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New York Credit Union IRA CD Rates 2020

If you have your savings dollars in a big bank or a bank with low savings rates, then you are losing money. We've found FDIC insured banks that will pay you more. Take a few minutes to explore the options below and see how you can boost your savings by more than 6X the national average rate. There is competition for your money. Take advantage of it!

NY - February 18, 2020

Advertiser Disclosure
Credit UnionS APY Months MIN Miles?
Sponsored Advertiser Disclosure
2.83% - $1 -
2.52% - $1,000 -
Advantage
Restrictions
2.50% 14 $500 -
Melrose
Restrictions
2.42% - $5,000 -
First Source
Restrictions
2.40% - $1,000 -
Teachers
Restrictions
2.30% 48 $1,000 -
G.p.o.
Restrictions
2.30% - $1,000 -
2.25% 60 $500 -
2.20% 60 $5,000 -
Americu
Restrictions
2.20% - $1,000 -
Usalliance
Restrictions
2.15% - $500 -
Affinity
Restrictions
2.15% 22 $100,000 -
Partners 1st
Restrictions
2.15% 29 $500 -
Teachers
Restrictions
2.15% 24 $1,000 -
2.15% 48 $500 -
2.12% 50 $500 -
A C M G
Restrictions
2.12% - $1,000 -
Suma Yonkers
Restrictions
2.12% - $1,000 -
2.10% 48 $500 -
American Airlines
Restrictions
2.07% - $1,000 -
Melrose
Restrictions
2.07% 48 $5,000 -
Affinity
Restrictions
2.05% 14 $50,000 -
2.05% 20 $500 -
2.02% 35 $500 -
Greater Metro
Restrictions
2.02% - $500 -
2.00% - $1,000 -
Xcel
Restrictions
2.00% - $500 -
Affinity
Restrictions
1.95% 22 $500 -
1.92% - $500 -
1.92% 14 $500 -
Qside
Restrictions
1.91% - $500 -
Partners 1st
Restrictions
1.90% 16 $500 -
Island
Restrictions
1.90% 16 $1,000 -
Mohawk Valley
Restrictions
1.87% - $10,000 -
1.86% - $1,000 -
1.85% - $1,000 -
1.85% - $1,000 -
Melrose
Restrictions
1.81% 36 $5,000 -
1.80% 18 $500 -
1.80% - $500 -
1.76% - $2,000 -
Justice
Restrictions
1.76% - $500 -
1.75% - $500 -
Bethpage
Restrictions
1.75% - $50 -
Ukrainian
Restrictions
1.75% - $500 -
Island
Restrictions
1.75% - $1,000 -
Quorum
Restrictions
1.75% - $1,000 -
1.75% 15 $500 -
1.75% - $500 -
1.71% 9 $500 -
1.70% - $500 -
Suffolk
Restrictions
1.70% 11 $500 -
Wings Financial
Restrictions
1.66% - $500 -
Sperry Associates
Restrictions
1.65% - $500 -
Island
Restrictions
1.65% 9 $1,000 -
Pittsford
Restrictions
1.65% - $50 -
Esl
Restrictions
1.60% 11 $500 -
Pentagon
Restrictions
1.60% - $1,000 -
1.60% - $500 -
Access
Restrictions
1.60% - $1,000 -
Teachers
Restrictions
1.60% - $1,000 -
Xceed Financial
Restrictions
1.60% - $500 -
Melrose
Restrictions
1.56% 24 $5,000 -
Geico
Restrictions
1.51% - $1,000 -
Nassau Financial
Restrictions
1.50% - $1,000 -
Empower
Restrictions
1.50% - $500 -
Mid-hudson Valley
Restrictions
1.50% - $100 -
Reliant Community
Restrictions
1.50% 13 $1,000 -
People's Alliance
Restrictions
1.47% - $500 -
Affinity
Restrictions
1.45% - $500 -
Melrose
Restrictions
1.41% 12 $5,000 -
Buffalo Service
Restrictions
1.36% - $500 -
The Summit
Restrictions
1.30% - $500 -
Western Division
Restrictions
1.30% 13 $250 -
Riverside
Restrictions
1.26% - $250 -
Corning
Restrictions
1.25% - $1,000 -
Centra
Restrictions
1.25% - $500 -
First Heritage
Restrictions
1.21% - $1,000 -
United Nations
Restrictions
1.20% - $500 -
Great Erie
Restrictions
1.16% - $1,000 -
Visions
Restrictions
1.16% - $500 -
Polish & Slavic
Restrictions
1.11% - $500 -
Ghs
Restrictions
1.10% - $500 -
Suffolk
Restrictions
1.10% - $500 -
Horizons
Restrictions
1.00% - $500 -
1.00% - $500 -
Servu
Restrictions
1.00% - $1,000 -
1.00% - $500 -
Saint Lawrence
Restrictions
0.91% - $1,000 -
Sidney
Restrictions
0.85% - $500 -
Western New York
Restrictions
0.85% - $1,000 -
Sea Comm
Restrictions
0.84% - $1,000 -
Empire One
Restrictions
0.80% - $1,000 -
Alternatives
Restrictions
0.80% - $2,500 -
Western Division
Restrictions
0.80% - $250 -
Cfcu Community
Restrictions
0.80% - $500 -
Olean Area
Restrictions
0.75% - $500 -
Meridia Community
Restrictions
0.70% - $2,500 -
0.70% - $500 -
Alco
Restrictions
0.65% - $500 -
Palisades
Restrictions
0.65% - $500 -
0.60% - $500 -
Advantage
Restrictions
0.60% - $500 -
Ulster
Restrictions
0.55% - $500 -
0.50% - $1,000 -
Auburn Community
Restrictions
0.50% - $500 -
Finger Lakes
Restrictions
0.45% - $500 -
Esl
Restrictions
0.40% - $100 -
Reliant Community
Restrictions
0.40% - $1,000 -
Ticonderoga
Restrictions
0.25% - $200 -
Dannemora
Restrictions
0.25% - $1,000 -
Twin Rivers
Restrictions
0.25% - $1,000 -
Municipal
Restrictions
0.25% - $500 -
0.20% - $500 -
Partners 1st
Restrictions
0.20% - $500 -
Ufirst
Restrictions
0.20% - $500 -
First New York
Restrictions
0.15% - $250 -
All rates listed are Annual Percentage Yield (APY). The APY rate in a savings account or money market account is a variable rate that is subject to change at any point. The Min listed is the minimum deposit account balance required to obtain the rate listed.


