bank rates

All’s Fare In N.Y.C. CD Rate Battle

Like a pair of taxis vying to be the first to reach the customer waving his hand, there are now two New York City credit unions jockeying for position over CD rates.

All's Fare In N.Y.C. CD Rate Battle.

Melrose Credit Union, which has developed a profitable niche using its deposits to finance the municipal licenses for New York’s cab fleet, frequently sits atop our CD Rates Leaderboard for nationally available certificates of deposit.

Now comes another institution that caters to New York cab drivers and their families — LOMTO Federal Credit Union — which is offering even better rates to its members.

With a $2,000 minimum deposit, it’s offering:

  • 1.25% APY for 6-month CDs
  • 1.50% APY for 12-month CDs
  • 1.84% APY for 24-month CDs
  • 2.32% APY for 36-month CDs
  • 2.63% APY for 48-month CDs
  • 3.10% APY for 60-month CDs

Every term beats our top nationally available CD rates, including three top rates offered by Melrose.

Members can buy these certificates of deposit over the phone or at one of LOMTO Federal Credit Union’s two branches, which are located at 180 Riverside Blvd. in Manhattan and at 50-24 Queens Blvd. in Queens.

Unlike Melrose, which imposes no restrictions on who can buy its CDs, LOMTO membership is limited to members of the League of Mutual Taxi Owners Inc., as well as to current members’ family members and to people who live, work, worship and attend school in certain areas of Manhattan’s west side. (A map of the eligible areas is available on the LOMTO website.)

Compare these returns with the best CD rates from scores of banks in our extensive database.

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Comments (1)
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  1. NickelAndDimed said:
    on January 20th at 09:33 am

    As of Jan. 20, most of LOMTO’s CD rates have been reduced, but one term actually increased slightly. The 24-month CD now has an APY of 1.85%.