Louisiana Federal Credit Union Offers Rate-Leading 1-Year CD
Earlier this month, Louisiana Federal Credit Union (Louisiana FCU) “turbo-charged” the rate on its 1-year Share Certificate. Following a 182-bps rate increase, the 1-year Share Certificate now offers a rate-leading 5.38% APY. The minimum opening deposit is $5k, with no stated balance cap.
The 1-year Share Certificate is also available as an IRA Share Certificate (Traditional, Roth, and CESA), earning the same APYs with the same deposit requirements.
While the Member Rate and Fee Schedule has a Truth-in-Savings disclosure, no information about Share Certificates is included. CSR stated that the Early Withdrawal Penalty for any Share Certificate is the previous month’s interest, with partial withdrawals allowed.
Availability
Headquartered in La Place, Louisiana, Louisiana Federal Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, attend school, or frequently do business in any of 19 southeast Louisiana parishes eligible for membership.
Louisiana Parishes: Ascension, East Baton Rouge, East Feliciana, Iberville, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, St. Bernard, St. Charles, St. Helena, St. James, St. John the Baptist, Tangipahoa, Terrebonne, West Baton Rouge, and West Feliciana.
Employees/retirees of more than 700 SEGs, including Dow Chemical, Ian Somerhalder Foundation, Marathon Oil Louisiana Refinery Division, and St. Charles Parish, also qualify for membership.
Immediate family members (parent, spouse, sibling, child, grandparent) and roommates of a current Louisiana FCU member are welcome to apply.
Account Opening
Joining Louisiana FCU and/or opening a Share Certificate can be done online, by phone (985.652.4990), or at any of the six full-service Louisiana branches, located in Gonzales, Gramercy, Hammond, La Place (2), and Norco.
A minimum deposit of five dollars is required [in a Share Savings account]. This is your share of ownership in the Credit Union.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire, internal transfer.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded/credited monthly and can be transferred to a Louisiana FCU Share Savings account.
- Maturing Funds – Cashier’s check to address on file or internal transfer to a Share Savings account.
- Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers required for all beneficiaries.
- Grace Period – 10 calendar days.
- Credit Check – Soft pull.
Credit Union Overview
Louisiana Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.73% (excellent), based on December 31, 2022 data. Louisiana FCU has an excellent capitalization level (13.04%), the result of holding assets of $419.6 million with $54.7 million in equity. Please refer to our financial overview of Louisiana Federal Credit Union (NCUA Charter #174) for more details.
Established in 1935, Louisiana Federal Credit Union was originally known as the Norco Refinery Employees Federal Credit Union. (The New Orleans Refining Company has been part of Shell Oil since 1929.) Louisiana FCU is currently the eleventh largest credit union headquartered in Louisiana, with more than 36,000 members and deposits in excess of $363 million.
How the 1-Year Share Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit union have higher rates than currently offered on the Louisiana Federal Credit Union 1-Year Share Certificate. The following table compares the 1-Year Share Certificate 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 4/25/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.