NEFCU (NY) Adds Holiday Special 13- and 18-month CDs

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Availability: Residents of Nassau and Suffolk Counties, New York

Long Island's NEFCU (formerly known as the Nassau Educators Federal Credit Union) has just announced a variety of holiday promotions, including a 13-month CD Special (1.25% APY) and 18-month CD Special (1.35% APY). Both CDs require a minimum deposit of $1K, with no balance caps.

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If the term of the Certificate is 1 year to less than 3 years, the penalty is 180 days dividends on the amount withdrawn.

New Checking Account $75 Bonus

The $75 bonus is for new, first-time NEFCU checking accounts with direct deposit. The following requirements must be met to earn the $75 bonus:

  • 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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00*%-$25kNEFCUGO Green Checking
2.00*%-$25kNEFCUGO Green Checking
1.00*%-$25kNEFCUGO Green Checking
Accounts mentioned in this post. Rates as of September 30, 2016.

Availability

Headquartered in Westbury, NY, NEFCU offers membership to anyone who lives, works, worships, attends school, or regularly conducts business in Nassau and/or Suffolk counties (Long Island, New York).

In addition, an existing NEFCU member can sponsor in an immediate family member 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 11 New York branches located in Commack, Franklin Square, Greenvale, Massapequa, New Hyde Park, Plainview, Rockville Centre, Syosett, Valley Stream, Wantagh, and Westbury.

Credit Union Overview

NEFCU (NCUA Charter # 2760) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 7.99% (excellent), based on June 30, 2015 data. In the past year, NEFCU increased its total deposit by $131.4 Million, an excellent annual growth rate of 6.69%. Please refer to our financial overview of NEFCU 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 field of membership 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 ever greater broadening of the field of membership in Nassau and Suffolk counties. Currently, NEFCU serves over 161,000 members and holds assets in excess of $2.34 Billion.

How the CDs Compare

When compared to the 340 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to New York residents, NEFCU’s 13-Month Holiday CD Special currently ranks fourth.

When compared to the 245 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to New York residents, NEFCU’s 18-Month Holiday CD Special currently ranks third.

These rates are accurate as of 12/1/2015.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.

Comments
NEFCU (NY) Introduces New Highly Competitive 13-month CD - New Money

UPDATE 11/24/2014: No longer available.

Last week, Long Island's Nassau Educators Federal Credit Union (NEFCU) added a new 13-month CD (1.50% APY) to its product line. The minimum opening deposit is $1K, with no maximum balance cap, but it does require new money to open.

As stated on NEFCU’s FAQ page, the Early Withdrawal Penalty is as follows:

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

Availability

Not a Teacher? Not a problem!

You don’t have to be a teacher to join Nassau Educators...

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Below is an excerpt of the small print for this promotion:

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