Local Government Federal Credit Union is a not-for-profit cooperative that exclusively serves North Carolina’s local government employees and volunteers, elected and appointed officials, and their families. It received a federal charter in 1983. LGFCU offers a network of more than 250 branches and over 1,000 CashPoints ATMs across the state.
All rates and fees are current as of June 27, 2023 and are subject to change.
Local Government Federal Credit Union offerings
The Local Government FCU offers several types of deposit accounts to help members meet their savings goals. This includes multiple checking, savings (share), and CD accounts, as well as a money market account option.
Checking and savings accounts
LGFCU offers two checking accounts, as well as several savings accounts designed for different types of goals. Any dividends earned via these accounts are compound daily and are paid monthly. Although there is currently no free checking account available, the monthly fees are minimal. The credit union also does not offer a high-yield savings account option at this time.
- Checking Account
- APY: 0.15%
- Minimum opening deposit: None
- Minimum balance: $0
- Fees:
- Monthly fee: $1
- Overdraft fee: $25
- ATM fee: None
- CashPoints Global Account
- APY: N/A
- Minimum balance: $0
- Fees:
- Monthly fee: $1
- Share Account
- APY: 0.75%
- Minimum balance: $25
- Fees:
- $1 service fee if balance drops below minimum
- FAT CAT Kids Account
- APY: 0.75%
- Minimum opening deposit: $5
- Health Savings Account (HSA)
- APY: 2.22%
- Minimum opening deposit: $0
- Holiday Cash Club Account
- APY: 0.75%
- Minimum balance: $5
- Coverdell Education Savings Account (ESA)
- APY: 2.22%
- Minimum opening deposit: $25
- Fees:
- $1 service fee if balance drops below minimum
Money market accounts
LGFCU also offers a money market account with a competitive interest rate.
- Money Market Share Account
- APY: 2.02%
- Minimum balance: $250
- Fees:
- $2 service fee if balance drops below minimum
Certificates of deposit
For members who want to earn higher yields by keeping their savings on deposit longer, Local Government Federal Credit Union offers a number of CDs with some of the best CD rates available today.
- Share Term Certificate
- APY:
- 6-month: 5.00%
- 12-month: 5.25%
- 18-month: 5.50%
- 24-month: 4.80%
- 30-month: 3.95%
- 36-month: 4.00%
- 48-month: 4.20%
- 60-month: 4.50%
- Minimum deposit: $250
- Fees:
- Early withdrawal penalty: Contact credit union for fee information
- APY:
Other services Local Government Federal Credit Union offers
In addition to many deposit account offerings, Local Government FCU also offers a number of additional products and services:
- Loans, including auto loans, personal loans, mortgage loans, home equity lines of credit (HELOCs), and more.
- Individual Retirement Arrangements (IRAs), including traditional, Roth, and SEP IRAs.
- Insurance, including homeowners, auto, life, and AD&D insurance policies.
- Credit cards with no annual fee and competitive interest rates.
The Local Government FCU platform and customer support
LGFCU offers an online banking platform so that members can manage their money at any time and message a representative, if needed. It also offers a highly rated mobile app that has 4.9 stars on the Apple store (designed for iPad), and 4.8 stars on Google Play.
If you need to get in touch with customer service, you can call 888-732-8562 toll-free. Member service support staff are 24 hours a day, 7 days a week. You can also send a secured message by logging into Member Connect.
Pros and cons of Local Government Federal Credit Union
If you’re considering becoming a member of LGFCU, there are a few pros and cons to consider first.
Pros
- Low minimum opening deposits
- Competitive CD rates
- Highly rated mobile app
Cons
- Monthly service fees
- Membership limited to North Carolina residents
Frequently asked questions
Is Local Government Federal Credit Union the same as SECU?
These are two different credit unions. However, LGFCU and SECU have been partnered since 1983, and SECU serves LGFCU members through SECU’s statewide branch network.
Who can join Local Government Federal Credit Union?
LGFCU has a wide field of membership, open to North Carolina’s local government employees and volunteers, elected and appointed officials, and their families. Membership is also open to people who are associated with local government employees and volunteers.
What is the address for the Local Government Federal Credit Union?
The LGFCU headquarters is located at the following address:
Quorum Center
323 West Jones Street, Suite 600
Raleigh, NC 27603
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