Table Of Content
Bethpage Federal Credit Union has an extensive product line including a number of certificate options. These are available to anyone, provided that they become a member of the Bethpage Federal Credit Union, which we’ll discuss in more detail later.
So, here we’ll explore these certificates in more detail to help you decide if they are a good choice for you.
Bethpage Federal Credit Union Certificates
APY Range
Minimum Deposit
Terms
Fees
Bethpage Federal Credit Union Certificates
APY Range
Minimum Deposit
Terms
Fees
Bethpage Certificates Rates
Bethpage Federal Credit Union offers certificates or Share certificates in a variety of terms. These vary with terms between 3 months – 5 years , with the APY weighted towards the 12 to 24 month terms.
If you are looking for a shorter term such as a 6-month CD or 12-month CD, Bethpage offers some of the highest rates in the market. However, there are higher rates for all longer terms. The minimum deposit requirement for Bethpage Federal Credit Union certificates is $50 and no further deposits are not accepted.
Bethpage Federal Credit Union also has a 39 month Bump Up certificate. This has a 39 month term, but during this term, you can “bump up” your rate once. This means that if rates significantly increase, you can take advantage of the higher APY. On the other hand, if rates drop, you will not miss out, as you’ve locked in the higher rate.
Term | APY |
|---|---|
3 Months | 2.25% |
6 Months | 4.75% |
12 Months | 4.75% |
18 Months | 4.25% |
24 Months | 4.25% |
30 Months | 3.70% |
36 Months | 3.75% |
39 Months Bump Up | 3.75% |
48 Months | 3.85% |
60 Months | 4.00% |
How Bethpage Credit Union Certificates Work
Bethpage certificates allow you to lock in the rate for the entire term, but if you need to withdraw some or all of your funds before maturity, you will incur an early withdrawal penalty. This is 90 days of interest if your certificate has a term of 12 months or less, but this increases to 180 days for longer term CDs. However, you are free to withdraw any accumulated dividends credited to your account during the term without penalty.
Upon maturity of all certificates, there is a seven day grace period. During this time, you are free to make withdrawals, deposit additional funds or make other changes with no penalties. After the grace period, unless otherwise instructed, the certificate will automatically renew for the same term. So, if you have a six month certificate, it will renew for another six month certificate.
Term | APY |
|---|---|
3 Months | 90 days of dividends |
6 Months | 90 days of dividends |
12 Months | 90 days of dividends |
18 Months | 180 days of dividends |
24 Months | 180 days of dividends |
30 Months | 180 days of dividends |
36 Months | 180 days of dividends |
39 Months Bump Up | 180 days of dividends |
48 Months | 180 days of dividends |
60 Months | 180 days of dividends |
Is Bethpage's Certificate Rates Competitive Compared to Other Credit Unions?
The current national average CD rates as of June 2023 is 1.68%, making Bethpage Federal Credit Union certificates highly competitive. Even the lowest APY available with the three month CD is currently higher than the national average.
In a direct comparison, Bethpage Federal Credit Union is far more competitive than traditional banks. Many traditional banks offer lower than the national average, regardless of term, which makes Bethpage a better option.
When compared with online banks, the comparison becomes a little more complex. Bethpage offers APYs of 2.25% – 4.75%, so depending on the term, you may get a better deal with some online banks. So, if you want the highest APY, you will need to compare like for like and compare 12 month CDs or three month CDs, depending on which is more appropriate for your investing plans.
Credit Union | CD Range | Minimum Deposit |
|---|---|---|
2.00% – 4.35% | $1,000 | |
4.30% – 5.15% | $1,000 | |
3.51% – 4.85% | $5,000 | |
0.50% – 4.55% | $250 | |
4.00% – 5.00% | $1,000 | |
2.25% – 4.75% | $50 | |
4.10% – 5.00% | $10,000 | |
0.30% – 4.00% | $500 | |
3.59% – 4.70% | $1,000 | |
0.40% – 4.55% | $1,000 |
Bethpage Certificates vs. Savings Rates
Bethpage offers a basic savings account, which has a far lower rate than even the three month Bethpage certificate. The current savings rate is only 0.10% APY, but there is only a $5 minimum deposit requirement.
The other key differences which influence the difference in APY is that the savings account allows additional deposits. You can add funds to the savings account as and when you like. In fact, teh account can accept a variety of deposit options including direct deposit and automatic transfers from other accounts.
You can also make withdrawals from your savings account with no penalties. Bethpage supplies an ATM card with this account, so you can use network ATMs to withdraw and deposit money.
So, which account is best will depend on your requirements and circumstances. If you do not anticipate needing access to your funds, a certificate will offer a far higher rate. On the other hand, if there is a chance that you’ll need the money, an early withdrawal fee may negate this and you would be better suited to the savings account.
Certificates | Savings | |
|---|---|---|
APY | 2.25% – 4.75% | 0.10% |
Minimum Deposit | $50 | $5 |
Fees | $0 | $0 |
About Bethpage Federal Credit Union
Bethpage Federal Credit union was established in 1941, but it has grown to become one of the largest credit unions with approximately 440,000 members. Bethpage Federal Credit Union has its headquarters in Bethpage, New York and while initially membership was geographically limited to that area, membership was opened up to U.S residents and citizens who open a $5 minimum share account.
Bethpage Federal Credit Union now offers a variety of products including savings, certificates, checking accounts, loans, mortgages and investing.
FAQs
Does Bethpage Federal Credit Union Offer No Penalty Certificate Rates?
Unfortunately, Bethpage Federal Credit Union does not currently have any no-penalty certificate products. All Bethpage certificates are subject to early withdrawal penalties if you need access to your funds before maturity.
Does Bethpage offer promotions on certificates?
Bethpage Federal Credit Union does have its 39 month Bump Up certificate. This promotional product allows you to “bump up” the rate once during the 39 month term.
Does Bethpage certificates come with a grace period?
Bethpage Federal Credit Union certificates have a seven day grace period. During this time, you can withdraw funds, make additional deposits or even close the account. After the grace period, the certificate will automatically renew
How does the Bethpage Federal Credit Union early withdrawal penalty work?
The early withdrawal penalty is calculated according to the original certificate term. If the term is 12 months or less, the penalty is 90 days of interest on the amount withdrawn. This increases to 180 days of interest for certificate terms longer than 12 months.
How Bethpage Federal Credit Union certificates interest are calculated?
The interest on these certificates is compounded and credited monthly. The interest accrued can be added to your account or you may withdraw the interest as a transfer to another account or mailed check with no penalty.
