Top CD and IRA CD Rates at LOMTO FCU in New York City - Local Only

LOMTO Federal Credit Union continues to offer some very competitive CD rates. The following rates are listed in the credit union's certificates of deposit page as of 12/14/2010:

• 1.25% APY 6 months
• 1.50% APY 1 year
• 1.85% APY 2 years
• 2.32% APY 3 years
• 2.63% APY 4 years
• 3.10% APY 5 years

Minimum deposit is $2,000. Terms from 1 to 5 years are also available in IRA certificates. When I last contacted this credit union, I was told that the early withdrawal penalty for the longer term CDs is 6 months of interest (earned or unearned).

As a comparison to credit unions with nationwide memberships, the best 5-year CD rate is 3.00% APY at Connexus Credit Union as of 12/14/2010. However, this requires an active checking account. Melrose Credit Union is in second place with a 2.93% APY. The best 3-year CD rate is 2.25% APY at Fort Knox FCU.

LOTMO FCU 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 has an overall health score at DepositAccounts.com of 5 out of 5 with a Texas Ratio of 0.80% (excellent) based on September 2010 data. Please refer to our financial overview of LOMTO Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 1532).

Searching for the Best CD Rates

To search for the best nationwide rates and the best rates in your state, please refer to the following tables at DepositAccounts.com:

• Best CD rates
• Best IRA CD rates