Top CD Rates at Two Small New York City Institutions

If you live in New York City, look to the small institutions to find the best CD rates. Montauk Credit Union is one of these. It's a small one-office credit union located at 111 West 26th Street. It has long offered top CD and IRA CD rates. Unfortunately, most of the rates just recently fell, but they remain very competitive. Below is the full list of rates based on my conversation with the credit union rep this morning (4/8/2011). Note, they haven't yet updated their online rate table: (It's now updated)

• 1.25% 12-month
• 1.50% 18-month
• 1.75% 24-month
• 2.50% 36-month
• 2.75% 48-month
• 3.00% 60-month
• 3.50% 84-month

For more details about these CDs, the account application process and the credit union, please refer to my Montauk and CD review. In that review I described a reader's experience with this credit union.

Google Street Map has a good picture of the credit union office. You can access Google Street Map from our Montauk Credit Union branch page. To see the credit union picture, just drag the orange man into the street (The orange man is located on the left above the map zoom control.)

Atlas Bank

The other small institution that's offering great CD rates in New York City is Atlas Bank. They currently have two special CDs with very competitive rates:

• 1.51% APY 1-year CD (1.56% APY IRA CD)
• 2.22% APY 2-year CD and IRA CD

These rates are listed at the bank's rates page as of 4/8/2011, and they're subject to change at any time.

Atlas Bank is a little larger than Montauk. It has two branches located at 689 Fifth Avenue, Brooklyn and 339 Sand Lane, Staten Island. I just did a review of Atlas Bank in March when these CD specials first came out.

How These Compare?

Most of these rates are way above what you can find from CDs available nationwide as of 4/8/2011. The best 2-year CD rate is 1.77% APY at Self-Help Credit Union and the best 3-year CD rate is 2.27% APY at Velocity Credit Union.

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.