Library of Congress Federal Credit Union Has Rate-Leading CDs

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Update 2/7/2024: The CD rates have fallen.

Deal Summary: Share Certificates – 12-17 month (5.61% APY), 18-23-month (5.20% APY), 24-35 month (5.25% APY), and 36-47 month (5.30% APY), $500 minimum opening deposit.

Availability: Easy membership requirement

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).

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.89%$500-Library Of Congress Federal Credit Union12 - 17 Month Share Certificate
4.78%$500-Library Of Congress Federal Credit Union18 - 23 Month Share Certificate
4.73%$500-Library Of Congress Federal Credit Union36 - 47 Month Share Certificate
4.68%$500-Library Of Congress Federal Credit Union24 - 35 Month Share Certificate
Rates as of February 8, 2024.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.94%$1k-Library Of Congress Federal Credit Union12 - 17 Month IRA Certificate (Traditional, CESA, SEP, Roth)
4.84%$1k-Library Of Congress Federal Credit Union18 - 23 Month IRA Certificate (Traditional, CESA, SEP, Roth)
4.78%$1k-Library Of Congress Federal Credit Union36 - 47 Month IRA Certificate (Traditional, CESA, SEP, Roth)
4.73%$1k-Library Of Congress Federal Credit Union24 - 35 Month IRA Certificate (Traditional, CESA, SEP, Roth)
Rates as of February 8, 2024.

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has an original maturity of 180 days or greater: The penalty we may impose will equal 180 days dividends on the amount withdrawn subject to penalty.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

Related Pages: Washington CD rates, 1-year CD rates, 5-year CD rates, IRA CD rates, nationwide deals

Comments
Kaight
  |     |   Comment #1
Good rates on the share certificates beyond doubt. But:

They want the ALA membership, costing over seventy bucks, prior to application. So that money is lost and gone by the time they come back and reject your application for whatever reason (e.g., ChexSystems)?

How about I agree to blow the $73, but only after they approve my new membership? I would like that better than what's out there now.

ETA

Just off telephone with LOCFCU (800-325-2328).  They do not use ChexSystems according to the rep who took my call.  I spoke with only that one, single, representative.  Everybody here knows such single point data oftentimes is unreliable.  But any financial institution that does not persecute honest savers with ChexSystems is deserving of a gold star in my opinion. 
me1004
  |     |   Comment #5
Yes. If anyone finds another SEG in the list that will get us in cheaper, please do advise.
racecar
  |     |   Comment #2
(1) Good rates right now, but if you look at their history graph for the various terms here on DA, it looks like they don't exactly have a history of higher-than-average savings rates. It looks like it's been 14 years (June 2010) since Ken's last post about great rates at LOCFCU.
(2) Flexible CD terms is nice.
(3) On their IRA page, it states there is indeed a penalty for early withdrawal of an IRA CD as well.
(4) Join process states they have the right to pull your credit score (don't know if it's hard or soft, or which agenc(ies), as I just looked at the application out of curiosity).
(5) The CDs never auto-renew, which is nice.

Generally not bad terms (low min, EWP not too bad), but these higher rates look like just a temporary blip for them, so one has to decide if it's worth it to join unless they have the funds available right now. Also, anyone interested in joining should ask if it's a soft or hard pull, and what credit agenc(ies) they use if one has freezes at the credit bureaus. Regardless though, support your local library!
BigAl
  |     |   Comment #6
"support your local library!"

I already do... through my property taxes and the special 'Library Bond' we passed a couple years or so ago.
APYAddict
  |     |   Comment #3
Per CSR. "To apply for an account at LOCFCU we don't pull credit" so no need to thaw with any agency.
CDmanFL
  |     |   Comment #4
$73 to join the ALA. Just can’t get comfortable with that. I’ll wait for the next special to come along.
choice1
  |     |   Comment #7
Took two minutes to find another way to join with a low $10 fee
Benson
  |     |   Comment #8
And that would be.....................??
CDmanFL
  |     |   Comment #9
Choice, please share the secret recipe.
choice1
  |     |   Comment #10
Really? Note the list on its website of categories/organizations that one has to be affiliated with. Note the difference? “Employees and members”…which category are you in? The first “member” I looked at was a potential winner…due diligence is a lost art. Make sure you do the latter before voting!  DA, where art thou?
yogooglethis
  |     |   Comment #12
I see employees or family category but not member category?
Carpline
  |     |   Comment #18
Exactly where did you find a way to join for $10?
jimdog
  |     |   Comment #19
Since Choice1 is such a tight wad, I see 4 ways at $25 and under. Rural Small libraries $20, Delaware Library A. $15, Mt. Pleasant Library Friends $15, Virginia Library A. $25.
jimdog
  |     |   Comment #20
Just noticed there is a Friends of M. Pleasant in NY, so that won't work. 
jimdog
  |     |   Comment #21
This posting was deleted by author due to bad info. 
kcfield
  |     |   Comment #23
Choice: Soliloquy rather than recipe? Why not just mention the name of the 10.00 affiliate rather than waxing with chimeric esoteric?
choice1
  |     |   Comment #22
And to all those who sent private messages…thanks! Most were right on target as to (other) membership opportunities …good catch! For others being a better research student may help…hint/hint! Try https://dla.lib.de.us/online-membership/. And see if that works…otherwise plan B is?
RichReg
  |     |   Comment #11
Don't know about choice's choice, but according to the Virginia Library Association website: 
"Individual membership is open to anyone with an interest in libraries in the Commonwealth of Virginia".

