Bethpage Federal Credit Union Pushes 36-Month CD Rate To 2-Year High

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Deal Summary: 36-month Certificate, 2.00% APY, $50 minimum deposit.

Availability: Easy membership requirement in Connecticut, New Jersey, and New York.

In the last seven weeks, Bethpage Federal Credit Union (Bethpage) has added a total of 120 bps to its 36-month Certificate. Currently earning 2.00% APY, the 36-month Certificate offers the most competitive rate in Bethpage’s CD product line. The minimum opening deposit is a low $50, with no stated balance cap.

The 36-month Certificate is also offered as an IRA Certificate (Traditional and Roth), earning the same APY with the same deposit requirements.

Bethpage is also offering a 39-month Bump-Up Certificate which currently earns the same 2.00% APY. According to the small print, the Bump-Up Certificate "includes an option that allows you to increase or "bump-up" the dividend rate once during the term to the current dividend rate in effect for a 36-month certificate." Bump-up features are often not worth the lower interest rate, but in this case, the only downside is the additional three months in the term.

As stated in Bethpage’s Consumer Member Account Agreement (page 26), the Early Withdrawal Penalty reads as follows:

A penalty may be imposed for withdrawal of principal before maturity as follows:

  • Twelve (12) month or shorter term - the penalty will equal ninety (90) days dividends on the principal amount withdrawn.
  • Term greater than twelve (12) months - the penalty will equal 180 days dividends on the principal amount withdrawn.

According to CSR, the easiest way to fund a Certificate is through a transfer of funds from a Bethpage savings account. Bethpage participates in the CO-OP Shared Branch network, making a transfer of funds relatively easy.

Maturing funds can be distributed by a check to the address on file or transferred into a Bethpage savings/checking account. There is a short seven calendar day grace period before a Certificate automatically renews.

Availability

Headquartered in Bethpage, New York, Bethpage Federal Credit Union’s stated field of membership (FOM) is slightly deceptive. As of March 2016, everyone in the U.S. became membership-eligible “by simply opening a $5 savings account.” That being said, at this time, new memberships are only available to residents of Connecticut, New Jersey, and New York. According to the online application, residents of the remaining 47 states are eligible for membership, only if they “have a loan in process with Bethpage.”

Joining Bethpage and/or opening a CD can be done online, by telephone (1.800.628.7070), or in person at any of 33 New York branches located on Long Island.

Following the expansion of its FOM, Bethpage opened a branch in Manhattan, situated in the Flower District on West 26th Street.

Bethpage participates in both the CO-OP Shared Branch network and the ATM network.

Credit Union Overview

Bethpage Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.62% (excellent), based on December 31, 2021 data. In the past year, Bethpage increased its total deposit by $887.34 million, an excellent annual growth rate of 9.66%. Please refer to our financial overview of Bethpage Federal Credit Union (NCUA Charter # 4735) for more details.

Chartered in 1941, Bethpage Federal Credit Union has grown to become the largest credit union headquartered in New York State and the 15th largest credit union in the nation, with over 432,000 members and assets in excess of $11.4 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 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 36-Month Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, two credit unions have a higher rate than currently offered on the Bethpage Federal Credit Union 36-month Certificate. The following table compares the 36-month Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 4/26/2022.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: New York CD rates, 5-year CD rates

Comments
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Deal Summary: 11-month No-Penalty Certificate (1.50% APY), $50 minimum deposit, no partial withdrawals allowed.

Availability: Easy membership requirement

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,

And most importantly,

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...

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Availability: Easy membership requirement

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.

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:

Given the mild impact of the EWP on its long-term CDs, the 2.25%...

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Availability: All of Nassau County, New York, and portions of Suffolk County, New York

Last summer, Long Island's (New York) Bethpage Federal Credit Union (Bethpage) offered a 22-month CD Special (1.50% APY) that lasted through early December, when the APY dropped to 0.35% APY.

Over the weekend, Bethpage revived the 22-month CD by restoring the 1.50% APY. The minimum opening deposit is a low $50, with no maximum balance cap.

As stated in Bethpage’s Membership Account Information booklet, the Early Withdrawal Penalty reads as follows:

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Expired: Bethpage FCU Offers $100 Bonus When Opening A Bonus Checking Account

Update 6/22/15: This promotion has ended.

Long Island's (NY) Bethpage Federal Credit Union (Bethpage FCU) has a $100 bonus promotion when opening a new Bonus Checking (1.00% APY) account with direct deposit.

Unlike many financial institutions that offer a variety of checking accounts, each with various requirements that must be met, Bethpage FCU has the one and only Bonus Checking account. To quote the credit union’s web page:

At Bethpage, we keep checking simple. One account for everyone with no hidden charges.

The Bonus Checking account has no monthly...

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