Self Reliance New York FCU is offering several competitive deposit rates. These include a 3.20% APY 6-month CD and a 4.00% APY 12-month CD. The longer term CDs all have APYs between 4.03% and 4.34%. Minimum deposit is $500. The money market account and IRA are also very competitive. The money market account has a 3.05% APY. Minimum balance is $2,500, and withdrawals are required to be at least $500. The IRA savings account has a 4.34% APY. These rates are listed in the credit union's rate table as of 2/27/09. The rate table has an effective date of 2/19/09 so new rates may soon be posted.
Membership is open to members of the Selfreliance Association of American Ukrainians. More details are listed at the bottom of the credit union's About Page. Update 3/28/09: Here are excerpts from the About page regarding this association:
Only members of Selfreliance Association of American Ukrainians are eligible for membership in the credit union. Selfreliance Association accepts as members: individuals of Ukrainian descent, by birth or marriage; members of Ukrainian parishes, religious communities or other Ukrainian community organizations.
According to the credit union, there are branches of the Association in New York City at 98 Second Avenue, New York, in Uniondale and Kerhonkson New York. The association has a $5 membership fee. Credit union membership requires a minimum balance of $50 in the basic share account.
The credit union has some strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. These ratings are based on 9/30/08 financial data. The credit union is federally insured by the NCUA (Charter # 7217).
Thanks to the reader who emailed me news of these rates.