largest credit union headquartered in Virginia and the 78^th largest credit union in the country.

According to an October 2021 press release,

Langley Federal Credit Union is on a mission to improve its 300,000 members lives by helping them save, borrow, and spend wisely. Through its Affordable Banking initiatives, it has been able to document just how significant those savings are.

On October 1, 2021, Langley reduced fees for non-sufficient funds from $30 to $10. Langley’s Courtesy Pay, a service where it covers the transaction when the member is short on funds, was reduced from $30 to $20. These are not small changes. Approximately 40,000 members will save more than $4.5 million in fees annually because of these changes.

Langley has also introduced a loan rebate program that returns 10% of interest on auto, boat, recreational vehicle, or personal loans directly into members’ savings accounts. Since 2019, Langley has rebated more than $3 million to members.

How the 22-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, only one other credit union has a higher rate than currently offered on the Langley Federal Credit Union 22-month Promo Certificate. The following table compares the 22-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 6/14/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.