Last week, Bethpage Federal Credit Union (Bethpage) added a 25-month Certificate (1.75% APY). The minimum opening deposit is a low $50, with no stated balance cap.
|1.75%||$50||-||Bethpage Federal Credit Union||25 Month Certificate|
|1.75%||$50||-||Bethpage Federal Credit Union||25 Month IRA (Traditional, Roth)|
The 25-month Certificate is also offered as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.
As stated in Bethpage’s Membership Account Information booklet, the Early Withdrawal Penalty (EWP) reads as follows:
For certificate accounts with a term of more than one year, withdrawals made prior to maturity are subject to an early withdrawal penalty equal to one hundred eighty (180) days’ interest at the dividend rate and forfeiture of any dividends accrued but not yet credited to the account on the amount withdrawn.
Given the mild impact of the EWP on its long-term CDs, the 2.25% APY of Bethpage’s 60-month Certificate becomes more attractive. Using DA’s EWP Calculator, you can see that the effective yields for 2 and 3 years are 1.70% APY and 1.89% APY, respectively.
When I last wrote about Bethpage Federal Credit Union’s field of membership (FOM) was restricted to residents of New York’s Nassau County and portions of Suffolk County. That changed in March 2016 when everyone became membership-eligible “by simply opening a $5 savings account.”
Following the expansion of its FOM, Bethpage opened a branch in Manhattan, situated in the Flower District on West 26th Street.
Credit Union Overview
Bethpage Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 11.52% (above average), based on December 31, 2016 data. In the past year, Bethpage increased its total deposit by $523.02 million, an excellent annual growth rate of 9.38%. Please refer to our financial overview of Bethpage Federal Credit Union (NCUA Charter # 4735) for more details.
Originally chartered in 1941, Bethpage Federal Credit Union has grown to become the largest credit union in New York State and the 16th largest credit union in the nation, with over 311,200 members and assets in excess of $6.9 billion. After 62 years of service to the employees of Long Island's largest organizations, Bethpage began serving all Long Islanders after a community charter application was unanimously approved in September 2003. Thirteen years later, Bethpage acquired Montauk Credit Union and announced that,
As of March 31, 2016, membership is open, and
anyone can bank with Bethpage Federal Credit Union.
Literally minutes after I decided to write about the 25-month CD Special, I received a notification from CreditUnionTimes concerning Bethpage’s decision to merge with Northwell Health FCU.
New York’s largest credit union by assets, the $6.8 billion Bethpage Federal Credit Union, said Friday it will merge with the $118 million Northwell Health Federal Credit Union, which serves the Empire State’s largest health care system and the state’s largest private employer.
How the CD Special Compares
When compared to the 195 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationwide, Bethpage Federal Credit Union’s 25-month Certificate APY currently ranks third.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.92% APY||24-Month CD w/checking||NASB|
|1.80% APY||25-Month Special CD||Veridian Credit Union|
|1.75% APY||25-Month Certificate||Bethpage Federal Credit Union|
The above rates are accurate as of 5/22/2017.