Island FCU (NY) Adds 11-Month Certificate Special


Deal Summary: 11-month Certificate Special, 1.75% APY, $1k minimum deposit, new money.

Availability: Residents of Nassau County and Suffolk County, New York; members of NYC area Communications Workers of America Locals.

We may be in the doldrums of the dog days of summer, but Island Federal Credit Union (Island FCU) has perked up its product line with an 11-month Certificate Special (1.75% APY). (There are actually a total of four Certificate Specials, but the 11-month is the only competitive one.) The minimum deposit is $1k of new money, which is defined as funds “not on deposit at Island Federal Credit Union.” There is no stated balance cap.

The 11-month Certificate Special is also available as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.

As stated in the Truth-In-Savings document, the Early Withdrawal Penalty reads as follows,

For share certificates with terms of one year or less the penalty for premature withdrawal will
be the lesser of the following: all dividends earned since date of issuance or 90 days dividends.

Thanks to DA reader, barry_NY, for his Forum post about this new CD Special.

Refer A Friend

Island FCU has a “Refer a Friend” program that can 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 (FOM) 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.

Joining Island FCU can be done online, at any of nine New York branches located in Bellmore, Hauppauge, Hicksville, North Massapequa, Riverhead, Sayville, Selden, and Stony Brook (2).

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. CSR also stated that IRAs must be opened in-branch, regardless if opened by a new or existing member.

Credit Union Overview

Island Federal Credit Union has an overall health grade of "B+" at, with a Texas ratio of 3.25% (excellent) based on March 31, 2017 data. In the past year, Island FCU has increased its total non-brokered deposits by $106.34 million, an excellent annual growth rate of 12.04%. Please refer to our financial overview of Island Federal Credit Union (NCUA Charter # 10023) for more details.

Established in 1955, Island Federal Credit Union is currently New York State’s 16th largest credit union, with more than 36,700 members and assets in excess of $1.3 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 Certificate Compares

When compared to the 386 similar length-of-term CDs tracked by requiring a similar minimum deposit and available within the FOM, Island Federal Credit Union’s 11-month Certificate Special APY currently ranks first.

The above rates are accurate as of 8/16/2017.

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.

Related Pages: New York CD rates, 1-year CD rates

Looking for the best
  |     |   Comment #1
11 month rate is outstanding. I don't think any LI bank can compete.
Frank 11738
  |     |   Comment #2
When do you up date your rates today is march 28 I have 2 CD matureing in the next few months and am shopping are these rates in effect as of today probably not
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