bank rates

New York Deal: CDs Yield Up To 2.20%

If you can qualify based on its limited field of membership, you can score some of the best CD rates in the country from LOMTO Federal Credit Union.

Like fellow New York institution Melrose Credit Union, LOMTO caters to cab drivers and their families. Like Melrose, it offers competitive rates across just about every term.

Unlike Melrose, which allows anyone in the country to join, you have to be a cab driver or live in certain areas of Manhattan to join.

If you are eligible, here’s what you’ll get for a $2,000 minimum deposit:

  • 1.00% APY on 6-month CDs.
  • 1.20% APY on 1-year CDs.
  • 1.40% APY on 2-year CDs.
  • 1.75% APY on 3-year CDs.
  • 2.20% APY on 5-year CDs.

All of these deals offer a higher yield than you’ll find on our CD Rates Leaderboard. The 5-year CD is the best, paying more than a third of a percentage point better than the national leader.

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 50-24 Queens Blvd. in Queens.

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.)

All members must maintain a $25 balance in a saving account.

For more information, visit www.lomto.com or call 212-947-3380.

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

UPDATE (5/9/2014): LOMTO has raised some of its CD rates. It’s 6-month CD now pays 1.10% APY, it’s 12-month CD now pays 1.25% APY and its 36-month CD now pays 1.65% APY.

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Comments (3)
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3 Existing Comments
  1. Sam said:
    on October 11th at 07:49 pm

    If this QE3 http://www.mortgagerefinance.com/Mortgage-News/Federal-Reserve-Launches-QE3-To-Lower-Mortgage-Refinance-Rates/400

    goes in effect CD Rates will go up. I would hold off on depositing if i were you.

  2. Kathy at Bankaholic said:
    on December 4th at 10:07 am

    LOMTO has dropped all of its rates:

    60-month = 2.00% APY
    36-month = 1.45% APY
    24-month = 1.20% APY
    12-month = 1.00% APY
    6-month = 0.85% APY

  3. Kathy at Bankaholic said:
    on November 5th at 10:40 am

    LOMTO has raised a couple of CD rates:
    36-month CDs now pay 1.60.
    24-month CDs now pay 1.45.