Competitive CD Rates at LOMTO FCU in New York City - Local Only

LOMTO Federal Credit Union's CD rates have fallen a little since my last post in February, but they remain competitive, especially the longer terms. The following rates are listed in the credit union's certificates of deposit page as of 4/05/2010:

• 1.40% APY 6 months
• 1.95% APY 12 months
• 2.25% APY 24 months
• 2.65% 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.

Branches are located in New York City and in Woodside.

The credit union continues to have top ratings for safety and soundness: 5 stars (superior) at BauerFinancial (based on 12/31/09 data) and 5 stars (superior) at Bankrate.com (based on 9/30/09 data). The credit union is federally insured by the NCUA (Charter # 1532).