Dedicated to Deposits: Deals, Data, and Discussion

3.00% 12-Month CD, 2.60% 6-Month CD and Other High CD Rates at LOMTO FCU in New York City - Local Only

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LOMTO Federal Credit Union
Update 6/20/09: The CD rates have fallen, but they remain very competitive. Please check the credit union's website for the latest rates.

LOMTO Federal Credit Union is listing several competitive certificate rates. The following rates are listed in the credit union's certificates of deposit page as of 6/02/09:
  • 2.60% APY 6 months
  • 3.00% APY 12 months
  • 3.10% APY 24 months
  • 3.25% APY 36 months
  • 3.50% APY 48 months
  • 3.90% APY 60 months
Minimum deposit is $2,000. Terms from 1 to 5 years are also available in IRA certificates. The early withdrawal penalty for the longer term CDs is 6 months of interest (earned or unearned).

Membership is open to anyone who lives, works, worships, attends school in parts of the west side of Manhattan. Please see the credit union's membership page for more details. Credit union membership requires a $3 fee and a minimum deposit of $25 in your share savings account. A reader in a previous LOMTO FCU post mentioned some very high membership fees. However, according to the CSR, that would be if you wanted to qualify for membership by joining LOMTO Inc. Please refer to the LOMTO Inc. membership page for more details.

The credit union's office is located on 577 9th Avenue, New York, NY.

The credit union has solid ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The credit union is federally insured by the NCUA (Charter # 1532).

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.

  Tags: New York, LOMTO Federal Credit Union, CD rates, IRA rates

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Comments
2 Comments.
Comment #1 by Ari Weinberg (anonymous) posted on
Ari Weinberg
They are providing 3% on Money Market rates above $10k...how is this possible?

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Good catch. I had forgotten to look at their MMA page). Like this one, they all seem to have small membership. Perhaps this helps prevent them from getting overwhelmed with deposits.

1