LOMTO Federal Credit Union is having a grand opening special share certificate with a 3.00% APY and a 2-year term. The special is scheduled to last until 2/28/2010. This is listed in the credit union's Notices page as of 2/18/2010. The new office is at 50-24 Queens Boulevard, Woodside, NY 11377.
The credit union also has several competitive standard certificate rates. I've reported on their competitive CDs for the last couple of years. My last post was in June 2009. The following rates are listed in the credit union's certificates of deposit page as of 2/18/2010:
- 1.40% APY 6 months
- 2.07% APY 12 months
- 2.32% APY 24 months
- 2.84% APY 36 months
- 3.14% APY 48 months
- 3.56% 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. You can also be eligible for membership via family and via membership in LOMTO Inc. which according to one reader is not worth joining unless you're a cab driver. Please refer to the LOMTO Inc. membership page for more details.
In addition to the new branch at 50-24 Queens Boulevard, Woodside, New York 11377. There's also a branch at 180 Riverside Boulevard @ W69th Street, New York, New York 10069. Refer to the credit union's contact page for the full details
The credit union has top ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 5 stars (superior) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 1532).
Thanks to the reader who emailed me news of this CD special.