APY GUY: Maximize Your Savings & Earnings

CD Rates

Georgia’s Own Credit Union CD Rates – Up to 1.20% APY!


image credit: georgiasown.org

Georgia’s Own Credit Union is a regional credit union serving Georgians across the Peach State since it opened its doors in 1934.

This credit union is quite small on a national scale but it’s the third-largest credit union in the state of Georgia, with 23 branch locations in metro-Atlanta, Savannah, Augusta, and other cities. 

To join Georgia’s Own – should you decide that it would be a good fit for your long-term financial goals – you’ll need to meet their geography or employment-based membership requirements.

Georgia’s Own Credit Union is not open membership but there are a couple of eligibility loopholes you can use to qualify if you don’t meet the general criteria. We’ll cover this in our eligibility section further down in this article.

Curious how their NCUA-insured savings products stack up? Find out in our comprehensive review below.

Georgia’s Own Credit Union CD Rates + Account Details

Deposits made into Georgia’s Own deposit accounts are federally insured by the NCUA (FDIC equivalent for credit unions) up to the maximum amount allowed of $250,000 per depositor. Joint accounts are covered up to $500,000.

As mentioned earlier, CD accounts with Georgia’s Own are currently providing some very lucrative yields at the moment.

Standard certificate accounts and bump rate certificate accounts, which Georgia’s Own calls “Own Your Rate CDs,” are available for purchase.

Georgia’s Own Credit Union CD Rates

CD TermMinimum DepositAPY
6 month$5000.40%
1 year$5000.70%
22 month own your rate$5000.97%
2 year$5001.00%
3 year$5001.10%
44 month own your rate$5001.14%
4 year$5001.20%
5 year$5001.20%

Please note that these standard CD rates can vary depending on balance, however at the present time they do not. Yields are consistent across all deposit amounts.

To put the offers above in perspective, the current national average for a 12 month certificate of deposit sits at just 0.22% APY currently.

Own Your Rate Savings Certificate (Bump Rate CD)

Bump rate CDs are also available at Georgia’s Own.

You’ll find these under the name of Own Your Rate Savings certificates and these require $500 to open just like their standard CDs.

These certificates come with 22 and 44 month terms that allow you to bump up your rate. You are allowed one bump for the 22 month term, and two for the 44 month term.

Remember, these products are only useful when rates are rising. If Georgia’s Own does not raise their deposit rates during the life of your CD, then the option becomes irrelevant. Also keep in mind Georgia’s Own will not notify of rate increases, so you’ll have to monitor these yourself while you bump CD is active.

How is Interest Compounded?

Interest is compounded and credited monthly or quarterly on 6 month, 1 year, 3 year, and 5 year CDs, but compounded and credited only quarterly on 2 year and 4 year CDs.

Early Withdrawal Penalties

  1. Early withdrawal from a term of 12 months or less will cost 90 days’ interest,
  2. from a term of 13-24 months will cost 180 days’ interest,
  3. from a term of 25-36 months will cost 270 days’ interest,
  4. from a term of 37-48 months will cost 360 days’ interest, and
  5. from a term of 49-60 months will cost 450 days’ interest.

The grace period within which you can make penalty-free withdrawals or deposits upon renewal is 10 days.

Georgia’s Own Credit Union Savings Accounts

There are 5 different savings account options to choose from with Georgia’s Own Credit Union. However, all of them provide the same yields currently. Your 5 options are:

  1. Primary Savings
  2. Holiday Savings
  3. Vacations Savings
  4. Club Savings
  5. Coindexter Club Savings

The Holiday and Vacation savings accounts allow you to automatically set money aside for those intended uses. The funds you save in these accounts are then automatically transferred to your primary account on November 1st and May 1st, respectively, so that the money is available when you need it for those events.

A Club savings account, on the other hand, lets you set aside money for unspecified uses but functions similarly to the Holiday and Vacation savings accounts.

A Coindexter Club savings account is geared towards children learning the value of saving. These can be opened by children up to 13 years old. When this account reaches a balance of $250, the primary account holder receives a free gift.

Interest is compounded and credited quarterly for all savings accounts.

Lookout For Potential Fees

Though technically called an inactive account fee, you’ll essentially be charged a monthly maintenance fee of $5 for every month that your account balance dips below $250. For every excessive withdrawal over the federally allowed limit of 6 per month, you’ll be charged $10.

