Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Self Reliance New York Federal Credit Union3.30%--IRA Savings
Self Reliance New York Federal Credit Union3.05%$500-60 Month Certificate
Accounts mentioned in this post. Rates as of July 31, 2014

Top CD and Money Market Rates at Self Reliance New York FCU - Local Only

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Self Reliance New York Federal Credit Union

Self Reliance New York FCU is another small NYC credit union which offers very competitive CD rates. The credit union current has some very competitive short term rates as of 4/15/2010:

  • 1.75% APY 3 months
  • 1.95% APY 6 months
  • 2.00% APY 9 months
  • 2.30% APY 12 months
  • 2.40% APY 18 months
  • 2.65% APY 24 months

The longer term rates are not quite as competitive:

  • 2.70% APY 30 months
  • 2.80% APY 36 months
  • 2.90% APY 48 months
  • 3.50% APY 60 months

Minimum deposit is $500. The money market account and IRA are also very competitive. The money market account has a 1.87% APY. Minimum balance is $2,500, and withdrawals are required to be at least $500. The IRA savings account has a 3.67% APY. These rates are listed in the credit union's rate table as of 4/15/2010.

It has been just over a year since my last post on this credit union. They do have a history of top rates. I had forgotten to mention them in my list of the small NYC credit unions offering the best rates in New York City. Fortunately, a reader reminded me of them in the comments.

Membership is open to members of the Selfreliance Association of American Ukrainians. More details are listed at the bottom of the credit union's About Page:

To become a member at Self Reliance (NY) Federal Credit Union one must first qualify for membership at the Selfreliance Association of American Ukrainians. There are branches of the Association in New York City at 98 Second Avenue, New York, in Uniondale and Kerhonkson New York. An initial minimum deposit of $50.00 is required to open a basic share account, plus a $5 membership fee to the Selfreliance Association.

This appears to have changed from last year. In the current description it only says you first must qualify for the association. Last year it provided the requirements to qualify for the association such as being of Ukrainian descent. So perhaps Selfreliance Association has made it easier to qualify for membership.

The credit union continues to have strong 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 # 7217).

Thanks to the reader who mentioned this credit union in the comments

Other Competitive CD Rates, IRA Rates & Money Market Rates


  Tags: New York, money market accounts, CD rates, IRA rates, Self Reliance New York Federal Credit Union

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Comments
6 Comments.
Comment #1 by Anonymous posted on
Anonymous
I just called them up....they said I have to be of Ukranian descent to join.....Does anyone know if I have to prove that in some way?

 

Thanks,

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Comment #2 by Anonymous posted on
Anonymous
From what I was told you must be born or your parents both born in the Ukraine.  My grandparents were from there and they said I could not join - but I called the association directly. Maybe in person at the CU will help my cause. (PS I was the one who posted the reminder of the rates) - THX Banking guy - great service!  

1
Comment #3 by Anonymous posted on
Anonymous
To became a member of Self Reliance NY--- they ask you: A.  to mail them a copy of your passport --- that show that you were born (1) in the former USSR, in the former republic of Ukraine; or (2) after the USSR dissintegration in 1990, you were born in the pesent independent Ukraine. B.  your parents are Ukrainians.    Plus, a copy of the above must be notarize. I hope this info. is helpfull.

2
Comment #4 by Anonimous (anonymous) posted on
Anonimous
I have contacted Ms. Oksana Lopatinsky from the FCU.
In order to become a member of the association you need to be not only a Ukrainian National, you also have to be of Christian faith, Jews need not apply.

6
Comment #5 by Anonymous posted on
Anonymous
I called them(the one in kerhonkson).  They told me that they did not require proof to join but that you had to be of Ukrainian descent.  Does anyone have experience joining them?

1
Comment #6 by Anonymous posted on
Anonymous
that is not fair, they should let anyone join. if they want to invest in your bank. then why not? wish this can change.

1