Availability:Residents of certain areas of Manhattan’s West Side and members of LOMTO Inc. (League of Medallion Taxi Owners).
LOMTO Federal Credit Union (LOMTO FCU) is offering two competitive CDs: a 6-month CD (1.10% APY) and a 12-month CD (1.25% APY). The minimum opening deposit for either CD is $2K, with no maximum balance cap. The 12-month CD is also available as an IRA (Traditional, Roth, CESA) at the same APY, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty (which LOMTO calls a Termination Fee) for the 6-month CD is three months interest and six months interest for the 12-month CD.
LOMTO Federal Credit Union has a very specific, albeit narrow Field of Membership (FOM):
1) Members of LOMTO, Inc. (League of Medallion Taxi Owners)
2) Family members of existing LOMTO FCU members.
3) Individuals who live, work, worship, attend school, businesses and other legal entities in certain areas of Manhattan’s West Side. (A map is provided on LOMTO FCU’s website to help determine eligibility.)
Joining LOMTO FCU and/or opening a CD requires a visit to either of two branches located in Manhattan and Woodside (Queens). There is an "Application and Documents" link listed on LOMTO FCU’s website, but there are no documents currently available.
Credit Union Overview
LOMTO Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 0.27% (excellent) based on September 30, 2014 data. In the past year, LOMTO FCU has increased its total deposits by $18.74 Million, an excellent annual growth rate of 9%. Please refer to our financial overview of LOMTO Federal Credit Union for more details.
In 1936, having survived the Great Depression, a group of New York City medallion taxi owners/drivers came together with one common purpose: to help themselves and each other at times of severe financial hardship by forming a credit union. A Federal Credit Union Charter (FDIC Certificate # 1532) was awarded, using the name of their parent organization, The League of Mutual Taxi Owners. While membership has remained small (3,084 members as of September 2014), LOMTO FCU can boast of assets in excess of $247 Million.
How the CDs Compare
When compared to other similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and available to New York State residents, LOMTO Federal Credit Union's 6-month CD tops the list and the 12-month is near the top.
The above rates are accurate as of 1/21/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.