4.20% 60-Month / 4.10% 12-Month CD at a New York City CU - Easy Membership (Montauk).
Mar 29, 2008 - 10:10 AM by Ken Tumin
Montauk Credit Union is offering share certificates with yields that range from 4.10% APY for a 12 and 18-month term to 4.20% APY for a 60-month term. These are also available in an IRA.
According to the credit union's About page, anyone is eligible to join:
MCU has an "open charter" which enables us to extend membership to anyone.
It seems like New York has some favorable credit union laws. This charter is similar to what Melrose Credit Union has. Melrose CU is also in New York, and I've been reporting on its high yield CDs for the last couple of years (my last Melrose CU post).
Montauk Credit Union membership requires a minimum deposit of $25 in the share savings account.
The office is located in New York, NY. The credit union is federally insured by the NCUA (Certificate # 63231). It has $68.6 million in assets and 3,045 members.
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Anonymous - #1, Tuesday, March 11, 2008 - 2:15 AM
I noticed Montauk has a 5-star rating at Bauer Financial, which is not too common:
http://www.bauerfinancial.com/btc_ratings.asp
Banking Guy (anonymous) - #2, Tuesday, March 11, 2008 - 7:17 AM
Looks like a good credit union. I'm surprised it's so small since it's in such a large city and it seems to have easy membership.
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