It’s not often I begin a blog post by talking about a new field of membership (FOM), but LAFCU’s FOM expansion merits mentioning. Until recently, only 11 of Michigan’s smaller counties were included in the FOM. Now the residents of the entire state (all 83 counties) are eligible to join, which means the market area for LAFCU’s 60-month Jumbo Term Share Certificate (3.50% APY) has grown exponentially. The minimum opening deposit is only $10k, with no stated balance cap.
|3.50%||$10k||-||LAFCU||60 Month Jumbo Term Share Certificate|
|3.50%||$10k||-||LAFCU||60 Month Jumbo IRA (Traditional, Roth, CESA, SEP)|
The 60-month Jumbo Term Share Certificate is also available as an IRA (Traditional, Roth, CESA, SEP), earning the same 3.50% APY with the same $10k minimum deposit.
For Jumbo Certificates with terms greater than one year,
the penalty is equal to 240 day of dividends.
CSR stated that partial withdrawals are not allowed, only early closures.
Up to two beneficiaries can be named on the online application, but CSR stated that additional beneficiaries can be added over the phone. Social Security numbers are required for all named beneficiaries.
Funding a CD can be done by ACH, wire, check, or through a shared branching transaction. LAFCU is a member of the CO-OP Shared Branch network, giving its members “the convenience of more locations to complete your financial transactions through shared branches throughout the country.”
Headquartered in Lansing, Michigan, LAFCU’s FOM is residency-based, with individuals who live, work, worship, attend school, or own a business anywhere in Michigan eligible to join.
LAFCU’s online membership application only gathers personal information. Following submission, an LAFCU representative will contact you by phone to confirm the information. At that time, the CD can be opened over the phone. Any documentation that needs to be signed will be sent via e-mail.
The membership application is also available as a download and can be returned by snail-mail.
You will need to fund your account with at least $5.00,
which is the minimum opening deposit required.
Joining LAFCU and/or opening a CD an also be done at any of ten Michigan branches, which are located in Charlotte, Corunna, Dewitt, Eaton Rapids, Lansing (3), Mason, Owosso, and St. Johns.
Credit Union Overview
LAFCU has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.01% (excellent) based on December 31, 2018 data. In the past year, LAFCU has increased its total non-brokered deposits by $26.06 million, an excellent annual growth rate of 4.65%. Please refer to our financial overview of LAFCU (NCUA Charter # 68632) for more details.
LAFCU is an acronym for “Lansing Automakers Federal Credit Union.” Founded in 1936 as the Oldsmakers Federal Credit Union, the original FOM included the employees of the Oldsmobile plant in Lansing, Michigan. As more automotive industry groups were added to the FOM, a more appropriate name was needed, with Lansing Automakers Federal Credit Union being an apt choice. LAFCU is currently Michigan’s 20th largest credit union, with more than 64,700 members and assets in excess of $694 million.
How the Jumbo Term Share Certificate Compares
When compared to 347 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available within the FOM, LAFCU's 60-month Jumbo Term Share Certificate APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.50% APY||60-Month Jumbo Term Share Certificate ($10k min)||LAFCU|
|3.35% APY||60-Month CD ($1k min)||First National Bank of America|
|3.30% APY||5-Year TDA ($500 min)||Case Credit Union|
The above rates are accurate as of 5/2/2019.
To search for the best CD rates, both nationwide and state specific, please refer to the CD Rates Table page.