Liberty Savings Federal Credit Union (LSFCU) recently raised the rate on its 72-month Term Certificate, with a minimum $500 deposit earning 2.00% APY and a minimum $5k deposit earning 2.10% APY.
|2.10*%||$5k||-||Liberty Savings Federal Credit Union||72 Month CD|
|2.10*%||$5k||-||Liberty Savings Federal Credit Union||72 Month IRA|
The 72-month Term Certificate is also available as an IRA (Traditional) earning the same APYs, with the same funding requirements.
The fine print on the Deposit Rates page states,
Bonus dividend of an additional 0.10% on any single
certificate of 2 years or more with a balance of $50,000 or more.
According to CSR, the Early Withdrawal Penalty for any of Term Certificate is “3 months of dividends, whether earned or not.”
Headquartered in Jersey City, Liberty Savings Federal Credit Union offers membership to individuals who live, work, worship, or attend school in Hudson County in northern New Jersey (proof of residency required).
Employees, retirees, members, and volunteers of more than 170 SEGs are also eligible to join.
Joining Liberty Savings Federal Credit Union can be done by visiting of any of the three New Jersey branches located in Jersey City (2) and Union City, by mail, or through an SEG employer on site.
LSFCU’s Membership Application is available for download to expedite the application process.
Credit Union Overview
Liberty Savings Federal Credit Union (NCUA Charter # 7184) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 18.78% (above average) based on March 30, 2016 data. In the past year, LSFCU has increased its total deposits by $5.03 million, an excellent annual growth rate of 6.98%. Please refer to our financial overview of Liberty Savings Federal Credit Union for more details.
During the course of my research on any given credit union, I frequently come across phrases like “organized by a few employees”, or “established by a group of local businessmen.” In the case of Liberty Savings Federal Credit Union, the founding members were husband and wife, William and Catherine Miller. While attending New York University, Mr. Miller had written a doctoral thesis on the history of the credit union movement. Miller put his theoretical knowledge to work, and the Hudson County School Employees Federal Credit union was chartered in 1951. The past 65 years have seen expansion, the addition of many SEGs, and two name changes. LSFCU has grown to serve over 21,700 members and hold assets in excess of $87 million.
How the CD Compares
When compared to the 11 similar length-of-term CDs tracked by DepositAccounts.com that are available to New Jersey residents, Liberty Savings Federal Credit Union’s 72-Month CD currently ranks first, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.20% APY||72-Month Term Certificate ($50k min)||Liberty Savings Federal Credit Union|
|2.00% APY||72-Month CD ($500 min)||INOVA Third Federal Savings & Loan|
|1.85% APY||6-Year CD ($500 min)||GS Bank|
The above rates are accurate as of 8/25/2016.