1.10% APY LOMTO Federal Credit Union offers competitive Money Market Account to New Yorkers
Investors around New York cruising around for options can look to LOMTO Federal Credit Union’s money market account. The money market account offers prospects for investment growth. Information on the site provides two rate tiers which have different money market rates.
The money market account requires an opening balance of $500.00. This particular balance can be transferred from another LOMTO Federal Credit Union account or opened entirely as a new deposit. The first rate tier is $500.00 to $9,999.00 and will garner a money market interest rate of 1.095% with an annual percentage yield of 1.10%. Accounts exceeding $10,000 will get an interest rate of 1.589% with an APY of 1.60%.
Money Market Accounts like the ones LOMTO Federal Credit Union is offering will fetch a higher interest rate than the normal savings account. Deposits made in MMAs are usually invested in corporate and government securities. This allows the account to yield more for the investor and the credit union. Because of this MMAs cannot also be easily moved. Depositors are allowed only six withdrawals per month lest they incur penalties. They yields provided by the accounts are subject to change without prior notice.
In order to get the opportunity to partake of the benefits of the said account, interested parties will need to become a member of LOMTO Federal Credit Union. Membership is open for residents, workers, students and parishioners around western Manhattan. Kindly check www.lomto.org for their membership requirements. Application for membership requires a fee of $3 and a $25 deposit in the member share savings account. Members and family of members of the League of Mutual Taxi Owners Inc (LOMTO Inc.) are automatically eligible to join.
LOMTO Federal Credit Union has branches in New York City and Woodside.
This particular credit union is performing well. BauerFinancial provides a rating of 5 stars based on a review of financial information available last December 31, 2009. Bankrate.com also gives it with 5 stars. LOMTO Federal Credit Union is a member of the NCUA with Charter number of 1532.
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