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

Update 4/8/2011:  CD rates have dropped by 25 bps for all terms except the 4-year and 7-year.

Montauk Credit Union did something in March that's rare these days. It raised its CD rates. The short-term CD rates went up by 25 basis points and some of the long-term CD rates went up by 50 basis points. These are now very competitive CD and IRA CD rates. Below is the full list of rates as listed at the credit union's rate table as of 3/15/2011:

• 1.50% 12-month
• 1.75% 18-month
• 2.00% 24-month
• 2.75% 36-month
• 2.75% 48-month
• 3.25% 60-month
• 3.50% 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.

Credit Union Membership

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 DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 6.15% (excellent) based on December 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

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