In February, North Carolina-based Latino Community Credit Union (LCCU) brought back its competitive long-term Jumbo CDs ($100k min) after a long absence. In March, LCCU added a $200k minimum rate tier to the Jumbo CDs; at that time, the $200k minimum rates earned a uniform 25 bps higher than the $100k minimum rates.
About a week ago, LCCU substantially raised the rates on both the $200k and $100k rate tiers, adding between 45-60 bps. A more modest rate increase (5-30 bps) occurred over the weekend, but only for the $200k Jumbo CDs.
Interest on the Jumbo CD accrues daily, but is NOT compounded. As stated in the Rules and Regulations Brochure,
For 6- and 12-month STCs, you may choose to have the interest earned paid to the STC or to another account at LCCU. Interest earned for all other STCs must be paid to another account at LCCU.
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 6, 12, or 18 months cancelled early are charged a penalty
of 90 days of interest or all interest accrued or earned, whichever is less.
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.
Funding a Jumbo CD can be done by ACH or wire transfer. Unfortunately, LCCU does not participate in the CO-OP Shared Branch network. Maturing funds can be distributed by cashier’s check to the address on file, by wire, or transferred to an LCCU savings/checking account. There is a 7-day grace period before automatic renewal.
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 the fee covers all family members.
Joining LCCU can be done online or in person at any of twelve North Carolina branches located in Carrboro, Charlotte (4), Durham (2), Fayetteville, Greensboro (2), High Point, Monroe, Raleigh (2), and Winston Salem.
After a Share Savings account has been opened ($10 minimum), additional accounts (such as a Jumbo CD) can be opened by using the Latino DirectNet online platform. A Jumbo CD can also be opened at any of the above-mentioned branch locations.
Credit Union Overview
Latino Community Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 5.26% (excellent) based on December 31, 2021 data. In the past year, LCCU has increased its total non-brokered deposits by $106.62 million, an excellent annual growth rate of 21.34%. Please refer to our financial overview of Latino Community Credit Union (NCUA Charter # 68430) for more details.
Latino Community Credit Union is currently the tenth largest credit union headquartered in North Carolina, with more than 106,000 members and assets in excess of $720 million. As a CDFI-certified credit union, LCCU is committed to providing “customized, ethical, and low-cost financial products.” According to a September 2021 press release,
Battle Creek, MI – Today, the W.K. Kellogg Foundation announced 10 finalists for the Racial Equity 2030 challenge, an open call for bold solutions to drive an equitable future for children, families and communities across the globe. The Challenge is awarding $90 million to help build and scale actionable ideas for transformative change in the systems and institutions that uphold racial inequities.
Latino Community Credit Union (LCCU) in conjunction with Latino Community Development Center (LCDC) are among these finalists, who were selected from applicants from 72 countries. “This is an amazing recognition of the work and the impact we have built during the last 21 years,” said LCCU/LCDC CEO and President, Luis Pastor. “Now is the time to expand our footprint of opportunity by building a bigger table at which we can all collaborate and dream together.”
How the Jumbo CDs Compare
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, only one credit union has higher rates than currently offered on all the Latino Community Credit Union Jumbo CDs ($200k), regardless of minimum deposit requirements. The following table compares the Jumbo CDs 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 5/2/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.