Island Federal Credit Union has a couple good CD deals. First, there's a special 9-month CD with a 2.00% APY. This requires an Island Checking Account with VISA CheckCard and Direct Deposit (or pay 3 bills by Island Online Bill Payer). An even better deal in my opinion is the credit union's regular 5-year CD and IRA CD which has a 3.00% APY. Minimum deposit is $5,000. These rates are listed in the credit union's rates page as of 10/20/2010.
It's getting hard to find 3.00% yields these days on any CD term. The best 5-year CD rate at an internet bank is currently 2.75% APY at Sallie Mae Bank.
I'm not able to find the credit union's CD early withdrawal penalty on the website. I've emailed the credit union, and I will update this post once I receive a reply. Update: The reply came quickly. However, the penalty is worse than average. According to the CSR: "For a 5-year CD the penalty for a premature withdrawal will be the lesser of the following: all dividends earned since date of issuance OR 365 days of dividends."
Membership is open to those who live, work, worship or attend school in Suffolk County or Nassau County (with the exception of the townships of East Hampton, Southampton or Shelter Island). Please refer to the credit union's Who We Are page for more details. Membership requires a minimum balance of $5 the regular savings account.
Branches are located in Sayville, Hauppauge and Hicksville, New York.
Island FCU has an overall health score of 4 out of 5 at DepositAccounts.com with a Texas Ratio of 3.90% (excellent) based on June 2010 data. Please refer to the financial overview of Island Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 10023).
Searching for the Best CD and IRA CD Rates
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