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PRODUCT INFORMATION


Fixed Rate IRA CDs

Fixed Rate IRA CDs are CDs that are held within an Individual Retirement Account (IRA) or a Roth Retirement Account. In an IRA, the funds are deposited pre-tax and allowed to accumulate tax free. When the individual retires, they are withdrawn and all earnings are taxed at the prevailing tax rate. Because individuals generally have lower incomes upon retirement, the tax rate is lower than what it would have been during their working years.

With a Roth IRA, post-tax funds are deposited into the account and the money is allowed to accumulate and be withdrawn tax free.

If the funds are withdrawn before retirement age 59 1/2, the individual will be required to pay a 10% penalty on top of any taxes owed. There are some exceptions to this rule. Fund can be withdrawn penalty free if they are used to pay for education at an IRA qualifying institution or in the purchase of a house.

Advantages to a FIRA

  • Money grows in a tax-advantaged way.
  • Funds are FDIC insured, just like a regular CD.
  • Interest rates on FIRAs are often higher than the same terms for a CD.
  • Some flexibility in withdrawing the money early for first time homebuyers and education expenses.

Disadvantages to a FIRA

  • Returns may not be as high as stocks, bonds, mutual funds.
  • Funds cannot be withdrawn until 59 1/2 without penalty (except for IRS approved expenses).
  • If interest rates rise during the term of the FIRA, money will be stuck in lower yielding account.

Please click here for more information on fixed rate IRA CDs.

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