In January, Latino Credit Union (Latino CU) raised all its CD rates, with increases ranging between 20 to 45 bps. Latino CU again raised CD rates across the board late last week, but with more modest increases of 5 to 20 bps. Of the seven CDs in the product line, 36- and 48-month CDs currently have the most competitive rates. Any Latino CU CD can be opened with a minimum deposit is $500, with no stated balance cap.
|2.40%||$500||-||Latino Credit Union||48 Month CD|
|2.30%||$500||-||Latino Credit Union||36 Month CD|
In the past seven months, all of Latino CU’s CDs have experienced four rate increases, with last week’s new APYs being the highest in seven years.
Latino CU does not permit partial withdrawals. 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.
Headquartered in Durham, North Carolina, Latino Credit Union offers membership to any U.S. resident with a valid Social Security number, through the Latino Community Development Center (LCDC). There is a one-time $10 fee, which covers all family members. Founded in 2002, LCDC promotes financial literacy and education.
Joining Latino CU and/or opening a CD can be done online or in person at any of ten North Carolina branches located in Carrboro, Charlotte (3), Durham, Fayetteville, Greensboro, Monroe, Raleigh (2), and Winston Salem.
Credit Union Overview
Latino Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 9.97% (excellent) based on December 31, 2017 data. In the past year, Latino CU has increased its total non-brokered deposits by $25.44 million, an excellent annual growth rate of 12.95%. Please refer to our financial overview of Latino Credit Union (NCUA Charter # 68430) for more details.
Latino Credit Union is the 13th largest credit union headquartered in North Carolina, with nearly 75,000 members and assets in excess of $276 million. Latino CU and Partners for Youth Opportunity (PYO) joined forces in 2015 to sponsor the “Saving for the Future Program,” a youth employment program with a focus on building financial capability.”
The Program provides high-school age, PYO students with paid internships and uses the payroll system to connect them to accounts at LCCU. PYO students agree to direct at least 20% of their income to their saving account to be used for post-secondary education. To help PYO students develop a culture of long-term planning and saving, the Program asks them to set a $325-savings goal. When the PYO students meet their savings goal, they receive a $175 savings match and are able to open a higher interest yielding one-year CD.
A November 2017 LCU case study stated that “36 of 43 program graduates achieved their savings goals, received a $175 savings match, and opened a 1-year CD.” The 43 program graduates saved a total of $39,369, an average of $916 per student.
How the CDs Compare
When compared to the 195 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Latino Credit Union's 36-month CD APY currently shares the top spot with Live Oak Bank’s 3-year CD APY.
When compared to the 167 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Latino Credit Union's 48-month CD APY currently ranks second.
The above rates are accurate as of 4/3/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.