Georgia’s Own Credit Union Savings Rates

BalanceAPY
$5.00 – $49,9990.18%
$50,000 – $99,9990.18%
$100,000 +0.18%

A minimum opening deposit of just $5 is required to open any savings account with Georgia’s Own Credit Union, and any balance above $5 will earn interest.

The initial $5 that you deposit into the Primary savings account granted to you when you join is your share in the credit union, so you’ll need to make sure that that money stays there to keep your membership.

Georgia’s Own Credit Union Money Market Rates + Account Details

The money market rates offered by Georgia’s Own are more competitive than their savings products, but still lag the top rates held by online institutions.

Georgia’s Own Credit Union Money Market Rates

BalanceAPY
$2,500 – $9,9990.60%
$10,000 – $24,9990.60%
$25,000 – $49,9990.60%
$50,000 – $99,9990.60%
$100k – $249,9990.60%
$250k – $499,9990.60%
$500k – $999,9990.70%
$1m +0.70%

To put these offers in perspective, the current national average for money market rates falls between 0.08% and 0.11% nationally according to SmartAsset.

Avoid a $10 monthly service fee and continue earning dividends by maintaining an average daily balance of $2,500 or more.

As with the savings accounts, for every excessive withdrawal over the federally allowed limit of 6 per month, you’ll be charged $10.

About Georgia’s Own Credit Union + Eligibility Requirements

Georgia’s Own Credit Union holds just shy of $2.5 million in total assets and has a net income of $21 million. 182,756 members bank with this credit union. There are 32 Georgia’s Own Credit Union branches, all of these located in Georgia. This institution also participates in co-op shared branching with other credit unions and shares over 85,000 surcharge-free ATMs across the country.

To be eligible to join Georgia’s Own, you’ll need to meet one of the following:

  1. be a resident of a qualifying Georgia county,
  2. a member of the Georgia’s Own Foundation,
  3. a Georgia resident and member of the Getting Ahead Association,
  4. a family member to someone that’s a Georgia’s Own member, or
  5. an employee/retiree of a qualifying company.
  6. Having ties to Georgia State University – whether you’re a former student, current student, or member of faculty or staff.

To become an Advocate with the Georgia’s Own Foundation you’ll need just $10 and anyone can join. This is the biggest loophole for non-Georgia residents to join.

To become a member of the Getting Ahead Association, you’ll need to be a Georgia resident and you can contact a Georgia’s Own representative for help joining.

Georgia’s Own has mobile banking apps available for download for Apple and Android mobile devices, and these are generally considered to be user-friendly and comprehensive based on customer reviews.

Final Thoughts

Georgia’s Own Credit Union is probably going to be best suited for individuals living in or around Georgia.

They don’t offer much interest on their variable rate savings products. All five of the savings accounts plus their money market accounts come with rates well under one percent.

However, if you’re looking for a fixed rate deposit, their CDs are beating the national averages for their respective terms by considerable margins – especially on longer term deposits. They also beat the yields of top online banks, which credit unions don’t often do.

With a credit union of this size, you’ll also likely have a customer service experience that feels much more personal.

BCU (Baxter Credit Union) CD Rates & Savings Review


image credit: bcu.org

BCU​ is a moderately sized credit union that ranks as the 56th largest in the nation by asset size. A state chartered credit union based in Illinois, BCU serves just over 250,000 members. When it was founded in 1981, BCU was known as Baxter Credit Union and was created for healthcare industry employees of Baxter Healthcare.

You don’t have to live in Illinois or work for Baxter to qualify for membership with this credit union, but eligibility is employment-, community-, and family-based. BCU isn’t able to offer high rates on their deposit products and user experience is varied, so it probably won’t be your first choice for those reasons. But if a bank with a personal feel and decent loans appeals to you, then it might be worth checking BCU out.

BCU CD Rates + Account Details

BCU deposit accounts are federally insured by the NCUA up to $250,000. The credit union offers a standard suite of ​certificate accounts​ with terms ranging from 3 months to 5 years.

BCU CD Rates

CD TermRegular APYRewards APY
3 months0.05%0.15%
6 months0.25%0.35%
12 months0.50%0.60%
13 months, no-penalty1.00%NA
24 months0.45%0.70%
36 months0.55%0.80%
48 months0.65%0.90%
60 months0.75%1.00%

To give the above offers some context, the current market average for a 12 month CD is only 0.29% APY. That said there are a number of online banks with APYs on certificates of deposit and savings accounts that are still higher than this. BCU’s Rewards Rates are a bit better, but still not enough to make these accounts attractive when pitted against the top rates available online.

