Library of Congress Federal Credit Union Has Rate-Leading CDs

Washington D.C.-based Library of Congress Federal Credit Union (LCFCU) is offering rate-leading and near rate-leading APYs on four of its Share Certificates (SC). The 12-17 month (5.61% APY) and 36-47 month (5.30% APY) SC have the most competitive rates, particularly when compared to CDs at the higher end of the term-length (e.g. 12-17 SC compared to an 18-month CD).

The SCs are also available as IRA Share Certificates (Traditional, Roth, SEP, CESA), but earn APYs 5-6 bps higher (12-17 month, 5.67% APY and 36-47 month, 5.35% APY) with a $1k minimum opening deposit required.

Early Withdrawal Penalty

As stated in the LCFCU Terms and Conditions document (page 19), the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of 180 days or greater: The penalty we may impose will equal 180 days dividends on the amount withdrawn subject to penalty.

CSR confirmed that partial withdrawals are allowed, but any withdrawal made within 180 days of account opening will reduce the principal.

Availability

Headquartered in Washington, D.C., Library of Congress Federal Credit Union’s field of membership (FOM) includes an easy membership option, allowing virtually all U.S. citizens and resident aliens to join.

Easy Membership Requirement: Joining the American Library Association (ALA) as an Associate ($73 dues) qualifies for membership in LCFCU. You must join ALA before applying for LCFCU membership and provide proof of ALA membership. After submitting the LCFCU application, LCFCU will contact you to provide your ALA card with membership number.

Employment: Employees of the Library of Congress, Library of Congress volunteers, researchers and scholars are all eligible to join LCFCU.

SEGs: Individuals employed by nearly 40 metro Washington D.C. SEGs (including several U.S. government agencies and library-associated groups) qualify for membership.

Relationship: Family and household members of anyone eligible to join LCFCU also qualify for membership. As stated in the Join Now page, family members are defined as “spouse, children, parents, grandparents, grandchildren, stepparents, stepchildren, stepsiblings, adoptive relations.”

Individuals (domestic partners, roommates, other family members, and legal guardians) maintaining a single economic unit with an eligible employee may also join.

Account Opening

Joining LCFCU can be done online, by calling 202.707.5852 or 800.325.2328, or at the sole Washington, D.C. branch located on Independence Avenue near Capitol Hill.

Opening a Share Savings account ($5 one-time fee and a $5 minimum deposit) establishes the account holder as a membership of Library of Congress Federal Credit Union.

Opening a Share Certificate can be opened by phone as long as funds are on deposit with LCFCU or in person at the Washington, D.C. branch.

Funding and Other Details

The following information is from a conversation with CSR.

• Funding – ACH, wire (no fee), Shared Branch transaction, or cashier’s check. Funds must be on deposit in an LCFCU Share Savings account before opening a Share Certificate.
• CO-OP Shared Branch Participant – Yes.
• Ownership – Individual or joint.
• Dividends – Compounded/credited quarterly. “You may choose to have dividends paid to you or to another account every month, quarter, or at maturity … rather than credited to the account.”
• Maturing Funds – Automatic transfer into an LCFCU Share Savings account.
• Beneficiaries – Attached to the membership account, not to individual accounts. Unlimited beneficiaries can be designated and will receive equal shares of all accounts. Social Security number required.
• Grace Period – none, Share Certificates do not automatically renew.
• Credit Check – ID verification only when joining or opening a new account.

Credit Union Overview

Library of Congress Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.16% (excellent) based on September 30, 2023 data. In the past year, LCFCU’s total non-brokered deposits decreased by -$4.1 million, an average annual growth rate of -1.66%. Please refer to our financial overview of Library of Congress Federal Credit Union (NCUA Charter # 266) for more details.

Library of Congress Federal Credit Union was established in 1935 by twelve Library of Congress employees “who purchased 17 shares at $5 each.” (FYI – $5 in 1935 is the equivalent of approximately $112 today.) Currently the sixth largest credit union headquartered in Washington, D.C., Library of Congress Federal Credit Union has nearly 10,000 members and assets in excess of $300 million.

How the 12-17 Month Share Certificate Compares to 18-Month CDs

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Library of Congress Federal Credit Union 12-17 Month Share Certificate. The following table compares the 12-17 Month Share Certificate to the four highest-rate 18-month CDs from other banks/credit unions with nationwide market areas.

How the 12-17 Month Share Certificate Compares to 1-Year CDs

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the Library of Congress Federal Credit Union 12-17 Month Share Certificate. The following table compares the 12-17 Month Share Certificate to the four highest-rate 1-year CDs from other banks/credit unions with nationwide market areas.

How the 36-47 Month Share Certificate Compares to 3-Year CDs

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Library of Congress Federal Credit Union 36-47 Month Share Certificate. The following table compares the 36-47 Month Share Certificate to the four highest-rate 3-year CDs from other banks/credit unions with nationwide market areas.

How the 36-47 Month Share Certificate Compares to 4-Year CDs

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Library of Congress Federal Credit Union 36-47 Month Share Certificate. The following table compares the 36-47 Month Share Certificate to the four highest-rate 4-year CDs from other banks/credit unions with nationwide market areas.

The above information and rates are accurate as of 1/25/2024.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.