Dedicated to Deposits: Deals, Data, and Discussion

3.50% 12-Month CD and Other High CD Rates at Montauk Credit Union in New York City

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Montauk Credit Union
Update 2/05/09: The CD rates have fallen. Please check the credit union's website for the latest rates.

Montauk Credit Union is listing some competitive rates on its share certificates. Below is the full list of CD rates as listed at the credit union's rate table as of 2/01/2009:
  • 3.50% 12-month
  • 3.60% 18-month
  • 3.70% 24-month
  • 3.90% 36-month
  • 4.00% 48-month
  • 4.25% 60-month
Note, they only do simple interest, so there's no compounding. A reader reported that they send you the interest every quarter.

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.

A reader reported that she had to go into the branch to join. According to the reader, the office is in a teeny "storefront" on west 26th Street just off 6th Avenue. The process of opening a CD appears to be a little odd. Here's how the reader described it:
I had to send them a letter telling them I wanted to open a CD, and then someone called me to give me the "go-ahead". I put the check in the mail today.

The credit union's financial ratings for soundness appear strong: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/08 data. The credit union is federally insured by the NCUA (Certificate # 63231).

Thanks to the reader for emailing me info on this credit union.

Related Pages: New York, Montauk Credit Union, CD rates, IRA rates

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