To qualify for ​Rewards Rates​, you must meet at least two of the following requirements:

  • Direct deposit at least $500 monthly into a BCU checking account
  • Have at least $25,000 total on deposit with the credit union
  • Have a home loan, home equity, or auto loan with a balance or a credit card with a transaction in the last 30 days that is in good standing with the credit union

The 13 month no penalty certificate option is one of the most attractive deposit products available from BCU. It offers withdrawal flexibility without compromising the APY – either through fees or reduction of rate.

The minimum deposit needed to open a BCU certificate of deposit is $500. This applies to both Rewards and Regular deposits. Dividends are compounded and credited monthly. You may choose to have this interest paid to another account or redeposited back into the certificate.

BCU CDs come with a six day grace period—withdraw funds in this window after your certificate automatically renews to avoid early withdrawal penalties. If your term is one year or less, you will be charged 30 days’ interest for early withdrawal; if your term is between one and two years, you will be charged 90 days’ interest; if your term is between two and three years, you will be charged 180 days’ interest; and if your term is greater than three years, you will be charged 270 days’ interest.

BCU Money Market Rates + Account Details

BCU money market accounts​ are similarly underwhelming in terms of APY, but they still manage to beat the national averages by a hair. Current national averages sit at roughly 0.10% APY for money market accounts.

BCU Money Market Rates

BalanceAPY
$1,000 – $24,9990.05%
$25,000 – $99,9990.10%
$100,000 – $250k0.15%
$250k – $499,9990.30%
$500,000+0.40%

When many online banks are offering over 1.00% APY on balances as low as $1, it’s hard to get excited about BCU’s MMA rates, but remember these rates are variable and can change at any time.

“Money Market Special” accounts are also available to those that make a deposit of $15,000 of ​new money,​ meaning money not already on deposit with BCU or in another account, when they open an MMA. If you can deposit this much, you’ll get an APY of 1.00%.

BCU does not require a minimum balance in a money market account and therefore doesn’t charge any fees for low balances, but if you have less than $1,000 in your account, you will earn an even lower APY of 0.01%, so you probably wouldn’t want to open an MMA with less than that.

Dividends are compounded and credited monthly on all money market accounts. Per Federal Regulation D, you can make only six withdrawals or transfers from this account per month. You will be charged $10 for each transaction in excess of this limit.

Other Savings Accounts Offered by BCU

Your share in BCU will cost only $1, and the credit union will cover this for you. Money you deposit upon becoming a member goes into a regular savings account, which earns an APY of 0.01%. The national average rate for a savings account is 0.07%, so we’d recommend moving your funds to a different account once you’re a member.

There are no monthly maintenance fees or low balance charges, but you’ll need to maintain an average daily balance of $1 to stay a member. An excessive ATM transaction fee of $1.50 is charged for each transaction over 5 in a single month. Interest is compounded and credited monthly.

BCU also offers a “​Rainy Day savings account​.” This account is much more rewarding in terms of interest, but they’re a bit more complicated.

To open, you need to deposit anywhere between $25 and $1,000. Then, you need to schedule monthly payments of between $25 and $500 a month for deposit into this account. If you exceed this, the extra money will be transferred to your regular savings account. Following these rules will ensure that you earn the coveted APY of 2.00%. The catch is that you can only make two free withdrawals in a year or you’ll be charged $25 per. Also, you will need to keep depositing regularly into the account to avoid defaulting to the regular savings account APY of just 0.01%.

About BCU (Baxter Credit Union) + Membership Eligibility

BCU is based in Illinois, but individuals across the country can join if they meet any of the following eligibility criteria:

  • You work for a ​qualifying employer
  • You live in Lake, McHenry, DuPage, Kane, or Cook county in Illinois
  • You are an immediate or extended family member of someone that qualifies for membership

The primary way that those living outside of Illinois qualify to join BCU is through the first criterion, employer groups. The partner companies BCU accepts are spread out across the country and there are 87 of them—among them CVS Health and Target—so you might just qualify this way.

There are ​42 BCU branch locations​—mostly, of course, in Illinois. The credit union also participates in co-op shared branching with thousands of other credit unions and shares over 30,000 surcharge-free ATMs with other credit unions as well. So if you don’t live in Illinois you might not get to walk into a BCU in person, but you can almost definitely access your money via a nearby credit union and/or ATM.

