Hudson Valley Federal Credit Union Adds 24-month Flex CD, 3.25% APY


Deal Summary: Flex 24 Certificate (24 months), 3.25% APY, rate subject to change quarterly but can be locked during first 12 months, $500 minimum deposit, one additional deposit within first 12 months.

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

Hudson Valley Federal Credit Union (HVFCU) has introduced a Flex 24 Certificate, a 24-month variable rate CD that can be opened with a $500 minimum deposit, with no stated balance cap. Currently earning 3.25% APY, the Flex 24 Certificate’s APY may change quarterly (four times a year).

The APY is determined by adding .75% to the Fed Funds Rate on the last day of each quarter. The dividend rate is subsequently calculated based on the indexed APY.

The Flex 24 Certificate is not totally at the mercy and vagaries of the Fed Funds Rate:

The variable dividend rate and APY may be locked upon request any time during the first year of account opening. The locked dividend rate and APY remains a fixed rate for the duration of the term.

One additional deposit is allowed during the first 12 months following account opening and is limited to “a maximum of the original opening balance.” For example, if your initial deposit is $50k, you can deposit up to another $50k once.

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 24 months: 120 days of accrued dividends, or all accrued dividends since the date of issuance or renewal not to be less than 7 days’ dividends on a new account.

HVFCU has a variety of helpful forms listed on their website, including the Certificate Account Instructions Form, which allows you to “renew, reinvest, and withdraw dividends from a certificate account.”

There’s also a form to add beneficiaries. Social Security numbers are required for all beneficiaries and specific percentages can be designated.

Many thanks to DA reader, zz, for the Forum post about this new product.


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

Opening an HVFCU primary savings account with a $5 minimum deposit is the first step in establishing a new membership. There are no monthly maintenance fees on the primary savings account and a minimum $5 balance is required to keep your membership currrent.

Joining HVFCU and/or opening a Flex 24 Certificate can be done online, or at of any of 19 New York branches located in Beacon, Brewster, Carmel, Fishkill, Highland, Hopewell Junction, Hyde Park, La Grangeville, Lake Katrine, Mahopac, Middletown, Montgomery, New Windsor, Newburgh, Pleasant Valley, Poughkeepsie (2), Rhinebeck, and Wappingers Falls. HVFCU does not participate in the Co-Op Shared Branch program.

Credit Union Overview

Hudson Valley Federal Credit Union has an overall health grade of "A" at, with a Texas Ratio of 5.89% (excellent) based on December 31, 2018 data. In the past year, HVFCU has increased its total non-brokered deposits by $220.51 million, an excellent annual growth rate of 5.6%. 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 more than 292,000 members and assets in excess of $4.9 billion.

How the Flex 24 Certificate Compares

When compared to 375 similar length-of-term CDs tracked by, which require a similar minimum deposit and available within the FOM, Hudson Valley Federal Credit Union’s Flex 24 Certificate APY currently ranks first.

The above rates are accurate as of 4/5/2019.

Looking for the best CD rates, either nationwide or state-specific? Please refer to our CD Rates Table page.

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

  |     |   Comment #1
Per CSR via chat, Flex 24 is also available for IRAs. And you may lock-in the current APY of 3.25%, if you wish, on the day of certificate opening.
  |     |   Comment #2
Option to lock in the 3.25 rate and make one additional deposit is very attractive. If I had a relative, friend, or someone else I trusted with my money who resided in one of the four counties I would jump on this.
  |     |   Comment #5
I'm a member, you can trust me. :)
  |     |   Comment #6
For me, this is coming about a month too early, I have a couple CD's maturing at HVFCU 30-60 days from now.
  |     |   Comment #9
This is not a promotion, it will be available at any time going forward. This rate will last for 3 months. In 3 months it will still be available but with the rate determined by movement in the Fed Funds rate. So you can definitely get this in 1-2 months.
  |     |   Comment #12
You cud have simply used there address brother and not opened it in there name, I wud NEVER put thousands in a relatives name an hope they wudnt **** me ..I've heare it happening many times b4..just ask can u use there addy if not ask another and gave e them forward ur bank mail to you..
  |     |   Comment #3
This is an interesting concept. I wonder if we'll see more banks having flex rates and doing away with their fixed rates. I'm sure PenFed would have loved to convert those 5% CDs they issued in 2011 to a lower rate. Perhaps this may be the start of a new wave of banking.
  |     |   Comment #4
I have one of those 5% CDs from Penfed. The rate was so good and much higher than peer rates at the time I would have locked the rate as soon as possible. In this case this institution is offering a rate that is not much higher than competing rates.
  |     |   Comment #7
Who was predicting we were going to have 5% interest rates? Ha
  |     |   Comment #8
The same person that said there was going to be 3 interest hikes by the Fed in 2019.
Predict something long enough and it may come about, but it could take a long, long time. L.O.L.
  |     |   Comment #10
Just found out from CSR that today (6/12/19) is the last day to open a Flex 24.
  |     |   Comment #11
Per CSR chat, the Flex 24 deal is dead, last day for opening was 6/12/2019.
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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...

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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.


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...

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Update 12/26/14:

The 140-day CD special has expired.


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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:

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