NEFCU (formerly known as the Nassau Educators Federal Credit Union) has just raised the rate on its 18-month Certificate (1.75% APY). The Certificate requires a minimum deposit of $1k, with no stated balance cap.
The 18-month Certificate has been part of the product line for less than two years. During that time there were four rate changes, but for more than a year the APY was stuck at 1.15%. Today’s 45 bps increase gives the 18-month Certificate its highest APY ever.
The 18-month Certificate is also available as an IRA (Traditional and Roth) earning the same APY, but with a lower minimum opening deposit of $500.
As stated on NEFCU’s FAQ page, the Early Withdrawal Penalty reads as follows:
If the term of the Certificate is 1 year to less than 3 years,
the penalty is 180 days dividends on the amount withdrawn.
Headquartered in Westbury, New York, NEFCU’s field of membership (FOM) is residency based, with individuals who live, work, worship, attend school, or regularly conduct business in Nassau or Suffolk Counties (Long Island).
In addition, an existing NEFCU member can sponsor in an immediate family member (parent, child, grandparent, sibling) or any household member.
Unlike most credit unions that have an "eligible for membership" list on their website, NEFCU has a "NOT eligible for membership" list.
Membership is not open to individuals who live, work, worship, attend school
and do business exclusively in East Hampton, Southampton and Shelter Island.
Joining NEFCU and/or opening a CD can be done online or at any of twelve Long Island branches, located in Commack, Franklin Square, Greenvale, Huntington Station, Massapequa, New Hyde Park, Plainview, Rockville Centre, Syosset, Valley Stream, Wantagh, and Westbury.
Credit Union Overview
NEFCU has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.24% (excellent), based on December 31, 2016 data. In the past year, NEFCU increased its total non-brokered deposit by $183.86 million, an excellent annual growth rate of 8.67%. Please refer to our financial overview of NEFCU (NCUA Charter # 2760) for more details.
NEFCU was founded in 1938 as the Valley Stream Teachers Federal Credit Union with 10 members and $50 in assets. The initial FOM included employees of Nassau County schools, colleges and universities, public libraries, and other affiliated groups. The name was changed to NEFCU in 1981, to better reflect the growth and expansion of the credit union. In 2010, NEFCU was granted a community charter, allowing for an ever greater broadening of the FOM in Nassau and Suffolk Counties. Currently, NEFCU serves more than 171,700 members and holds assets in excess of $2.5 billion.
How the Certificate Compares
When compared to the 290 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, NEFCU’s 18-Month Certificate APY currently ranks first.
The above rates are accurate as of 5/25/2017.