In 2018, BCU held about $3.48 billion in total member assets and 3.12 billion in net member loans and reported a capital ratio of 10%. They have more than 250,000 members today.

Final Thoughts

At the end of the day, BCU is unlikely to be a good fit for you if your sights are set on earning high yields through a federally insured credit union. Their savings products fall short when compared to the top rates available nationwide.

They do have fairly positive reviews on the loan side of their business, and the rates that can be had there are much more attractive. Albeit largely due to our current interest rate environment rather than a tribute to BCU alone.


PurePoint Financial Online Savings 0.40% APY + 0.25% APY CDs


image credit: purepoint.com

MUFG, short for Mitsubishi UFJ Financial Group, is the fifth largest financial corporation in the world holding assets totaling around $2.6 trillion – yes with a “T.”

In the U.S., this institution operates as MUFG Union Bank, N.A., and PurePoint Financial is this massive bank’s personal savings division.

PurePoint Financial’s savings account was named a “Best Savings Account” in 2018 by Kiplinger’s and the hybrid digital bank was granted a prestigious FIS Impact Award for innovation in the same year.

But recognition aside, PurePoint Financial is a simple online bank with a limited number of products. Offering just a savings account and 2 types of CDs, PurePoint isn’t trying to facilitate all of your banking needs, but they will try and entice you into one of their high yield deposit accounts.

Below we review the FDIC-insured, deposit products PurePoint Financial has available for you.

PurePoint Financial Online Savings Account Details + APY

With PurePoint Financial, deposits are federally insured by the FDIC up to the maximum allowable amount of $250,000 per depositor. For joint accounts coverage is up to $500,000.

PurePoint Financial Online Savings Account

BalanceAPY
$10,0000.40%

A PurePoint Financial Online Savings account comes with an APY of 0.40% making it a fairly competitive offer. This interest rate, of course, handily beats the exceptionally poor national average of 0.06% APY and will certainly provide you with above-average returns.

That said, there are currently higher yields with lower minimum balance requirements offered through other online savings institutions. This doesn’t mean that 0.40% isn’t a solid offer, it just means that for you rate chasers out there, you won’t be locking in the top APY. Keep in mind too, that these are variable rate savings accounts and the APY can change at any time without notice.

As mentioned, PurePoint Financial savings accounts require a high minimum opening deposit of $10,000. This is one of the primary drawbacks.

If you can meet the minimum deposit requirement, you’ll be relieved to know that the account doesn’t have any monthly maintenance fees. Plus, once you’ve made the initial $10k minimum deposit, you won’t be charged any fee if your balance dips below that $10,000 mark. Just know that you’ll only earn the advertised APY if your average daily balance meets the $10,000 threshold.

Interest is compounded daily and dividends are paid to your account monthly. Per federal regulation D, you may make no more than 6 transactions into or out of this account in a month. If you do, you’ll be charged an excessive transaction fee of $10 per deposit or withdrawal, not to exceed $50 per statement period under any circumstances.

This account can be easily funded via online funds transfer, wire transfer, mobile check deposit, or check by mail sent to the address below: PurePoint Financial P.O. Box 870 Glendale, CA 91209

PurePoint Financial CD Rates + Account Details

PurePoint Financial offers standard CDs and a No-Penalty CD. See the chart below for current rates on their certificates of deposits.

PurePoint Financial CD Rates

CD TermAPY
6 month0.25%
12 month0.25%
15 month0.25%
18 month0.25%
24 month0.25%
30 month0.25%
36 month0.25%
48 month0.25%
60 month0.25%

The going rate on a 12 month CD sits at just 0.22% APY nationally, making PurePoint Financial’s 12 month offer pretty attractive by comparison. However like their online savings account, better rates on 12 month deposits can be found elsewhere online and even through a handful of credit unions.

At the 12 month term onward, all of PurePoint’s certificates of deposit currently provide the same yield.

All PurePoint CDs, like the savings account, require a minimum deposit of $10,000. Interest is compounded daily and paid monthly. You may opt to have these dividends credited back into your certificate account or paid out to another account. 

You have 10 days after this certificate automatically renews to make penalty-free withdrawals or changes to your term. If you need to withdraw after this or before a CD matures, you will be charged a flat early withdrawal fee of 180 days’ interest. This is reasonable for longer terms, but steep for shorter ones.

