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

Update 7/26/09: Rates have fallen but they remain competitive. Refer to the credit union's website for the latest rates.

Montauk Credit Union continues to offer very competitive rates on its share certificates. Some of the rates are actually up since my May post. They also added a 7-year term with a 4.50% APY. Below is the full list of CD and IRA rates as listed at the credit union's rate table as of 6/25/2009:

• 2.75% 12-month
• 3.00% 18-month
• 3.25% 24-month
• 3.50% 36-month
• 3.75% 48-month
• 4.00% 60-month
• 4.50% 84-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 remain fair to strong: 5 stars (superior) at BauerFinancial (based on 3/31/09 data) and 3 stars (performing) at Bankrate.com (based on 12/31/08 data). The credit union is federally insured by the NCUA (Certificate # 63231).

Thanks to the reader who emailed me an update on these rates.

Other High Certificate of Deposit Rates

• My weekly list of hot nationwide and local CD deals
• My weekly list of all nationwide CD deals
• Index of state CD and bank deals

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