Suffolk Federal Credit Union Adds Rate Leading 40-Month CD


Deal Summary: 40-month Certificate, 3.60% APY, $500 minimum deposit, possible $55 cash bonus.

Availability: Nassau County and Suffolk County, New York.

As part of the 55th Anniversary Celebration, Suffolk Federal Credit Union (Suffolk Federal) has added two limit-time Certificates: 40-month (3.60% APY) and 16-month (3.45% APY). While the 40-month and 16-month Certificates offer the highest rates in the Suffolk Federal CD product line, the 40-month Certificate has the more competitive rate. The minimum opening deposit is $500, with no stated balance cap.

Both Certificates are also available as IRA Certificates (Traditional, Roth, and SEP) earning the same APYs, with the same deposit requirements.

Liquid Share Certificate

Suffolk Federal is also offering a competitive no-penalty CD that it calls Liquid Share Certificate. It has a 2.35% APY and an 11-month term. There are no penalties for an early withdrawal as long as the withdrawal occurs after six days from opening. Unlike the typical no-penalty CD, this Liquid Certificate allows partial withdrawals. According to the Liquid Certificate Truth-in-Savings disclosure, the member “cannot make additional partial withdrawals from the certificate more often than every 7 days.”

2.85%$10k-Suffolk Federal Credit Union11 Month Liquid Certificate
Rates as of May 22, 2024.

$55 Cash Bonus

Now through September 24, 2022, Suffolk Federal is offering a $55 cash bonus when opening any Certificate with a minimum $15k of new money. The fine print on the landing page states:

Offer only available for new certificates opened between Friday, September 16, 2022 and Saturday, September 24, 2022. Minimum new money deposit of $15,000 is required to receive the bonus. Bonus will be a one-time credit to the membership share account at the time of account opening and a 1099-INT will be issued. Limit of one bonus per membership. Offer subject to change without notice. New money is funds that a member brings to Suffolk Federal from an outside organization and not already on deposit at the Credit Union.

As stated in the Membership Disclosure Booklet (page 66), the Early Withdrawal Penalty reads as follows:

Terms of longer than 12 months – 270 days’ dividends or dividends earned since the date of issuance, whichever is the lesser; however, the penalty will not be less than seven (7) days' dividends.

Funding and Accessing Maturing Funds

According to CSR, the easiest way to fund a Certificate is through an internal transfer. Suffolk Federal participates in the CO-OP Shared Branch network, facilitating the transfer of funds into a Suffolk Federal Share Savings account. Funds can also be deposited by ACH, wire, or check.

Maturing funds can be distributed by check to the address on file or transferred to a Suffolk Federal Savings Share account. There is a ten day grace period before a certificate automatically renews. According to the Truth-in-Savings disclosure (page 65), “Special Term” Certificates renew as a 12-month Certificate

Unlimited beneficiaries (equal shares) can be designated. A Social Social number is required for each name beneficiary.

Dividends compound and are credited monthly and can be “paid to you by check or transferred to another account of yours.”


Headquartered in Medford, New York, Suffolk Federal Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, attend school, or regularly conduct business in Nassau County or Suffolk County (Long Island) eligible to join.

Immediate family members of a current Suffolk Federal member are welcome to apply.

Joining Suffolk Federal and/or opening a Certificate can be done online or at any of ten full-service branches located in Commack, Eastport, Islandia, Medford, Miller Place, Port Jefferson, Riverhead, Sayville, Southampton, and West Babylon.

The Membership Application is also available as a downloadable PDF. A completed application can be returned in-person or by snail mail.

Becoming a member is easy! Simply open a Share Savings account at our credit union with just $5 online or at any of our branch locations.

Suffolk Federal participates in both the CO-OP Shared Branch network and ATM network.

Credit Union Overview

Suffolk Federal Credit Union has an overall health grade of "B+" at, with a Texas Ratio of 2.68% (excellent) based on June 30, 2022 data. In the past year, Suffolk Federal has increased its total non-brokered deposits by $97.08 million, an excellent annual growth rate of 7.1%. Please refer to our financial overview of Suffolk Federal Credit Union (NCUA Charter # 17914) for more details.

Established in 1967, Suffolk Federal Credit Union’s original name and community-based FOM have never changed. With nearly 69,000 members and assets in excess of $1.6 billion, Suffolk Federal is the 16th largest credit union headquartered in the state of New York.

Now through September 30, 2022, Suffolk Federal is inviting all Nassau County and Suffolk County residents (not just members) to enter their “55th Anniversary Celebration Contest.” Twenty-three cash prizes will be awarded: Grand Prize of $2,555, two $555 1st Prizes, and twenty $55 2nd Prizes.

How the 40-Month Certificate Compares

When compared to similar length-of-term CDs tracked by that are available within the FOM and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Suffolk Federal Credit Union 40-Month Certificate. The following table compares the 40-Month Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 9/20/2022.

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

Related Pages: New York CD rates, 1-year CD rates, 5-year CD rates, IRA CD rates

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