Their No-Penalty CD provides a solid return without penalizing early withdrawals. So if you’re concerned that you may need some of your deposit before the product matures, you may want to consider one of these.

PurePoint Financial “No-Penalty CD” Rates

CD TermAPY
11 month0.15%
13 month0.10%
14 month0.10%

You may withdraw the total balance of your certificate as soon as 7 days after issuance without fear of fees or penalties with a No-Penalty CD.

The trade-off is that these rates are lower than those issued on their standard certificate counterparts, but the added flexibility may be worth the drop in APY.

The PurePoint Best Rate Commitment, attached to all certificate accounts, guarantees that you’ll get the best rate offered for 10 days after a new CD is issued or renewed.

PurePoint Financial Banking Experience & Customer Sentiment

ATM/debit cards are not available on any PurePoint accounts, so forget about using ATMs with any PurePoint Financial account. There are also no physical branches either, making cash access possible only through withdrawals by check.

So what do actual customers have to say about their experience banking with PurePoint Financial?

In general, not a lot. Very few user reviews have been left for this bank, especially when compared to the number of reviews usually left for banks and credit unions, so it’s difficult to definitively say how customers feel about their banking experience with PurePoint. However, PurePoint Financial, founded in just 2017, is a relatively new kid on the block and doesn’t have as many long-time customers as other digital banks do.

However, from what has been said about the bank, customer service is good and users can count on this, making for an overall positive experience. This support team is proactive enough in getting and responding to feedback that their representatives can be seen commenting on user ratings left on review platforms. Lowered interest rates are a common source of disappointment among customers, but this is pretty much a universal truth across many institutions. Many users have also reported that the application process can be a hassle, but this doesn’t seem to be the case for most.

At this time, PurePoint Financial doesn’t actually have a mobile banking app for Apple or Android devices. This doesn’t mean that you can’t log onto your account from your phone using the mobile web, it’s just not as user-friendly of an experience as native apps tend to be.

ACH transfers from external accounts into a PurePoint Financial account are limited to $250,000 per day and $1,000,000 per month. ACH transfers from a PurePoint Financial account into an external account are also limited to $250,000 per day and $1,000,000 per month.

The client support center is available to take your call Monday through Friday from 8:00 AM to 9:00 PM Eastern Time. There is no holiday or weekend availability. If you’d prefer, send a secure message through the online banking portal.

Final Thoughts

PurePoint Financial might fit the bill for some, but the majority of consumers might be wise to keep shopping around a bit more. PurePoint Financial never claimed to be a full-service bank, but its services and products are limited even for a digital institution. The fact that this bank doesn’t have a dedicated banking app definitely takes away from the convenience a digital bank is supposed to offer.

With no app, ATMs, weekend customer support availability, etc., the accessibility of this bank is somewhat poor compared to similar online-only banks. But if you are attracted by the rates at PurePoint, then this may be an OK option. Though their CD rates fall short of their competitors, PurePoint’s savings account is a solid option, and has remained near the top of the leaderboard over the past few months.

Flagstar Bank CD Rates – Promo Up to 1.00% APY!


image credit: flagstar.com

Flagstar Bank, headquartered in Troy, Michigan, is the 74th largest bank in the US by asset size, with just over $26 billion in total assets.

Within their suite of deposit products they offer both fixed-rate certificates of deposit and variable-rate accounts such as money market accounts, savings accounts and checking accounts.

While their variable rates accounts come with yields that are less competitive than the national average, they offer two promotional fixed-rate CDs with exceptional APYs.

In our review below, we will focus on the certificates of deposit offered by Flagstar Bank. They currently have eight standard term CDs with unattractive yields and two promotional CDs with attractive yields.

Flagstar Bank CD Rates + Account Details

Flagstar Bank is a member of the FDIC. Consumer deposits are federally insured up to $250,000 or $500,000 for joint accounts.

Flagstar Bank CDs come with a minimum deposit requirement of $500. If you plan on depositing more than $110,000 into a CD you will need to visit a local branch. You can locate one here.

Flagstar Bank Standard Term CD Rates

TermAPY
6 months0.05%
12 months0.10%
24 months0.10%
30 months0.10%
36 months0.10%
48 months0.10%
60 months0.10%

To put these offers in perspective, the current national average for a 12 month CD and a 60 month CD sit at 0.22% APY and 0.46% APY, respectively.

