In the last few years I've reported on four small New York City credit unions that have always offered very competitive CD rates. I'm not sure how they've been able to maintain the high rates. Perhaps there's competition between them. They don't make it easy to join. If you're looking for top CD rates in NYC, hopefully you'll be able to join at least one of these.
There used to be two small NYC banks that had a history of top CD rates. These were LibertyPointe Bank and The Park Avenue Bank. Both were closed by regulators in March, and the FDIC arranged for Valley National Bank to acquire these banks. Valley National Bank has offered some good CD rates in the past especially when they open new branches, but they haven't been as competitive as these credit unions. So if you were a former customer of these two banks, you may want to consider these credit unions.
I've listed the four credit unions and some of the most competitive CDs being offered as of 4/05/2010. I also include links to the credit union and to my latest review.
- Montauk CU - 3.75% 5yr CD & 4.25% 7yr CD, my credit union review
- Progressive CU - 2.12% 1yr CD & 3.80% 5yr CD, my credit union review
- LOMTO FCU - 3.14% 4yr CD & 3.56% 5yr CD, my credit union review
- Bay Ridge FCU - 2.50% 2yr CD & 2.00% 1yr CD, my credit union review
There's actually another NYC credit union that also has a long history of competitive CD rates. It's Melrose Credit Union, and unlike the above ones, you can join Melrose by mail from any state. Melrose is located in Briarwood which is in Queens. I've been posting on Melrose CD rates for the last several years. My last post on Melrose was in late March.
Have you joined any of these credit unions? And do you know of other New York City credit unions which have a history of top CD rates?