LOMTO Federal Credit Union offers attractive interest rates for their short term and long term certificates of deposit. The following are the current CD rates listed in the credit unions website:

• 6 months         1.15% APY
• 1 year             1.41% APY
• 2 years            1.85% APY
• 3 years            2.25% APY
• 4 years            2.60% APY
• 5 years            2.95% APY

These top CD rates require a minimum deposit of $2,000 to open a certificate of deposit account. The earnings of this money in the bank are compounded and credited on to your account every month. If you decide to withdraw funds before the maturity date, early withdrawal fees will be applied. The interest rates of these certificates of deposit are subject to change without prior notice.

Membership with LOMTO Federal Credit Union is open to anyone who resides, works, attends school, or worships in certain areas of west side of Manhattan. Existing members who have relatives are also eligible to join. You may call customer service if you are not sure if you qualify thru 212-947-3380.

To become a member, you need to visit one of the credit union’s offices located in the cities of Woodside and New York in the state of New York. You have to pay a one time membership fee of $3. you also need to open a share savings account with a minimum deposit of $25 and must at least maintain this balance.

LOMTO Federal Credit Union was formed in 1936 by a group of New York City medallion taxi owners and drivers. Currently, they have reached over $200 million in declared assets and considered to be one of the largest credit union in the state of New York. The credit union is also a member of the National Credit Union Association with charter number 1532.