Dedicated to Deposits: Deals, Data, and Discussion

Competitive CD Rates at Montauk Credit Union in New York City - Local Only - Update


Montauk Credit Union

Montauk Credit Union continues to offer competitive rates on its CDs and IRA CDs. The rates have gone down for the shorter terms since my April 2010 post, but the rates remain competitive. Below is the full list of rates as listed at the credit union's rate table as of 12/07/2010:

  • 1.25% 12-month
  • 1.50% 18-month
  • 1.75% 24-month
  • 2.25% 36-month
  • 2.50% 48-month
  • 2.75% 60-month
  • 3.00% 84-month

Note, they only do simple interest, so there's no compounding. A reader reported that they'll deposit the interest in your credit union savings account every quarter. You can also request for them to send you a check. For more details about these CDs and account application process, please refer to my April review.

According to the credit union's About page, anyone is eligible to join:

MCU has an "open charter" which enables us to extend membership to anyone.

A reader reported that she had to go into the branch to join. According to the reader, the office is in a teeny "storefront" on west 26th Street just off 6th Avenue.

The credit union has an overall health score at of 4 out of 5 with a Texas Ratio of 7.58% (excellent) based on September 2010 data. Please refer to our financial overview of Montauk Credit Union for more details. The credit union is federally insured by the NCUA (Certificate # 63231).

Searching for the Best CD Rates

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  Tags: New York, Montauk Credit Union, CD rates, IRA rates

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