Suffolk Federal Credit Union is offering some competitive long-term certificates. The best one is the 5-year CD with a 3.40% APY. Minimum deposit is $500, and the early withdrawal penalty is 180 days of interest. It's also available as an IRA and SEP certificate. This rate is listed in the credit union's rates page as of 5/11/2010.
The credit union also has a competitive tiered-rate money market account. It's called the Insured Money Market, and it has a top rate of 1.50% APY on balances of at least $100K as of 5/11/2010.
There's also a nice refer-a-friend bonus in which the referrer gets $100 and the new member gets $50. However, the new member is required to open a checking account with direct deposit of at least $250 per month. More details are listed at the top of the credit union's membership page.
My last report on this credit union was in January 2009 when it was offering a 4.75% 60-month CD.
Membership is open to anyone who lives or works in Suffolk County, New York. Please refer to the credit union's About Page for more details. Membership requires a minimum balance of $5 in the regular share savings account.
Branches are located Medford, Commack, Islandia, Miller Place, Riverside and West Babylon, NY.
Suffolk FCU's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial, 3 stars (performing) at Bankrate.com, and an overall health score of 3 out of 5 at DepositAccounts.com (see our Suffolk FCU rates and reviews page). Ratings are based on 12/31/09 financial data. The credit union is federally insured by the NCUA (Charter # 17914).
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