Bethpage Federal Credit Union (Bethpage) ended the week by adding an 11-month No-Penalty Certificate (1.50% APY). The minimum opening deposit is only $50, with no stated balance cap.
According to the fine print on No-Penalty Certificate promotion page,
No penalty applies to withdrawals made seven days or more after the date of deposit. Withdrawals made less than seven days after the date of deposit are subject to a penalty of seven days simple interest.
And most importantly,
No partial withdrawals are permitted.
The No-Penalty Certificate is also offered as an IRA (Traditional, Roth), earning the same APY with the same funding requirements and no-penalty option.
Thanks to DA reader, alan1, for his Forum post about Bethpage’s new No-Penalty Certificate.
Headquartered in Bethpage (Long Island), New York, Bethpage Federal Credit Union’s field of membership (FOM) was expanded more than a year ago. Bethpage is now an open-charter credit union and “anyone can bank with Bethpage Federal Credit Union.”
Joining Bethpage and/or opening a No-Penalty Certificate can be done online, by telephone (855.828.1440), or in person at any of 36 New York branches located on the western half of Long Island.
Following the FOM expansion, 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 12.32% (above average), based on June 30, 2017 data. In the past year, Bethpage increased its total deposit by $442.59 million, an excellent annual growth rate of 7.43%. 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 337,300 members and assets in excess of $7.6 billion. After 62 years of service to the employees of Long Island's largest organizations, Bethpage began serving all Long Islanders when a community charter application was unanimously approved in September 2003. Thirteen years later, Bethpage acquired Montauk Credit Union and announced that “membership is open, and anyone can bank with Bethpage Federal Credit Union.”
The recently announced merger with Northwell Health Federal Credit Union was finalized in mid-May. According to a May press release, Bethpage president and CEO, Wayne N. Grossé stated,
Upon completion of the merger, Bethpage will proudly become the official credit union partner of the 14th largest health care system in the country, its 62,000 employees and the 17,000 credit union members. Bethpage has been serving employers and members of the Long Island community for over 75 years, including many Northwell Health employees. Now, with our expanded charter, Bethpage has the ability to serve Northwell Health and support its growing initiatives as we both continue to expand and improve the communities in which we serve.
How the No Penalty Certificate Compares
Currently, there are three nationally available 1-year (ish) No Penalty CDs tracked by DepositAccounts.com, so I’m able to make an apples-to-apples comparison. While Bethpage's and Ally Bank's No-Penalty CDs both offer the same APY and don't permit partial withdrawals, Bethpage's much lower minimum deposit gives it an edge.
The above rates are accurate as of 10/21/2017.