Competitive CD and IRA CD Rates at Bay Ridge FCU in New York City - Local Only

Bay Ridge Federal Credit Union is offering several competitive CD rates. These range from 1.75% APY for a 6-month term to 3.25% APY for a 5-year term. Minimum deposit is $20,000. These are also available in an IRA certificate with only a $500 minimum. Rates for CDs with a $500 minimum are 25 basis points lower. The full list of CD rates is shown below. This is based on the credit union's savings rates page as of 4/05/2010:

Term          APY for $20K min
 6  months   1.75%
12 months   2.00%
24 months   2.50%
36 months   2.75%
48 months   3.00%
60 months   3.25%

My last post on this credit union was in December 2008 when the CD rates were over 2 percentage points higher.

Membership eligibility is primarily based on association membership and employer groups. Please refer to the credit union's Membership Page for details. There are some associations listed, but I'm not sure how easy it would be to join these.

The credit union is located in Brooklyn, New York.

The credit union's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). It's federally insured by the NCUA (Charter # 78).