Local Government Federal Credit Union (LGFCU) is a not-for-profit cooperative exclusively serving North Carolina’s local government employees, 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 CashPoint ATMs across the state, as well as online banking features.
All rates and fees are current as of May 30, 2024, and are subject to change.
Local Government FCU
| Checking accounts: | Starting at $1 per month |
| Savings accounts: | Certificates of deposit (CD) rates: Earn up to 5.25% annual percentage yield (APY) |
| CD rates: | Earn up to 5.25% annual percentage yield (APY) |
Pros
- Low minimum opening deposits
- Competitive CD rates
- Highly rated mobile app
Cons
- Monthly service fees
- Membership is limited to North Carolina government employees and volunteers
Membership is restricted to North Carolina local government employees, including county governments and municipalities, parks and recreation departments, hospital and library employees, and many more. If you qualify, LGFCU could be a good option. It has a wide range of accounts that will likely meet all your banking needs. If you value in-person banking there are over 250 branches across the state.
If you don’t qualify for membership, then LGFCU won’t be an option. Also, if in-person banking is a determining factor, ensure that your local branch will still be accessible after the split with State Employees’ Credit Union (SECU), as those branches will no longer service LGFCU accounts starting in 2025.
Local Government FCU rates and products
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.
It also offers several loan options, credit cards, investing, and insurance.
| Checking accounts | 0.15% APY |
| Savings accounts | 0.40% APY |
| CDs | 5.25% APY |
| Money market accounts (MMAs) | 2.02% APY |
Checking accounts
Local Government FCU has a traditional checking account and a demand deposit account called the “CashPoints Global Account and Card.” Both accounts charge a $1 monthly maintenance fee and neither has a minimum balance requirement.
There are more than 250 branches and 1,000 free ATMs across the state. You can also access your accounts via the mobile app and 24/7 automated phone system.
If you are looking for a completely free checking account, check out our list of best free checking accounts.
Checking Account
The LGFCU checking account has no minimum balance requirements, charges a $1 monthly fee, and earns a bit of interest.
Local Government FCU checking account features
| Account opening bonus | None |
| Minimum opening deposit | $0 |
| Monthly fees | $1 |
| Top APY | 0.15% |
CashPoints Global account
The CashPoints Global account is primarily accessed through the Visa debit card as it does not offer paper checks.
Local Government FCU CashPoints Global account features
| Account opening bonus | None |
| Minimum opening deposit | $0 |
| Monthly fees | $1 |
| Top APY | 0.00% |
Savings accounts
LGFCU members have many options when it comes to savings accounts. All the savings accounts have low minimum deposits and earn interest. The interest rates, however, are fairly low, and you may do better with a high-yield savings account.
Share Account
The Share Account is required for LGFCU membership. It requires a minimum deposit of $25 and a $1 monthly service fee.
Local Government FCU Share account features
| Minimum opening deposit | $25 |
| Monthly fees | $1 |
| Top APY | 0.40% |
FAT CAT Kids Account
This account is open to members aged 12 and under. The minimum opening deposit is $5, but withdrawals cannot be made until the balance reaches $25.
Local Government FCU FAT CAT Kids account features
| Minimum opening deposit | $5 |
| Monthly fees | None |
| Top APY | 0.40% |
Health Savings Account (HSA)
An HSA is available to members with a high-deductible medical insurance plan.
Local Government FCU HSA features
| Minimum opening deposit | $0 |
| Monthly fees | $0 |
| Top APY | 2.22% |
Holiday Cash Club Account
This account is intended to help you save for the holidays. Set up recurring transfers to the account during the year, and on the last business day in October, the balance is automatically transferred to your LGFCU checking account.
Local Government FCU Holiday Cash Club account features
| Minimum opening deposit | $0 |
| Monthly fees | $0 |
| Top APY | 0.40% |
Coverdell Education Savings Account (ESA)
Coverdell ESAs help you save for your child’s education with tax-deferred savings. The beneficiary must be under 18 years old or have special needs.
