4.13% 60-Month / 3.82% 12-Month CD at a New York CU (LOMTO)
Update 3/1/08: The CD rates have fallen. The yield on the 60-month CD has fallen from 4.44% to 4.33% APY.
Update 2/16/08: The rates have gone down. The new yields are 4.44% APY for the 60-month term and 4.07% APY for the 12-month term. Please check the credit union's website for the latest rates. The title has been modified to reflect these changes.
LOMTO Federal Credit Union still has several high certificate rates listed in its rate table. These rates are down from my January post, but they're still very competitive. The best rate is 4.86% APY for a 60-month and 6-month term. The yield is 4.75% APY for the 12 and 24 month terms, and 4.80% APY for the 36 and 48 month terms. The minimum deposit is $2,000. Terms from 1 to 5 years are also available in IRA certificates. 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.