Fee is $25 for Non-students (friends).
Markiepost
  |     |   Comment #16
I tried several "Memberships." They allowed me to access the $15, $25, and $35 categories, but, when you make it to the final page, the $73 membership fee pops up, along with the $15, $25, $35 memberships selected. So, I could not find a way around the $73.
dale26s
  |     |   Comment #13
Online app doesnt even allow for anything other than employer/family member relation to join
RichReg
  |     |   Comment #14
Virginia Library Online app? Where? ,.. don't see one on their website.
For either Individual or Affiliate membership, it looks like they first ask for your e-mail.

If you're talking about the Lib. Of Congress FCU app. to join there, I'm pretty sure
you can just enter the organization (that you become a member of to qualify) 
into the 'Employer' field.
dale26s
  |     |   Comment #15
right i called about that but didnt ask about va assn- but do u know they will accept virginia libe assn not that it must be ala?
RichReg
  |     |   Comment #17
Virginia Libr. Assoc is on the their list... separate from the ALA.

But now I do notice in some of these qualifiers they mention specific cities & towns; like,
for VLA, they mention Virginia Beach. Not sure how that would matter as long as you can become a member of that association..  suppose it needs clarifying.
misel00
  |     |   Comment #24
Can some please clarify this? Or add how they got a membership and was able to open a CD? Thanks!!

"Virginia Libr. Assoc is on the their list... separate from the ALA.

But now I do notice in some of these qualifiers they mention specific cities & towns; like,
for VLA, they mention Virginia Beach. Not sure how that would matter as long as you can become a member of that association.. suppose it needs clarifying."
APYAddict
  |     |   Comment #25
So far, this is an impressive credit union. Every time I phone, a knowledgable CSR answers the phone within a few seconds and provides fast and accurate information.
Best CD and IRA CD Rates in Washington DC at the Library of Congress FCU - Local Only

Library of Congress FCU is offering some very competitive CD and IRA CD rates. Minimum deposit is $500 for a CD and $1,000 for an IRA. The following is a list of some of the best CD rates as shown in the credit union's rate sheet as of 6/08/2010:

  • 1.60% APY 6-month CD
  • 2.00% APY 12-month CD
  • 2.10% APY 18-month CD
  • 2.20% APY 24-month CD
  • 2.60% APY 36-month CD

Traditional, Roth, SEP and Education IRA certificate rates are 10 basis points higher for terms of 12 months and longer.

The credit union has a long history of...

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4.45% 60-Month / 4.15% 24-Month CD at a DC Credit Union (Library of Congress)
Update 4/05/08: The CD rates have fallen by 25 basis points on all terms. The 60-month CD yield is now 4.45% APY and the 24-month yield is 4.15% APY. The title has been modified to reflect this change.

Library of Congress FCU continues to offer competitive certificate rates on all terms. The yields range from 4.00% APY for a 3-month term to 4.70% APY for 60-month term. The mininum deposit is $500. Traditional, Roth, SEP and Education IRA certificate rates are 10 basis points higher. Below is the full list of...

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5.20% 60-Month / 5.00% 36-Month CD at a DC Credit Union (Library of Congress).
Update 3/1/08: The CD rates have fallen. Please check the institution's website for the latest rates.

Library of Congress FCU has some very competitive certificate rates on all terms. The yields range from 4.70% APY for a 3-month term to 5.20% APY for 60-month term. The mininum deposit is $500. Traditional, Roth, SEP and Education IRA certificate rates are 10 basis points higher. Below is the full list of CD rates:

Term CD APY IRA CD APY
3 months 4.70%...




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5.60% 60-Month CD at a DC Credit Union (Library of Congress)
Library of Congress FCU has some competitive certificate rates on share certificate terms from 3 to 60 months. The yields range from 5.10% APY for a 3-month term to 5.60% APY for 60-month term. The mininum deposit is $500. Traditional, Roth, SEP and Education IRA certificate rates are 10 basis points higher. The rate table is dated as of November 1, 2007, so these rates should hold for awhile. Below is the full list of CD rates:

Term CD APY IRA CD APY
3...


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