Flagstar Bank also has two certificate of deposit promotions available for new money coming into the bank. This can either be for individuals who have a Flagstar account but are using outside funds to open the promotional deposit OR new customers to the bank entirely. The annual percentage yields for these promotions are listed below.

Flagstar Bank Promotional CD Rates

TermAPY
13 month0.35%
49 month1.00%

When navigating Flagstar Bank’s CD page, you’ll immediately be requested for you zip code so that Flagstar can provide you with “accounts rates and special offers in your area;” however we ran the scenario for three separate locations (10001 New York City, 60007 Chicago, and 94016 San Francisco) and saw the same CD rates and promotional offers available in these regions.

It should also be noted that all of the variable rate accounts (savings, checking and money market) are not available in any of the three locations we sampled as well.

How Does Flagstar Bank Calculate Interest

Unlike most bank CDs which compound rates daily and credit them monthly, Flagstar bank both compounds rates and credits interest on a monthly basis. This means that the APY you receive will be closer to the actual interest rate and your savings will grow at a slower pace than it would with more frequent compounding schedules.

Grace Period

Flagstar Bank has a standard 10 day grace period in which you can add or withdraw funds from your certificate of deposit without penalty. If nothing is done during this time, the funds will automatically renew into the same deposit term with the current APY at that time. If you originally opened a 13 month promotional CD, your funds will renew into a 12 month standard deposit, and if you opened the 49 month promotional CD your funds will renew into a 48 month standard deposit.

Early Withdrawal Penalties

If you need access to your funds outside of the grace period, Flagstar Bank will impose an early withdrawal penalty.

Early withdrawal penalties are determined by the term length of your CD. Early withdrawal penalties are as follows:

TermPenalty
30 – 179 days30 days’ interest
180 – 364 days90 days’ interest
12 – 35 months180 days’ interest
36 – 120 months364 days’ interest

Be sure to set up your own reminders to alert you when your grace period starts. Flagstar Bank will also send out notifications to let you know your CD will be maturing soon.

Final Thoughts

Outside of Flagstar Bank’s two promotional CDs, their suite of certificates of deposit are fairly lackluster. Most terms come with the same APY of 0.10%, which does not keep up with the national average for any of the respective terms.

Before you commit to a CD at Flagstar Bank be sure to review the top yields from both online banks and nationally available credit unions.

Lafayette Federal Credit Union CD Rates: Up to 1.26% APY + 0.75% APY Savings Account


image credit: lfcu.org

Lafayette Federal Credit Union is a regional institution with branch locations in Maryland, Virginia, and Washington, D.C.

Founded in 1935, this small credit union serves roughly 20,000 members in the greater D.C. area.

If you’re looking for a credit union that feels more personal than what you’d get with a bigger bank AND you live in or around D.C., you might want to give Lafayette Federal a try.

A few of their products are fairly competitive in terms of rates, especially for a credit union. For example, they feature a promotional checking account with an APY of 3.03% on balances up to $3,000 as long as a few criteria are met.

They also have solid rates on their longer term certificates of deposit. Their 5 year CD features a yield well over twice the current national average.

For more information on the deposit products offered by this institution as well as membership eligibility, read our full review below.

Lafayette Federal Credit Union CD Rates + Account Details

Lafayette Federal deposit accounts are federally insured by the National Credit Union Administration up to $250,000, the maximum amount allowed.

A unique aspect of Lafayette’s certificate products is that they sell both fixed and variable rate CDs. And both come with competitive rates.

Lafayette Federal Credit Union Fixed-Rate CDs

CD TermMinimum DepositAPY
7 month$5000.70%
1 year$5000.80%
2 year$5000.90%
3 year$5001.01%
4 year$5001.16%
5 year$5001.26%

To put the offers above in perspective, the current national average for a 1 year CD and a 5 year CD sit at just 0.22% APY and 0.54% APY, respectively.

Lafayette Federal Credit Union Variable-Rate CDs

CD TermMinimum DepositAPY
18 month$500.75%
3 year$500.90%
5 year$501.11%

There are a few differences between these two certificate types besides the rates.

One is that the variable-rate CDs require a minimum opening deposit of $50 and the fixed-rate CDs require a minimum opening deposit of $500.

Another is that you can deposit more money into a variable-rate account at any time prior to maturity. This cannot be done with the fixed rate CDs.

The most notable difference though is in the name(s) – “variable” and “fixed.” With a fixed CD you are getting locked into an interest rate until maturity. With a variable CD your rate and APY will rise and fall with the market – much like a money market account or online savings account.

