Montauk Credit Union’s CD (certificate of deposit) rates
June 23rd, 2009 Posted in Best CD Rates
Thanks (again) to BankVibe reader and contributor FarmerFrank for pointing out some very nice CD rates this time coming from a credit union in New York state.
Montauk Credit Union is a non-profit, member-owned, financial institution with roughly 4,500 members and $50 million in assets. They were chartered in 1922 and open serve customers nationwide. To become a member you will incur a one-time fee of $25.00, after that there are no fees associated with Montauk CU.
Current CD Rates:
12 month CD: 2.75% APY
18 month CD: 3.00% APY
2 year CD: 3.25% APY
3 year CD: 3.50% APY
4 year CD: 3.75% APY
5 year CD: 4.00% APY
7 year CD: 4.50% APY
Rates in effect as of 5/01/09 and are subject to change without notice.
March 11th, 2010 at 12:29 pm
Do NOT open a C.D. here even if they have good rates.
I opened a C.D. here in Feb of 2008 — my first C.D. I received a letter in the mail that my C.D. was up for review and that I needed to either roll it over or redeem it. There was no deadline for this action.
I spoke with someone over the phone who told me how I could redeem, but again no deadline. I sent in the form about a month later.
She then calls to tell me the “told me over the phone that there was a deadline” — an outright lie and that I will have to pay the penalty of $21, about 1/t6 of my entire yearly gains. When i called to complain, this woman then hung up the phone on me.
I spoke with the manager, who at least had decent manners, but still they won’t give me my money back. I feel pretty taken advantage of and would not recommend putting any of your funds here.