Hudson Valley FCU (NY) Adds 36-Month CD With Two Possible Rate Hikes

POSTED ON BY

Deal Summary: 36-month Certificate Account, 2.25% APY, two possible rate increases based on future Fed Fund rates; 24-month Certificate Account, 2.00% APY; $500 minimum deposit for either.

Availability: Residents of New York State counties of Dutchess, Orange, Putnam, and Ulster.

Hudson Valley Federal Credit Union (HVFCU) has ended the week by announcing the addition of “Three great rates, all in one place,” in the form of a 12-, 24-, and 36-month Certificate Account. The minimum opening deposit for any of the Certificate Accounts is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.25%$500-Hudson Valley Federal Credit Union36 Month CD
1.00%$500-Hudson Valley Federal Credit Union24 Month CD
0.55%$500-Hudson Valley Federal Credit Union12 Month CD
Accounts mentioned in this post. Rates as of September 22, 2017.

While the rates for the 24- and 36-month Certificate Accounts are indeed “great,” I’m wondering at the logic of lumping a not-so-great 1.00% APY 12-month Certificate Account with the two stellar Certificate Accounts.

All three Certificates are also offered as IRAs (Traditional, Roth and CESA), earning the same APYs with the same funding requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.25%$500-Hudson Valley Federal Credit Union36 Month IRA
1.00%$500-Hudson Valley Federal Credit Union24 Month IRA
0.55%$500-Hudson Valley Federal Credit Union12 Month IRA
Accounts mentioned in this post. Rates as of September 22, 2017.

The 36-month Certificate Account is made even more attractive with “two potential APY increases.” The fine print on the promotion page reads,

If on 4/1/18, the Fed Funds rate is 1.50% or higher, HVFCU will automatically initiate an APY rate increase to your certificate account of .25%.

If on 4/1/19, the Fed Funds rate is 2.00% or higher, HVFCU will automatically initiate an additional APY increase to your certificate account of .25%.

If on either date, 4/1/18 or 4/1/19, the Fed Funds rate is not higher than 1.50% or 2.00% respectively, your original rate will not decrease. Your maturity date will remain the same.

All other certificate account terms are excluded from the potential APY increases.

As stated on Hudson Valley FCU’s Certificate Account Penalties page, the Early Withdrawal Penalty (EWP) reads as follows:

If the certificate account term is 12 months: 90 days of accrued dividends;

If the certificate account term is 24 months: 120 days of accrued dividends;

If the certificate account term is 36 months: 180 days of accrued dividends.

Each of the above phrases is followed by “or all accrued dividends since the date of issuance or renewal not to be less than 7 days’ dividends on a new account.”

Availability

Headquartered in Poughkeepsie, New York, Hudson Valley Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, volunteer or attend school in the New York counties of Dutchess, Orange, Putnam, and Ulster.

Membership is also extended to any current HVFCU members’ immediate family or household members.

Joining HVFCU and/or opening a Certificate Account can be done online, or at of any of 18 New York branches located in Beacon, Brewster, Carmel, Fishkill, Highland, Hopewell Junction, Hyde Park, Lake Katrine, Middletown, Montgomery, New Windsor, Newburgh, Pleasant Valley, Poughkeepsie (3), Rhinebeck, and Wappingers Falls.

Credit Union Overview

Hudson Valley Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.14% (excellent) based on December 31, 2016 data. In the past year, HVFCU has increased its total non-brokered deposits by $147.35 million, an excellent annual growth rate of 4.13%. Please refer to our financial overview of Hudson Valley Federal Credit Union (NCUA Charter # 15802) for more details.

Hudson Valley Federal Credit Union’s history is a classic chronicle of credit unions in America. Established in October 1963 as the IBM Poughkeepsie Employees Federal Credit Union, the Credit Union had 14 member accounts and $172 in assets by the end of the first year. For the first 30 years, the credit union grew, but its membership was limited to IBM employees. In 1994, the name was changed to Hudson Valley Federal Credit Union to better reflect its SEG-based status. A community charter was adopted in 2003, extending membership to residents of four New York State counties. Today, Hudson Valley Federal Credit Union has nearly 275,000 members and assets in excess of $4.4 billion.

