Dedicated to Deposits: Deals, Data, and Discussion

10% 12-Month CD at a New York CU - $2K Max (Palisades)


Palisades Federal Credit Union has several certificate specials. The first is a 10% APY 12-month term certificate. The minimum is $500 and the maximum deposit is $2K. There are several hoops required to jump through related to a checking account and direct deposit. The $2K at 10% for 1 year will result in about $90 over what you would earn in a typical high yield CD. Below are the details from the promotional page:
You must open a new PFCU checking account with new direct deposit equal to or greater than 50% of your paycheck into the new checking account at the time the term certificate is opened. Your direct deposit must commence within 60 days of term certificate opening or term certificate will revert to a simple savings account at the current savings account annual percentage rate and yield. You must also buy first order of checks at the time of account opening. This offer is also open to any PFCU member referring a new or existing member who opens a new PFCU checking account with new direct deposit into it as stated previously. Dividends payable at maturity. Early withdrawal is a refund of only the opening balance.

The credit union also has additional 6-percent CD promotions. One is a 6.25% APY 11-month term certificate. This has a minimum deposit of $50K and also requires checking with direct deposit. The APY for a smaller minimum of $500 is 6.00%. The APY without the checking and direct deposit is 5.50%.

Another CD special is a 6.00% APY 24-month term certificate. Just like the previous special, this requires a $50K minimum along with checking and direct deposit, and lower rates are available for smaller deposits and with no checking/direct deposit requirement.

The field of membership includes anyone who lives, works, worships or attends school in Rockland County, New York. A $5 deposit into a savings account is required for membership.

It has one public branch located in Pearl River, New York which is just north of New Jersey near the Hudson River.

The credit union is NCUA insured. It has $130 million in assets and 8,468 members.

Comment #1 by StevenBurda (anonymous) posted on
Hot deal! 10% return isn't bad, but too much hasle. There are others out there with 10-15-20% returns... Risk Free? Somewhat!

- Steven Burda -
(to connect to my professional network)