5.00% 60-Month / 4.86% 12-Month CD at a New York CU (LOMTO).
LOMTO Federal Credit Union has several high certificate rates listed in its rate table. The best rate is 5.00% APY for a 60-month term. The yields for all of the other terms are also very competiitive with yields that range from 4.80% to 4.91% APY for terms of 6 months to 48 months. The minimum deposit is $2,000. Terms from 1 to 5 years are also available in IRA certificates.
After last week's massive Fed rate cut, I'm always a little suspicious about rate tables that have no dates. So I called the credit union (212-947-3380 ext. 126), and I was told that these rates are still available. The CSR didn't know when they may change, but she thought they would last for a little while since they were just recently updated. The early withdrawal penalties for the longer term CDs is 6 months of interest (earned or unearned).
Membership is open to anyone who lives, works, worships, attends school in parts of the west side of Manhattan. Please see the credit union's membership page for more details. Credit union membership requires a $3 fee and a minimum deposit of $25 in your share savings account. A reader in my previous LOMTO FCU post mentioned a fee of $75 and first year dues of $96. However, according to the CSR, that would be if you wanted to qualify for membership by joining LOMTO Inc. Please refer to the LOMTO Inc. membership page for more details.
The credit union's office is located on 577 9th Avenue, New York, NY. The credit union is federally insured by the NCUA (Charter # 1532). It has $115.5 million in assets and 2,725 members.