LAFCU (MI) Offers 60-Month Jumbo CD Statewide


Deal Summary: 60-month Jumbo Term Share Certificate, 3.50% APY, $10k minimum deposit.

Availability: Residents of Michigan.

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.

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.

The Truth-in-Savings disclosure doesn’t include any Early Withdrawal Penalty information. According to CSR (and confirmed on the Ask a Question page), the Early Withdrawal Penalty reads as follows:

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, 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.

How the Jumbo Term Share Certificate Compares

When compared to 347 similar length-of-term CDs tracked by 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.

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.

Related Pages: Flint CD rates, Lansing CD rates, 5-year CD rates

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