Brooklyn, New York's Bay Ridge Federal Credit Union (BRFCU) is offering a series of "Bonus" CDs, with rates between 24 and 26 basis points higher than their "regular" CD counterparts.
These Bonus CDs include: 6-month CD (1.01% APY), 1-Year CD (1.25% APY), 2-Year CD (1.50% APY), 3-Year CD (1.75% APY), 4-Year CD (2.00% APY), and 5-Year CD (2.25% APY).
The Bonus CDs all require a minimum $20K deposit to open, with no maximum balance cap. All six Bonus CDs are also offered as IRAs (Traditional, Roth and CESA), but interestingly, the IRAs have no minimum deposit to earn the Bonus interest rate.
Membership in Bay Ridge Federal Credit Union is based on residency, employment or organizational membership. While the common thread to all membership eligibility is Brooklyn, one qualifying organization, the Brooklyn Consumer Federation seems to be open to anyone in the metropolitan NYC for a $10 annual fee.
Employment groups include several schools and the many corporate limousine groups in NYC. Several branches of the International Longshoreman's Association also qualify for membership. To see the complete list of individuals and groups eligible for membership, please refer to BRFCU's Membership page for full details.
Bay Ridge Federal Credit Union has an online application for membership, but an in-person visit to one of two branches is required to open a CD.
Credit Union Overview
Bay Ridge Federal Credit Union has an overall health grade of A+ at DepositAccounts.com, with a Texas Ratio of 5.80% (excellent) based on March 31, 2014 data. In the past year, BRFCU has increased its total deposits by $12.85 Million, an excellent growth rate of 8.52% Please refer to our financial overview of Bay Ridge Federal Credit Union for more details.
Soon after the Federal Credit Union Act of 1934 was enacted, a small group of working class immigrants started Bay Ridge Federal Credit Union (NCUA Charter # 78). The Federal Credit Union Act allowed for groups of people from not-for-profit cooperatives (credit unions) to promote savings among themselves, and provide easier access to credit for the members of their group. Today, after 5 new locations and 5 name changes, BRFCU has assets of over $181 Million and more than 7,500 members.
Bay Ridge Federal Credit Union has two Brooklyn branch offices, located in Bensonhurst and Sheepshead Bay.
How the Rates Compare
When compared to similar length of term CDs tracked by DepositAccounts.com, and available to New York residents, all of Bay Ridge Federal Credit Union's Bonus CDs are highly competitive.
- 1.10% APY 6-month CD LOMTO Federal Credit Union
- 1.01% APY 6-month CD Atlas Bank
- 1.01% APY 6-month CD Bay Ridge Federal Credit Union
- 1.00% APY 6 month CD Connexus Credit Union
- 1.25% APY 1-Year CD LOMTO Federal Credit Union
- 1.25% APY 1-Year CD Bay Ridge Federal Credit Union
- 1.15% APY 1-Year CD Melrose Credit Union
- 1.10% APY 1-Year CD Triumph Savings Bank
- 1.50% APY 2-Year CD Bay Ridge Federal Credit Union
- 1.45% APY 2-Year CD LOMTO Federal Credit Union
- 1.41% APY 2-Year CD Melrose Credit Union
- 1.36% APY 2-Year CD Progressive Credit Union
- 1.75% APY 3-Year CD Connexus Credit Union
- 1.75% APY 3-Year CD Bay Ridge Federal Credit Union
- 1.73% APY 3-Year CD Massena Credit Union
- 1.66% APY 3-Year CD Melrose Credit Union
- 2.10% APY 4-Year CD Alliant Credit Union
- 2.02% APY 4-Year CD Melrose Credit Union
- 2.00% APY 4-Year CD Bay Ridge Federal Credit Union
- 1.85% APY 4-Year CD Nationwide Bank
- 2.32% APY 5-Year CD Progressive Credit Union
- 2.30% APY 5-Year CD EverBank
- 2.27% APY 5-Year CD Melrose Credit Union
- 2.25% APY 5-Year CD Bay Ridge Federal Credit Union
The above rates are accurate as of 8/24/2014.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.