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
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.