- Regular 60-month certificate 4.00% APY ($500 minimum)
- Regular 60-month certificate 4.10% APY (Jumbo $100k minimum)
- IRA 60-month certificate 4.10% APY ($500 minimum)
- IRA 60-month certificate 4.20% APY (Jumbo $100k minimum)
- Also available: 12-month, 18-month, and 24-month at 3.00% APY, 30-month CD at 3.25% with one-time rate bump allowed.
- Early withdrawal penalty for 60-month certificate is 180 days of dividends.
- Hard credit pull with a new membership application.
- Must keep $5 minimum in Share Savings account as long as you are a credit union member.
Membership eligibility. Their eligibility criteria is open to anyone nationwide. Persons who live, work, worship, or attend school in these nine Louisiana Parishes can join for free: East Baton Rouge, West Baton Rouge, Ascension, East Feliciana, West Feliciana, Iberville, Livingston, Point Coupee, St. Helena. Anyone nationwide can join EFCU Financial with a membership in the EFCU Financial Foundation or the Louisiana Wildlife Federation. The cost is $35 for an annual membership.
Good deal? This is a very competitive CD rate for a 5-year CD, approximately 35 basis points higher than the next best rate. For comparison, as of 8/12/22, the 5-year Treasury bond rate is 2.97%. The hard credit pull and $35 entry fee make it better for high balances to make it worth the trouble.
Based on their website and mobile app, they appear to be using the same backend software as many other credit unions.
As with past credit union certificate deals, I would still recommend acting fast if you are interested. It’s a good enough deal that it is quite possible that there will be enough new applications to overwhelm their limited staff (and deposit needs). You might pony up $35, start the application process, take the credit pull hit, and have the deal fall apart before you can fund the certificate. I’m not saying this will happen, but it is possible. Of course, it is also possible that this is only the start of multiple places offering 4% APY CDs.