Wallkill Valley Federal Savings & Loan Has Top Rate 24-month CD


Availability: Hudson Valley, New York

For the first time in about a year, Wallkill Valley Federal Savings and Loan Association (New York State) raised the rate on its 24-month CD (2.015% APY). The minimum opening deposit is $2.5K, with no maximum balance cap. According to CSR, the Early Withdrawal Penalty is six months of interest.

1.26%$2,500-Wallkill Valley Federal Savings and Loan Association24 Month CD
Accounts mentioned in this post. Rates as of October 24, 2016.

As always, a heartfelt thank you to DA member, PearlBrown, for her sharp eye!


Headquartered in Wallkill, Wallkill Valley Federal Savings and Loan Association (Wallkill Valley S&L) offers its services and product line to all residents of New York's Hudson Valley, from Highland Falls to Milton.

As Wallkill Valley S&L’s online banking platform is limited to account management and bill payments, opening an account at Wallkill Valley must be done with an in-person branch visit to any of three branches located in Wallkill, Highland Falls, and Milton.

Credit Union Overview

Wallkill Valley Federal Savings and Loan Association has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 15.60% (above average), based on September 30, 2014 data. In the past year, Wallkill Valley S&L has increased its total deposits by $2.68 Million, an above average annual growth rate of 2.13%. Please refer to our financial overview of Wallkill Valley Federal Savings and Loan Association for more details.

Organized in 1913, Wallkill Valley Federal Savings and Loan Association’s stated goals were "to promote thrift and homeownership within the local community." Wallkill Valley S&L (FDIC Certificate # 28870) operated under a State Charter until 1935 when a Federal Charter was granted. Just 2 years shy of its 100th anniversary, Wallkill Valley S&L opened its first full-service branch outside of Wallkill. Today, Wallkill Valley S&L hold assets in excess of $170 Million, with three branches in the 12th most populated county in New York state.

And just in case you were wondering, Wallkill derives its name, in part, from the Dutch word "kille," which means "watercourse." A variety of American place names, such as Peekskills, Catskills, and Schuykill, are related to a nearby body of water.

How the CD Compares

When compared to other similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to New York state residents, Wallkill Valley S&L's 24-month CD has little competition.

The above rates are accurate as of 2/20/2015.

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

pearlbrown   |     |   Comment #1
Readers considering this CD are bound to be happier with your CSR's answer about EWP than with the one from my CSR =D. 
Ken Tumin
Ken Tumin   |     |   Comment #3
Hopefully, my CSR was correct and the ewp is only 6-month of interest ;) Wish more banks would include their account disclosures online. I just emailed the bank to get another data point. Hope they don't say something that's different than both of the ewp's that we were told ;)
pearlbrown   |     |   Comment #5
i agree Ken.  It would be so much easier if institutions would make all the pertinent information available ahead of time.  It would reassure customers that they had correct terms so they could make informed decisions accordingly. 

I'm sure we have all gotten some wild responses from some associates.   99.99% of the time one gets the correct info and the person checks with others if they are not absolutely certain of the answer.  But sometimes out of a desire to be helpful, an associate may answer based on "how it's always been done", or how they think it works ("Oh, friends aren't eligible to join the credit union? Oh, I thought they were"). 

I remember dealing with one institution which I prefer to avoid naming.  Their RCA included the usual "must login to online banking" clause.  I casually asked, "So, is there a certain number of times I need to login during the month" to be told the requirement was to log in twice a week.  I chuckled and said "No, really, how many times?" and was told in a rather frosty tone that it was indeed twice a week.  I thanked the person politely and ended the call.  The next day I called back and spoke with someone else who said "Twice a month".    A friend who opened the account later said she only logs in once a month and has never failed to meet requirements. 

The individual who answered my call at Wallkill actually put me on hold to check with someone else on the EWP.  I pushed back and asked for confirmation and was told that because it was such a special rate the bank didn't want the money moving out early.
It is definitely a wonderful rate, especially in light of other terms and APYs from their rates page
Term        Rate      APY  Minimum deposit
6 Months  .30 %    .31% $2,500 Minimum Deposit
1 Year      .50%     .51% $500 Minimum Deposit
18 Months  .60%  .61% $500 Minumum Deposit
24 Months 1.99% 2.015%  $2,500 Minimum Deposit 
30 Months  .80%  .81% $500 Minimum Deposit
48 Months 1.40% 1.43% $2,500 Minimum Deposit
60 Months 1.60% 1.63%  $2,500 Minimum Deposit

They must have a great opportunity for putting those funds to work - and apparently are confident they can fill their coffers with strictly local deposits. 
dave9354   |     |   Comment #4
Great catch on this one! But to far to drive for in person. I am  in the western part of the state. Oh well, at least the rates are improving!
Anonymous   |     |   Comment #2
Pearl is an absolute pearl.  2+% APY on two year money is a GREAT deal!!
pearlbrown   |     |   Comment #6
Thank you for the kind words.  But with all respect, the kudos rightly belong to Ken and his colleagues, who bring us this great website where we can meet to learn from one another and share information, and also to all who participate and contribute their ideas and perspectives. 
Anonymous   |     |   Comment #7
I called them today.  I only live about 25 miles from a branch  but they said I am not in their "service area"  and I can't open a cd with them.  Ken's note did say something about living in certain towns in the Hudson valley.  Too bad. It is a good cd