How the CDs Compare

When compared to the 365 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and available with the FOM, Hudson Valley Federal Credit Union’s 36-month Certificate APY currently ranks first.

When compared to the 370 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and available with the FOM, Hudson Valley Federal Credit Union’s 24-month Certificate APY currently ranks first.

The above rates are accurate as of 4/7/2017.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table or our Rates Map page.


Comments
Hudson Valley FCU Offers New York State's Top-Rate 2-Year CD

Update 7/14/15: EXPIRED - This 2-year 2% certificate is no longer available.

Availability:

Residents of New York State counties of Dutchess, Orange, Putnam, and Ulster.

This week, Hudson Valley Federal Credit Union (Hudson Valley FCU) added a limited time 2-Year Certificate Account (2.00% APY) to its product line. The minimum opening deposit is $500, with no balance cap.

The 2-Year Certificate Account (CD) is also being offered as an IRA (Traditional, Roth and CESA) at the same APY, with the same funding requirements.

While Hudson Valley FCU does offer higher APYs on...

Continue Reading
Hudson Valley FCU's "Gift The Keeps Giving": A Competitive 140-day CD

Update 12/26/14:

The 140-day CD special has expired.

Availability:

Residents of New York State counties of Dutchess, Orange, Putnam, and Ulster.

Hudson Valley Federal Credit Union (Hudson Valley FCU) has a holiday CD Special: a 140-day Certificate Account (1.40% APY). The minimum opening deposit is $500 and there is no maximum balance cap. The fine print on Hudson Valley FCU’s website reads, "Substantial penalty for early withdrawal," and, according to CSR, the Early Withdrawal Penalty is 30 days interest.

This is a limited time offer that will...

Continue Reading
Special 13-Month CD Rate at Hudson Valley FCU in Parts of New York State

When credit unions celebrate their anniversaries, they often will have some good deals. That’s the case for the 50th anniversary of Hudson Valley Federal Credit Union. It’s offering a special 13-month CD with a 1.30% APY. It’s scheduled to last until April 28, 2013. Minimum deposit is $500, and it’s also available in IRAs and business accounts. The special is listed in this credit union promotions page as of 3/18/2013. Thanks to the reader who noted this special in the comments.

In addition to opening this CD at a branch, members...

Continue Reading
Competitive CD Rates Continue at Hudson Valley Credit Union in New York - Local Only

Hudson Valley Credit Union continues to offer several competitive CD and IRA CD Rates. Below are some of the best rates as listed in the credit union's rates page as of 10/17/2010:

  • 3.00% APY 5-year CD and IRA CD
  • 2.70% APY 4-year CD and IRA CD
  • 2.30% APY 3-year CD and IRA CD
  • 1.95% APY 2-year CD and IRA CD

The credit union used to offer higher rates for IRA CDs, but now they're the same as the regular CD rates.

Minimum deposit is $500. Higher CD rates are available for Jumbo CDs: extra 0.10% for...

Continue Reading
Competitive CD Rates at Hudson Valley CU in New York - Local Only

Hudson Valley CU is offering several competitive CD and IRA CD Rates. The rates are not great, but they are respectable in today's low-rate environment. The credit union also provides a nice bump in rates (extra 0.15%) for IRA CDs. Below are some of the best deals as listed in the credit union's rates page as of 7/12/2010:

  • 3.00% APY 60-month CD (3.15% IRA)
  • 2.40% APY 36-month CD (2.55% IRA)
  • 2.00% APY 24-month CD (2.15% IRA)
  • 1.50% APY 12-month CD (1.65% IRA)
  • 1.20% APY 6-month CD (1.35% IRA)

Minimum deposit is $500. Higher CD rates...

Continue Reading

More Past Offers