Dedicated to Deposits: Deals, Data, and Discussion

Best CD Rates in New York City - Review of Montauk Credit Union & Other Institutions


When I last reviewed Montauk Credit Union in April, it was one of two institutions offering very competitive CD rates in New York City. The other one was Atlas Bank. Rates have fallen at both institutions, but rates have fallen less at Montauk Credit Union. Several of the CD and IRA CD rates at Montauk Credit Union remain very competitive. Below is the full list of rates as listed at the credit union's rate table as of 11/28/2011:

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

Update 6/14/2013 I called the credit union today, and I was told that they are accepting new deposits, and I was told the above CD rates are still accurate. As before, you have to come into a branch to open these CDs.

Update 2/2/2012: I was informed by a Montauk Credit Union rep that they are not opening new CDs.

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 of 5 stars (out of 5) with a Texas Ratio of 5.71% (excellent) based on June 2011 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).

How These CD Rates Compare

For 2-year, 3-year and 5-year CDs, the best nationally available CD rates are at the Velocity Credit Union which is offering promotional rates of 1.51% APY for 2 years, 2.12% APY for 3 years and 2.83% APY for 5 years. As I described in my Velocity Credit Union CD review, these are scheduled to end on November 30th.

Melrose Credit Union has the best non-promotional rates that are nationally available. This is also a New York City credit union (office located in Queens). It has a 1.41% APY 2-year CD, 1.91% APY 3-year CD and a 2.68% APY 5-year CD.

There are other NYC credit unions with top CD rates, but many of them don't provide for easy membership. LOMTO Federal Credit Union has some higher CD rates including a 2.55% APY 5-year CD and a 1.85% APY 3-year CD. Membership is only open to those who live, work, worship or attend school in parts of the west side of Manhattan. The best 5-year CD rate is currently at Self Reliance New York FCU which has a 3.05% APY, but as I described in my last review of Self Reliance CDs, very few people can qualify for membership.

The above rates are accurate as of 11/28/2011.

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

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

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