NEFCU's (NY) 5-Year Certificate's APY Hits Five Year High

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Deal Summary: 5-Year Certificate, 2.35% APY, $1k minimum

Availability: Residents of portions of Nassau and Suffolk Counties, New York.

Last week, NEFCU (formerly known as the Nassau Educators Federal Credit Union) raised the rate on its 5-year Certificate (2.35% APY). The Certificate requires a minimum deposit of $1k, with no stated balance cap.

In the past five years, there have been nine rates changes, with this most recent increase resulting in the highest APY in more than five years.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.35%$1k-NEFCU5 Year Certificate
2.35%$500-NEFCU5 Year IRA (Traditional, Roth)
Accounts mentioned in this post. Rates as of May 23, 2017.

The 5-year 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 3 years or greater, the
penalty is 270 days dividends on the amount withdrawn.

New Checking Account $75 Bonus

NEFCU continues to offer its $75 bonus on new, first-time NEFCU checking accounts with direct deposit. The requirements to earn the $75 bonus are:

  • A minimum direct deposit (a recurring, pre-authorized deposit credited to the account via ACH and excludes one-time ACH credits) of $200 within 60 days account opening.
  • $75 bonus will be credited to the checking account within 30 days after meeting the direct deposit requirement.
  • Offer not eligible for existing, recently closed, negative balance, or business accounts.
  • Account must remain open for six months or the bonus will be forfeited.

NEFCU’s GO Green Checking account is an interest bearing account with three APY tiered levels for qualifying balances and one APY level for non-qualifying balances. A complete listing of the qualifying requirements for each tier is available on the GO Green Checking page.

Availability

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 12 New York 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 343 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, NEFCU’s 5-Year Certificate APY currently ranks fourth.

*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.

The above rates are accurate as of 3/27/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our Rates Map page.


Comments
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Many thanks to the DA member who emailed me about this new deal.

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