Earlier this month, Island Federal Credit Union (Island FCU) raised the rate on its 60-month Certificate (2.25% APY) and 84-month Certificate (2.50% APY). The minimum deposit for either Certificate is $1k, with no stated balance cap. Both Certificates are also available as “Youth Certificates” ($500 minimum deposit) for family members up to age 19.
Both Certificates are also available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements.
The 84-month Certificate was added to the product line less than three months ago and the current APY is the first rate increase (48 basis points) in that time. On the other hand, the 60-month Certificate has been available since late 2009, and experienced 16 rates changes, with the current APY the highest offered in nearly five years.
According to CSR, the Early Withdrawal Penalty for the 60- and 84-month certificates is “the lesser of all dividends earned or 365 days' dividends.”
Refer A Friend
Island FCU has a “Refer a Friend” program that could earn current members up to $500 in bonuses.
Bonus is available to Island members in good standing, who refer a friend to open an Island checking account. New account must remain in good standing and receive a recurring monthly direct deposit, for a minimum of six months (electronic deposit such as payroll or pension). Bonuses will be credited after six months to your savings accounts. Members are eligible to receive up to ten referrals for a maximum of $500. New members are eligible for one bonus.
Headquartered in Hauppauge, New York, Island Federal Credit Union’s field of membership is primarily residency based, with individuals who live, work, worship, or attend school in Nassau County or Suffolk County (with the exception of the townships of East Hampton, Southampton, and Shelter Island) eligible to join.
As a result of the 2013 merger, members of the former CWA Long Island Federal Credit Union also qualify for membership.
Members of the following Communications Workers of America locals are also eligible to join: Local 1104 (Nassau County, NY); Local 1106 (Queens County, NY); Local 1108 (Suffolk County, NY); Local 1109 (Kings County, NY); Local 1102 (Staten Island, NY); and Local 1105 (Bronx, NY).
Complete details are available on the Membership page.
According to CSR, existing members can open a Certificate on the phone (631-851-1100), but new (joining) members must open a Certificate in-branch.
Credit Union Overview
Island Federal Credit Union (NCUA Charter # 10023) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 1.89% (excellent) based on September 30, 2016 data. In the past year, Island FCU increased its total non-brokered deposits by $62.19 million, an excellent annual growth rate of 7.56%. Please refer to our financial overview of Island Federal Credit Union for more details.
Established in 1955, Island Federal Credit Union is currently New York State’s 18th largest credit union, with more than 35,900 members and assets in excess of $1.1 billion. In 2014, Newsday reported on a 10-year financial partnership between Island FCU and Stony Brook University.
Stony Brook University and Island Federal Credit Union have agreed to a $7 million partnership, giving the Hauppauge-based firm exclusive naming rights to the school's new 4,000-seat arena, the film festival at Staller Center and several other campus programs for the next decade, university officials said Tuesday.
The credit union will be the sole provider of financial services on the 1,039-acre campus in the agreement negotiated through the Faculty Student Association, the nonprofit auxiliary group licensed by the state to provide goods and services to the campus community. It will have two retail branches and 10 ATMs there.
How the Certificates Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, with similar minimum deposit requirements and available within the FOM, Island Federal Credit Union’s 84-month Certificate APY currently ranks first.
When compared to the 330 similar length-of-term CDs tracked by DepositAccounts.com, with similar minimum deposit requirements and available within the FOM, Island Federal Credit Union’s 60-month Certificate APY currently ranks in the top five.
The above rates are accurate as of 1/23/2017.