2.75% 12-Month CD and Other High CD Rates at Montauk Credit Union in New York City - Local Only

Montauk Credit Union continues to list competitive rates on its share certificates. The rates are down from February, but they remain very competitive. Below is the full list of CD and IRA rates as listed at the credit union's rate table as of 5/18/2009:

• 2.75% 12-month
• 2.90% 18-month
• 3.00% 24-month
• 3.15% 36-month
• 3.35% 48-month
• 3.75% 60-month

Note, they only do simple interest, so there's no compounding. A reader reported that they'll deposit the interest in your credit union savings account every quarter. You can also request for them to send you a check.

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 safety and soundness have gone down a bit since my February post, but they remain fair to strong: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 12/31/08 data. The credit union is federally insured by the NCUA (Certificate # 63231).

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.

Edit 5/19/09: Corrected CD interest payment options based on reader's info.

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