In general, variable-rate CDs are going to be better when you expect interest rates to rise and fixed-rate CDs are going to be best in times of declining interest rates.

Lafayette Federal Credit Union Savings Accounts and Money Market

Lafayette Federal Credit Union has many savings accounts in its product suite:

  1. A Share savings account, your ticket to membership with Lafayette;
  2. An IRA savings account,
  3. A Preferred savings account; and
  4. A Premier savings account.

The Share savings is going to pay you the least amount in interest but will be the easiest to maintain, and a Premier savings account will pay the most in interest but will require a high deposit and minimum balance to maintain.

Lafayette Federal Credit Union Savings Account Rates

AccountMinimum BalanceAPY
Share Savings Account$500.10%
IRA Savings Accountna0.50%
Preferred Savings Account$0 – $19,999.990.20%
$20,000 +0.30%
Premier Savings Account1st $50k0.30%
2nd $50k0.40%
Next $150k0.50%
Next $250k +0.75%

To give the offers above more context, the current national average for a savings account sits at just 0.06% APY. And the current national average for a money market account doesn’t fare much better at 0.09% APY.

Dividends are compounded quarterly and paid quarterly on all savings accounts.

Lafayette Federal Credit Union Money Market Rates

BalanceAPY
$0 – $2,4990.00%
$2,500 – $24,9990.05%
$25k – $149,9990.15%
$150,000 +0.30%

These money market accounts require a minimum opening deposit of $2,500 and they can be opened in-person or online.

How to Avoid Fees on the Savings Accounts and Money Market Accounts

Remember your Share Saving account, while it doesn’t yield much, is your key to membership. So be sure to keep at least $50 in the account. Failure to maintain this balance will result in a $10 monthly charge.

Excessive withdrawals over the federally enforced limit of 6 per statement cycle cost $10 each for Preferred savings accounts, $20 each for money market accounts, and $100 each for Premier savings accounts.

Lafayette Federal Credit Union Relationship Checking

If you open Lafayette’s Relationship Checking account you’ll be signing up for a decent interest-bearing checking account with the potential to earn an APY of 3.03%.

This excellent interest rate is, of course, conditional. It only applies to balances up to $3,000 plus comes with some monthly hoops to jump through (criteria listed below).

Above $3,000, your balance will earn an APY of 0.025%. A minimum opening deposit and average daily balance of just $5 is required. Interest is compounded and paid quarterly similar to Lafayette’s other deposit products.

How to Earn the 3.03% APY on Balances up to $3,000

To earn the 3.03% APY dividend rate, members will be obligated to

  1. Continue to receive their statement electronically (no paper statements will be mailed),
  2. Sign in to online banking at least once per month,
  3. Maintain at least one (1) qualified direct deposit of at least $500 per month, and
  4. Complete at least five (5) debit card point of sale transactions per month.

Qualified direct deposits include:

  1. Recurring direct deposits via a paycheck,
  2. Pension,
  3. Social Security or
  4. Other periodic payment of at least $500 into a checking account on a month-to-month basis made by an outside organization or agency.

About Lafayette Federal Credit Union + Eligibility

Lafayette Federal Credit Union is not open membership, so you need to meet their eligibility requirements in order to join.

These criteria are mostly employment and location based. You can immediately qualify through your employer, through your area of residence, or through a family member.

This credit union extends membership to employees of many corporations, some national and even international (Whole Foods, AMEX, and more) and some regional. You can also join if you are the relative of someone that is already a member or if you live in Potomac, Maryland or you live, work, or worship in select regions of D.C.

Those that don’t meet the above eligibility requirements can easily join by becoming a member of the American Consumer Council (ACC) for free through this link. For all details about qualifying employers and regions, please visit the membership eligibility page.

Branches and ATMs

Lafayette Federal participates in co-op shared branching with over 6,000 branches and thousands of surcharge-free ATMs across the country. There are only 8 Lafayette Federal Credit Union branches, and these are located in: 

  • Crystal City, Virginia
  • McLean, Virginia
  • Kensington, Maryland
  • Potomac, Maryland
  • Rockville, Maryland
  • Washington, D.C.

Most accounts can be opened and managed online, and Lafayette Federal Credit Union has an app for both Apple and Android devices to make banking more convenient whether you live near a branch location or not.

Final Thoughts

If you live in the greater D.C. area and are looking for a competitive long term CD or a rewards checking account, then Lafayette Federal Credit Union might be a good home for you.

