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
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