New York-based Bethpage Federal Credit Union (Bethpage) is the latest financial institution to reach the 5.00% APY milestone. Following a 60 bps increase last week, the 12-month Certificate currently earns 5.00% APY. (In the last year, the 12-month Certificate gained a total of 440 bps.) The minimum opening deposit is a low $50, with no stated balance cap.
|5.00%||$50||-||Bethpage Federal Credit Union||12 Month Certificate|
|5.00%||$50||-||Bethpage Federal Credit Union||12 Month IRA (Traditional, Roth)|
The 12-month Certificate is also offered as an IRA Certificate (Traditional and Roth), earning the same 5.00% APY with the same deposit requirements.
As stated in Bethpage’s Consumer Member Account Agreement (page 26), the Early Withdrawal Penalty reads as follows:
Withdrawals of principal prior to account maturity are subject to an early withdrawal penalty. This penalty does not apply to withdrawals of dividends credited during the certificate term.
- Twelve (12) month or shorter term - the penalty will equal ninety (90) days dividends on the principal amount withdrawn.
Headquartered in Bethpage, New York, Bethpage Federal Credit Union’s stated field of membership (FOM) has changed since my April 2022 blog post. At that time, new memberships were only available to residents of Connecticut, New Jersey, and New York. Residents of the remaining 47 states were eligible to join only if they had a loan in process with Bethpage.
Good news – “Membership at Bethpage Federal Credit Union is open to anyone with a $5 minimum share account” once again.
I called Bethpage a couple of times to confirm what “anyone” meant. According to every CSR I spoke with, “anyone” means a U.S. citizen or permanent resident alien with a valid Social Security number, no matter where they live in the U.S.
Joining Bethpage and/or opening a 12-month Certificate can be done online, by telephone (800.628.7070), or in person at any of 33 New York branches located on Long Island or the branch in Manhattan, situated in the Flower District on West 26th Street.
As mentioned earlier, a minimum $5 deposit in a Share Savings account is required to establish a Bethpage membership.
Funding and Other Details
The following information is from the Member Account Agreement document and a conversation with CSR.
- Funding – ACH, wire (no fee), or internal transfer.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded/credited monthly if opened online, quarterly if opened in-branch. Credited dividends can automatically be paid by a mailed check or transferred to another account.
- Maturing Funds – Distributed by ACH, wire ($20 fee), cashier’s check to address on file, or internal transfer.
- Beneficiaries – Up to four, percentages can be assigned, and Social Security numbers are required.
- Grace Period – 7 calendar days before automatic renewal.
- Credit Check – ChexSystems.
Credit Union Overview
Bethpage Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 9.78% (excellent), based on September 30, 2022 data. In the past year, Bethpage increased its total deposit by $798.97 million, an excellent annual growth rate of 8.12%. Please refer to our financial overview of Bethpage Federal Credit Union (NCUA Charter # 4735) for more details.
Chartered in 1941 as the Grumman Hangar 2 Credit Union, Bethpage Federal Credit Union has grown to become the largest credit union headquartered in New York State. With nearly 442,000 members and assets in excess of $11.6 billion, Bethpage is also the 18th largest credit union in the nation. 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 adopted an open FOM, allowing “anyone to bank” with Bethpage. In 2019, Bethpage announced a merger with Northwell Health Federal Credit Union, which serves New York State’s largest health care system and largest private employer.
How the 12-month Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationally and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the Bethpage Federal Credit Union 12-month Certificate. The following table compares the 12-month Certificate to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 2/27/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.