Just note that better rates on variable rate deposit products can be had through online institutions that don’t have such strict eligibility requirements. The trade-off being you will have a less personalized banking experience and will have to manage your accounts online.

NEFCU CD Rates – Now up to 2.17% APY


image credit: nefcu.com

[Update: August 21, 2020 – NEFCU cut the APY on their Future Saver Plus Certificate promotion by 0.10% APY across all balances.]

[Update: July 16, 2020 – NEFCU cut the APY on all of their standard certificate of deposit products as well as their Future Saver Plus Certificate promotion.]

[Update: June 18, 2020 – NEFCU cut the APY on all of their standard certificate of deposit products by 0.05 – 0.10% APY.]

Update: April 27, 2020 – NEFCU rolled back the APY on their standard CDs as well as their promotional “Future Saver Plus Certificate.” The Future Saver Plus now yields 2.52% APY (down from 2.78% APY last month) on amounts under $5,000 and 1.25% APY on yields above (down a hair from 1.26% last month).

Update: March 2020 – After the most recent rate drop by the FED, New England Federal Credit Union rolled back the yield on their “Future Saver Plus Certificate” from 3.05% to 2.78% APY on balances up to $5,000 and dropped it from 1.61% APY to 1.26% APY on balances above $5,000. They also rolled back the APY on their standard CD products with terms greater than 6 months, while 3 and 6 month yields remain unchanged.]

If you live in Vermont and are interested in purchasing a certificate of deposit with a respectable APY you may want to head over to NEFCU to check out their current 12 month CD promotion.

Currently, New England Federal Credit Union (NEFCU) has a promotional 12 month “Future Saver Plus Certificate” featuring a variable APY of 2.17% on balances up to $5,000 and 0.90% APY on balances of $5,001 or greater.

The APY on this deposit blows away the top rates on 12 month CDs currently, however the account comes with two distinct drawbacks.

First, is the low ceiling on deposit amounts allowed to earn the APY (only applies to amounts up to $5,000) and the second is the fact that the rate is variable. Meaning the institution can change it at any time without notice, even while your deposit is open.

That said, if you are eligible to join and have been looking for a high APY deposit product to place $5,000 – $10,000 into, then this might be your most lucrative option.

NEFCU “Future Saver Plus Certificate” 12 Month Term

Here are the APYs associated with the account as well as the minimum deposit requirement and balance tiers.

CD TermMin DepositBalance TierAPY
12 month$25$0 – $5,0002.17%
12 month$25$5,000 +0.90%

*Remember these rates are variable which means they can change at any time without notice even while your deposit is active.

NEFCU CD Rates

Outside of the Future Saver Plus Certificate promotion (above), NEFCU has a fairly standard set of CD products called “Term Share Certificates.” The APY on these CDs beat the national average on most terms but not by any significant margin. See rates and terms below.

CD TermMin DepositBalance TierAPY
90 – 179 days$1,000Under $25,0000.40%
$25,000 +0.55%
180 – 364 days$1,000Under $25,0000.50%
$25,000 +0.65%
12 – 23 months$1,000Under $25,0000.60%
$25,000 +0.75%
24 – 35 months$1,000Under $25,0000.70%
$25,000 +0.85%
36 – 59 months$1,000Under $25,0000.80%
$25,000 +0.95%
60 months +$1,000Under $25,0000.90%
$25,000 +1.05%

All of the above deposit products by NEFCU come with a minimum deposit requirement of $1,000 and are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 against insolvency by the institution.

About NEFCU (New England Federal Credit Union) + Eligibility

New England Federal Credit Union is the largest credit union in the state of Vermont with 90,000 members and roughly $1.3 billion in assets.

They open their arms to individuals, businesses and families within 6 counties of northwestern Vermont.

Currently anyone who lives, works, worships or attends school in Addison, Chittenden, Franklin, Grand Isle, Washington and Lamoille counties are eligible for membership.

Final Thoughts

If you live in northwestern Vermont and are in the market for a federally insured deposit with a respectable APY then you may want to consider the 12 month variable rate “Future Saver Plus Certificate” promotion.

Just keep in mind you’ll only earn the 2.17% APY on balances up to $5,000, so if you were considering a larger deposit or even a jumbo CD, then you’ll probably want to choose another option.

The deposit pays 0.90% APY on balances above $5,000 which still beats the national average on 12 month CDs by a respectable margin.