Nassau Educators Federal Credit Union (NEFCU) is offering competitive rates on some of its CDs, and it continues to offer a competitive reward checking rate. The best CD rate is 2.75% APY for the 5-year certificate. This is also available in an IRA. According to the disclosure, the early withdrawal penalty is 180 days of dividends on the amount withdrawn. NEFCU also has fair deals on its two bump certificates which allow for a one-time increase in the interest rate during the term of the CD. The two bump-up CDs include a 1.75% APY 30-month CD and a 1.25% APY 15-month CD. These rates are listed in the deposit rates page as of 12/02/2010.
The credit union continues to offer a reward checking account that pays 4.00% APY on balances up to $25K. I first reported on this reward checking account in December 2008. During this time it has kept the top yield at 4.00%.
The credit union has recently expanded its membership to include all those who live, work, worship or attend school in Nassau and Suffolk County, New York. Please refer to their Membership page for the full details. Membership requires a minimum deposit of $5 in the share savings account. An online application is provided.
The credit union has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 11.88% (excellent) based on September 2010 data. It's a sizable credit union with $1.53 billion in assets. Please refer to our financial overview of Nassau Educators FCU for more details. The credit union is federally insured by the NCUA (Charter # 2760).