Latino Credit Union (Latino CU) is offering a competitive 2.10% APY on its 60-month Share Term Certificate (STC). The minimum opening deposit is $500, with no stated balance cap.
As part of Latino CU’s anniversary celebration, a $50 gift card will be awarded immediately upon opening an STC (12 months or greater) with a minimum $5k opening deposit.
As stated on the Share Term Certificate page, the Early Withdrawal Penalty for STCs opened with the $50 bonus reads as follows:
If canceled before 12 months, 1% cashback fee and 90 days interest or
accumulated interest whichever is less. If canceled after 12 months,
180 days interest or accumulated interest whichever is less.
As stated in the Rules and Regulations brochure, STCs opened with less than a $5k minimum deposit have a slightly different Early Withdrawal Penalty:
Should an early withdrawal be made of the funds in an STC account, a penalty
will be assessed on interest earned. No partial withdrawals may be made.
Many thanks to DA reader, ChasR, for calling attention to this nationally available Share Term Certificate.
Headquartered in Durham, North Carolina, Latino Credit Union offers membership to anyone who joins the Latino Community Development Center (LCDC) with a one-time $20 fee that covers all family members. Founded in 2002, LCDC promotes financial literacy and education.
”You don’t have to be Latino to join!”
Latino CU’s “online application” is actually a fillable PDF that can be returned by email, fax, or in person at any of ten North Carolina branches located in Carrboro, Charlotte (2), Durham, Fayetteville, Greensboro, Monroe, Raleigh (2), and Winston Salem. Following application submission, the Credit Union will contact you to confirm your new membership.
Existing members can open a Share Term Certificate in-branch or online, but new and prospective members must visit a branch.
Credit Union Overview
Latino Credit Union (NCUA Charter # 68430) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 9.38% (excellent) based on March 31, 2016 data. In the past year, Latino CU has increased its total deposits by $28.6 million, an excellent annual growth rate of 28.94%. Please refer to our financial overview of Latino Credit Union for more details.
Latino Credit Union is the 15th largest credit union in North Carolina, with over 62,200 members and assets in excess of $216 million.
Latino Credit Union was founded in 2000 as a grassroots response to a wave of
robberies and muggings of Latino immigrants in Durham, North Carolina. Since
then, it has become a national model for credit unions and community development
financial institutions seeking to serve unbanked, immigrant communities.
The Credit Union was featured in a 2011 University of Virginia’s Darden School of Business and Tayloe Murphy Center study, as a base model of the positive effects of mainstream financial services on the unbanked.
In reviewing statistics from 1990 through 2008, the study found that each time
LCU opened a branch in North Carolina, the number of robberies dropped by an
average of 57 per year, almost 4% percent in each county. The decline in crime
also led to an increase in property value in those same counties.
How the CD Compares
When compared to the 125 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, Latino Credit Union's 60-month Share Certificate currently ranks sixth.
The above rates are accurate as of 7/21/2016.