Last Updated: 04/18/2025
Lafayette FCU Business Share Savings Account
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Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
0.10%(Verified 06/21/2024)
Minimum Opening Deposit
$100
Minimum Balance to Earn APY
N/A
Lafayette FCU Business Share Savings Account Review
Lafayette FCU Business Share Savings Account is offered by Lafayette Federal Credit Union, a credit union founded in 1935 and based in Rockville, MD. Lafayette FCU Business Share Savings Account are available in 50 states, 5 US territories, and Washington, DC.
Key Takeaways
- Low interest rate. The maximum annual percentage yield for this account is only 0.10%.
- Waivable monthly maintenance fee. Monthly Maintenance Fee of $5 waived with minimum $500 average daily balance
- $100.00 minimum opening deposit. This is a typical minimum initial deposit.
Lafayette FCU Business Share Savings Account Pros & Cons
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Lafayette FCU Business Share Savings Account FAQ
Are savings accounts from Lafayette Federal Credit Union federally insured?
Yes, your savings accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.
Does Lafayette Federal Credit Union offer a signup bonus?
Lafayette FCU Business Share Savings Account doesn't offer a signup bonus.
What is the minimum initial deposit for Lafayette FCU Business Share Savings Account?
The minimum deposit to open a Lafayette FCU Business Share Savings Account is $100.00.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | $500.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | $100.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Required Balance | $50.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Lafayette FCU Business Share Savings Account offer?
Lafayette FCU Business Share Savings Account offers an APY of 0.10% (APY stands for annual percentage yield, rates may change).
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually. What fees does Lafayette FCU Business Share Savings Account charge?
This account charges a monthly service fee of $5.00. However, you can waive the monthly fees if you have a minimum daily balance of $500.00.
- Outgoing domestic bank transfers come with a $25.00 fee.
- Outgoing international bank transfers come with a $40.00 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
- Lafayette FCU Business Share Savings Account charges a $25.00 fee for an early account closure. Contact Lafayette FCU Business Share Savings Account for more details on what is considered an early closure.
- An overdraft on your account will trigger a $30.00 fee per item.
- Lafayette FCU Business Share Savings Account charges $3.00 every time you request a paper statement.
Does Lafayette FCU Business Share Savings Account charge overdraft fees?
Yes, Lafayette FCU Business Share Savings Account charges a $30.00 overdraft fee.What features and perks does Lafayette FCU Business Share Savings Account offer?
This savings account includes the following features:
- Mobile Banking Services - Lafayette FCU Business Share Savings Account allows you to manage your money online or with a mobile app.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
Can you set up a direct deposit to Lafayette FCU Business Share Savings Account?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for Lafayette FCU Business Share Savings Account?
The customer support email for Lafayette FCU Business Share Savings Account is memberservice@lfcu.org.
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Hours of Operation
SundayClosedMonday8:30AM - 4:00PMTuesday8:30AM - 4:00PMWednesday8:30AM - 4:00PMThursday8:30AM - 4:00PMFriday8:30AM - 4:00PMSaturdayClosed
Other Services by Lafayette Federal Credit Union
Other Savings Accounts from Lafayette Federal Credit Union
Rating not yet determined
APY (Annual Percentage Yield)
3.96%
Disclaimer popup with additional information
Minimum Opening Deposit
$50
Minimum Balance to Earn APY
N/A
Rating not yet determined
APY (Annual Percentage Yield)
4.27% - 4.58%
Disclaimer popup with additional information
Minimum Opening Deposit
$50
Minimum Balance to Earn APY
$50
Rating not yet determined
APY (Annual Percentage Yield)
4.58% - 4.99%
Disclaimer popup with additional information
Minimum Opening Deposit
$50
Minimum Balance to Earn APY
$50
Rating not yet determined
APY (Annual Percentage Yield)
0.10%
Disclaimer popup with additional information
Minimum Opening Deposit
$50
Minimum Balance to Earn APY
$50
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