Palisades Credit Union (NY/NJ) Unveils Rate-Leading 8-Month CD Special
For a limited time, Palisades Credit Union (Palisades CU) is offering an 8-month CD Special earning 0.85% APY. The minimum opening deposit is $10k of new money, which is defined as funds that have not “been previously on deposit at Palisades Credit Union within the last 30 days.”
As stated in the Truth in Savings disclosure, the Early Withdrawal Penalty for any Palisades CU Certificate is,”
50% of dividends earned for the amount of time the funds are on deposit.
Funding a CD Special can be done by ACH, wire transfer, or check. Palisades CU participates in the CO-OP Shared Branch network, making the transfer of funds relatively easy. Maturing funds will be distributed by check to the address on file or deposited into a Palisades CU savings/checking account. There is a 7 day grace period before the 8-month CD Special automatically renews as a 6-month CD.
High Yield Checking
In 2016, Palisades CU began offering Kasasa brand products, including a Kasasa Cash account earning 2.00% APY on qualifying balances up to $25k and a Kasasa Saver account earning 1.00% APY on qualifying balances up to $25k. In August 2021, Palisades CU dropped the Kasasa product line and began offering a High Yield Checking account earning 3.00% APY on qualifying balances up to $10k.
The monthly qualification requirements for the High Yield Checking account are quite similar to the now-defunct Kasasa Cash account.
- At least 12 debit card purchases.
- At least one direct deposit.
- Be enrolled in and receive eStatements.
The High Yield Checking account has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. There is a limit of one account per Social Security number. Nationwide ATM fees will be reimbursed up to $18 per month, if the qualifying requirements are met.
Cashback Rewards Checking
Somewhat surprisingly, Palisades CU did not replace the Kasasa Saver account, but has added a very competitive Cashback Rewards Checking account, which currently pays 1.00% cash back on up to $1,500 monthly debit card purchases. If you are planning on maintaining a balance of less than $6,000, the Cashback Rewards Checking account would probably be a better deal than the High Yield Checking account, as the maximum annual earnings for a Cashback Rewards Checking account is $180 ($15 per month).
Availability
Headquartered in Pearl River, New York, Palisades Credit Union’s field of membership (FOM) includes individuals who live, work, worship, volunteer, or attend school in Rockland County (the 13th most populous New York county) or Bergen County (the most populous New Jersey county).
New York State employees who work in any of the five New York City boroughs are also eligible to join.
Immediate family members of current members also qualify for membership. Palisades FCU defines “immediate family members” as “spouse, children, siblings, parents, grandparents, grandchildren, stepchildren, stepparents, stepsiblings, adopted children, and non-related household members that share expenses.”
Joining Palisades CU and/or opening a CD Special can be done online or at any of the four New York branches located in Nanuet, New City, Orangeburg, and Pearl River.
The Share Savings account is the initial account you open to become a member. An initial deposit of $5.00 is all you will need to give you access to all of our products and services.
Palisades CU participates in both the CO-OP Shared Branch and surcharge-free ATM networks.
Don’t live near a Palisades CU branch? We participate in the Co-Op Financial Services network which gives our members access to a network of credit union branches across the country, in additional to 30,000+ surcharge-free ATMs.
Credit Union Overview
Palisades Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.41% (excellent) based on December 31, 2021 data. In the past year, Palisades FCU has increased its total deposits by $8.8 million, an excellent annual growth rate of 5.7%. Please refer to our financial overview of Palisades Federal Credit Union (NCUA Charter # 4480) for more details.
Palisades Federal Credit Union began as the Lederle Employees Federal Credit Union in 1941, organized by a group of American Cyanamid Company employees. In 1996, the Palisades name was adopted, as the Credit Union started adding new SEGs to the field of membership. Six years later, Palisades FCU became the first federally community chartered credit union serving all the residents of Rockland County, New York. The FOM was expanded in mid-2017 to include the residents of Bergan County, New Jersey and with the October 2017 acquisition of New York State Employees Federal Credit Union, adding all New York State employees working in the five New York City boroughs. A year later, Palisades FCU acquired New York City-based Radio, Television and Communication Federal Credit Union. Currently the 57th largest credit union headquartered in New York, Palisades Federal Credit Union has more than 14,300 members and assets in excess of $205 million.
How the 8-Month CD Special Compares
The above information and rates are accurate as of 3/21/2022.
To search for the best CD rates, both nationwide and state-specific, please refer to our CD rates table page.
