4.15% 1-Year CD & 4.50% 3-Year CD at Montauk Credit Union in New York

Update 12/18/08: The CD rates have gone done. Please check the credit union's website for the latest rates.

Montauk Credit Union is listing some competitive rates on its share certificates as of 12/02/08. The yields include 4.15% APY for 12 and 18 months, 4.25% APY for 2 years, 4.50% APY for 3 and 4 years, and 4.75% APY for 5 years. 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.

It's a small credit union with one office located in New York, NY.

The credit union's financial ratings for soundness appear fairly strong: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/08 data. The credit union is federally insured by the NCUA (Certificate # 63231).

Tags: New York, Montauk Credit Union, CD rates, IRA rates