EFCU Financial, formerly E Federal Credit Union, is a mid-sized credit union based out of Baton Rouge, Louisiana with some phenomenal CD (certificate of deposit) rates for their members that are among some of the highest yielding anywhere in the country as of the time of this writing.
EFCU Financial has just over $740 million in assets and serves just over 55,000 members.
They have just 8 branch locations in Louisiana but can accept new members nationwide by joining the EFCU Financial Foundation or donating to the Louisiana Wildlife Foundation. If you live in the 9 Louisiana Parishes that are within their field of membership, joining is of course free. You can read more on how to join below.
EFCU Financial CD Rates + Account Details
EFCU Financial has 8 CDs to choose from with terms ranging from 6 months to 5 years.
They have 1 promotional CD which is a 30 month Bump CD giving you the option to increase the yield one time during its term. These are especially beneficial in rising interest rate environments such as the one we’re currently in.
EFCU Financial’s certificates of deposit are available as stand alone CDs or IRA (individual retirement account) CDs.
All of EFCU Financial’s CDs come with a minimum deposit requirement of $500. They also have slightly better jumbo CD rates for deposits of $100,000 or more.
CD Rates
| Term | APY | Jumbo APY |
| 6 months | 3.50% | 3.60% |
| 12 months | 4.50% | 4.60% |
| 18 months | 4.50% | 4.60% |
| 24 months | 4.50% | 4.60% |
| 30 months + 1 Rate Bump | 4.50% | 4.60% |
| 36 months | 4.50% | 4.60% |
| 48 months | 4.50% | 4.60% |
| 60 months | 4.50% | 4.60% |
IRA CD Rates
| Term | APY | Jumbo APY |
| 6 months | 3.60% | 3.70% |
| 12 months | 4.60% | 4.70% |
| 18 months | 4.60% | 4.70% |
| 24 months | 4.60% | 4.70% |
| 30 months + 1 Rate Bump | 4.60% | 4.70% |
| 36 months | 4.60% | 4.70% |
| 48 months | 4.60% | 4.70% |
| 60 months | 4.60% | 4.70% |
To put these yields into perspective, the current national average for a 12 month CD and a 60 month CD sit at just 1.07% and 1.09% APY, respectively, according to FDIC data.
Compounding and Crediting Interest
Interest is compounded daily and credited monthly on all CDs and IRA CDs. Dividends may be withdrawn without penalty.
Early Withdrawal Fees
EFCU Financial CDs will automatically renew into the same term and the going APY at that time unless they receive written notice from you prior to or on the maturity date of your CD stating your intention to withdraw or add funds.
If you need to withdraw funds prior to your CD’s maturity, you will incur a fee. The fee structure is as follows:
| Term | Fee |
| 1 year or less | 90 days’ interest |
| 13 months to 5 years | 180 days’ interest |
To learn more about early withdrawal fees and any exceptions that may apply, you can download their Truth-in-Savings disclosure forms here.
How to Join EFCU Financial
There are 4 ways to join EFCU Financial. Those are:
1. Live, work, worship, or attend school in these 9 Louisiana Parishes (same as above):
- East Baton Rouge
- West Baton Rouge
- Ascension
- East Feliciana
- West Feliciana
- Iberville
- Livingston
- Point Coupee
- St. Helena
2. Immediate family or household members (limited to spouses, parents, grandparents, children, grandchildren and siblings) of a current EFCU Financial member.
3. Spouse of a person who died while a member.
4. Volunteer membership through the EFCU Financial Foundation or the Louisiana Wildlife Federation.
EFCU Financial does not specify how much you need to donate to either their foundation or the Louisiana Wildlife Federation.
If you’re looking to join EFCU Financial to take advantage of their CDs, you may want to give them a call at (800) 963-3328 for specifics.
đź“Ś Please note: Due to high volume online applications for deposit accounts may take up to 3 business days to process.
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