Dedicated to Deposits: Deals, Data, and Discussion

5.12% 4-Month CD at Island FCU in New York

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Island Federal Credit Union
Island Federal Credit Union is offering a special 4-month certificate with a yield of 5.12% APY. The minimum deposit is $1,000. New funds are required. The special is listed in the middle of the credit union's front page. I called for additional details. According to the CSR, it has no maximum deposit and a checking account is not required. She expected the special to last for 2 weeks.

Membership is open to those who live, work, worship or attend school in Nassau County or Suffolk County (with the exception of the townships of East Hampton, Southampton or Shelter Island). Refer to the credit union's Who We Are page for more details. Membership requires a minimum balance of $5 the regular savings account.

Branches are located in Hauppauge, Sayville and Hicksville, New York.

Most banks offering very high rates these days are financially weak and are in desperate need of deposits. This has not been the case with most credit unions. Island FCU appears to be another example of this with solid financial ratings for soundness: 5 star rating (superior) at BauerFinancial and 4 star rating (sound) at Bankrate.com. Both ratings are based on 6/30/08 data. The credit union is federally insured by the NCUA (Charter # 10023.
  Tags: New York, Island Federal Credit Union, CD rates

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Comments
Comment #1 by Anonymous posted on
Anonymous
RIP WAMU...
Chase already cut the rate to 3%

1