While many banks and credit unions are focusing on short-term CD rates, Latino Community Credit Union (LCCU) is currently offering competitive rates on its long-term Jumbo CDs: 24-month (3.15% APY), 36-month (3.25% APY), 48-month (3.30% APY), and 60-month (3.35% APY). A minimum $200k deposit is required to open any LCCU Jumbo CD.
LCCU does not permit partial withdrawals, only early closures. As stated in the fine print on Certificates of Deposit page, the Early Withdrawal Penalty reads as follows:
Certificates of 24 months or more cancelled early are charged a penalty
of 180 days of interest or all interest accrued or earned, whichever is less.
1% Cash Back CDs
For a limited-time, LCCU is offering an instant 1% cash back bonus when opening a CD with a minimum $5k deposit. The bonus is paid when the CD is opened and will be deposited into the CD owner’s Share Account.
Since this is a one-time cash back bonus, the 1% bonus isn’t that advantageous for the long-term CDs. On the other hand, it does make the 12-month CD (1.75% APY) a good deal: the 1% bonus adds 100 bps to the APY, giving it an effective APY of 2.75%. The same 1% bonus only adds about 50 bps to the 24-month CD’s 2.15% APY.
Two things to be aware of: the 1% bonus is not available on Jumbo CDs or the regular 6-month CD, and if the 1-year CD is closed early, the bonus will be forfeited. The fine print reads as follows:
Certificate must be maintained for a minimum of one year from the date of opening. If the account is closed before one year has elapsed, the 1% bonus provided at the account opening will be forfeited
Headquartered in Durham, North Carolina, Latino Community Credit Union offers membership to any U.S. resident with a valid Social Security number through the Latino Community Development Center (LCDC). Founded in 2002, LCDC is a nonprofit organization, which promotes financial literacy and education. There is a one-time $10 fee to join LCDC and it includes all family members.
Joining LCCU and/or opening a Jumbo CD can be done online or in person at any of eleven North Carolina branches located in Carrboro, Charlotte (3), Durham, Fayetteville, Greensboro, Monroe, Raleigh (2), and Winston Salem.
Credit Union Overview
Latino Community Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.30% (excellent) based on June 31, 2018 data. In the past year, LCCU has increased its total non-brokered deposits by $39.86 million, an excellent annual growth rate of 19.17%. Please refer to our financial overview of Latino Community Credit Union (NCUA Charter # 68430) for more details.
Latino Community Credit Union is the 13th largest credit union headquartered in North Carolina, with nearly 77,000 members and assets in excess of $310 million. As a CDFI-certified credit union, LCCU is committed to providing “customized, ethical, and low-cost financial products.” According to a July 2018 article,
Duke University and Latino Community Credit Union (LCCU) are growing their partnership to amplify their joint effort to promote local economic and community development. Last week, Duke made an additional $3.6 million investment in LCCU, increasing its total deposit to $6 million. This deposit will ensure that approximately 88 Durham families have access to affordable mortgages and can become first-time home-buyers.
How the Jumbo CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Latino Community Credit Union's 24-month Jumbo CD APY currently ranks first, regardless of minimum deposit requirements.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Latino Community Credit Union's 48-month Jumbo CD APY currently ranks second, regardless of minimum deposit requirements.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Latino Community Credit Union's 36-month Jumbo CD APY currently ranks third, regardless of minimum deposit requirements.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Latino Community Credit Union's 60-month Jumbo CD APY currently ranks third, regardless of minimum deposit requirements.
The above rates are accurate as of 9/26/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.