Dedicated to Deposits: Deals, Data, and Discussion

2.50% 24-Month CD & Other Competitive CD Rates at Montauk Credit Union in New York - Local Only


Montauk Credit Union
Montauk Credit Union continues to offer very competitive rates on its share certificates. The rates have fallen some since my August post, but they're still better than what you can find at many other banks and credit unions. Below is the full list of CD and IRA rates as listed at the credit union's rate table as of 12/08/2009:
  • 2.00% 12-month
  • 2.25% 18-month
  • 2.50% 24-month
  • 2.75% 36-month
  • 3.25% 48-month
  • 3.75% 60-month
  • 4.25% 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.

The reader recently inquired about the early withdrawal penalty. Unfortunately, it's harsh. For those familiar with Melrose Credit Union, it's very similar. For terms over one year, it's 180 days of interest PLUS the interest rate drops for your entire CD term to whatever the interest rate is in the savings account for that day. The current savings account rates are 0.75% for $5K to $50K and 1.00% for $50K and above.

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 ratings for safety and soundness remain strong: 5 stars (superior) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at (based on 6/30/09 data). The credit union is federally insured by the NCUA (Certificate # 63231).

Thanks to the reader who emailed me this Montauk info.

Other Competitive Certificate of Deposit Rates

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

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