Local Government FCU Coverdell ESA features
| Minimum opening deposit | $25 |
| Monthly fees | $0 |
| Top APY | 2.22% |
Local Government FCU savings rates compared to current top rates*
While Local Government FCU is a great option, some institutions offer higher interest rates. Compare the rates above to this list of competitors:
Money market accounts
LGFCU also offers an MMA with a minimum balance requirement of $250, and a $2 monthly fee if the balance drops below the minimum. This account comes with a debit card which can be used for free at CashPoints ATMs. While this account earns 2.02% APY, that's not as much as you could earn at some of the best MMAs.
Local Government FCU MMA features
| Minimum opening deposit | $250 |
| Monthly fees | $2 (only if balance falls below $250) |
| Top APY | 2.02% |
Certificates of deposit
For members who want to earn higher yields by keeping their savings on deposit longer, Local Government Federal Credit Union offers several Term Certificates with some of the best CD rates available today. The CDs also have very reasonable early withdrawal penalties.
Local Government FCU CD features
| Minimum opening deposit | $250 |
| Available term lengths | 6 months – 60 months |
| Top APY | 5.25% for 18-month CD |
| Early withdrawal penalty | 90 days of interest or the actual amount of interest earned, whichever is less. |
Other services Local Government FCU offers
In addition to many deposit account offerings, Local Government FCU also offers several additional products and services:
- Loans: Auto loans, personal loans, mortgage loans, home equity lines of credit (HELOCs), and more.
- Individual retirement arrangements (IRAs): Including traditional, Roth, and Simplified Employee Pension (SEP) IRAs.
- Insurance: Homeowners, auto, life, and accidental death and dismemberment (AD&D) insurance policies.
- Credit cards: No annual fees and competitive interest rates.
The Local Government FCU platform and customer support
LGFCU offers an online banking platform so members can manage their money anytime and message a representative if needed. It also offers a highly rated mobile app that has 4.9 stars on the Apple App Store (designed for iPad) and 4.8 stars on Google Play.
If you need to contact customer service, you can call (888) 732-8562 toll-free. Member service support staff are available 24 hours a day, seven days a week, which is exceptional for a bank. You can also send a secured message by logging into Member Connect.
Is Local Government FCU secure?
Yes, Local Government FCU is secure. You'll see all the security measures you've come to expect at any bank. For example, all online sessions are encrypted using secure sockets layer (SSL) and transport layer security (TLS). Your session will also time out after a period of inactivity in case you forgot to log off.
The bank also uses firewalls, antivirus, anti-phishing, anti-trojan, and intrusion detection and prevention systems. Also, it constantly monitors the underground networks used to share fraudulent information to ensure there have been no data breaches.
Local Government FCU user reviews
There are limited online reviews from customers of LGFCU but those that exist are all positive. Reviewers state that the customer service is good and that the website works well.
Compare Local Government FCU alternatives
 Local Government FCU |  Quontic Bank |  Alliant Credit Union |
|---|---|---|
| Top savings APY | Top savings APY | Top savings APY |
| 0.40% | 4.50% | 3.10% |
| Top checking APY | Top checking APY | Top checking APY |
| 0.15% | 1.10% | 0.25% |
| Top CD APY | Top CD APY | Top CD APY |
| 5.25% | 5.05% | 5.15% |
| Learn more | Learn more | Learn more |
| View offer at Bankrate | View offer at Fiona | View offer at Alliant |
Is Local Government FCU right for you?
If you are eligible to be a member, LGFCU may be right for you. It offers a checking account with a competitive interest rate and several savings options, although the APYs on its savings accounts are low.
If in-person banking is important to you, verify that you will continue to have convenient access to a branch after the separation from SECU. You can use SECU branches until the split, but you will be restricted to only LGFCU locations afterward.
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
