Bethpage Federal Credit Union is the 13th largest credit union in the nation and the largest credit union by asset size in the state of New York.
Headquartered in Bethpage, New York, this member-owned cooperative was called the Grumman Employees Federal Credit Union back when it was first founded in 1941 to serve employees of Grumman Aircraft, an aircraft engineering corporation.
Grumman Aircraft would later merge with Northrop Corporation to form Northrop Grumman, an aerospace and defense contractor, and Grumman Employees Federal Credit Union would undergo a few more name changes before settling on Bethpage Federal Credit Union (Bethpage FCU) in 1974.
Although this sizable credit union doesn’t have especially high rates of return on its deposit accounts, it was rated a Top Credit Union of 2020 by Bankrate for its product range, customer service, and open membership.
Keep reading for more information about Bethpage FCU’s suite of deposit products.
Bethpage FCU CD Rates + Account Details
Deposit accounts with this financial cooperative are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 per depositor. $500,000 for joint accounts.
Each of the following Bethpage FCU certificate accounts requires a minimum opening deposit of just $50. There are CDs as short as three months and as long as five years available to members.
Bethpage FCU CD Rates
| CD Term | APY |
| 3 month | 0.50% |
| 6 month | 0.50% |
| 12 month | 0.60% |
| 18 month | 0.60% |
| 24 month | 0.80% |
| 30 month | 0.90% |
| 36 month | 0.90% |
| 39 month bump-up | 0.90% |
| 48 month | 1.00% |
| 60 month | 1.10% |
To put these rates in perspective, the current national average for 12 month CDs sits at just 0.22%. That said, higher APYs can be had through online banks, like Discover Bank, or other credit unions with nationwide acceptance, such as Spectrum.
Interest is compounded daily on all accounts and credited either monthly or quarterly—how frequently you’ll receive dividend pay-outs depends on your term and whether your account was opened online or in person. All accounts opened online are credited dividends monthly, but you’ll have the option to choose whether you want to be credited monthly or quarterly for 6, 12, 24, 36, and 39 month CDs opened in person.
The bump-up 39 month certificate comes with the option to have your rate increased one time in accordance with posted rate changes. So if Bethpage FCU decides to increase rates before your account reaches maturity, you can choose to have your certificate adjusted to earn this new rate until it matures, at which point it will automatically renew as a 36 month fixed rate certificate.
To keep earning interest, you must maintain an average daily balance of $50 or more. There is a 7 day grace period after maturity, when certificates automatically renew, in which you can make changes to an account or withdraw without incurring fees. Otherwise, early withdrawal will cost you 90 days’ interest for terms of 12 months or less and 180 days’ interest for terms greater than 12 months.
Bethpage FCU Money Market Rates + Account Details
Bethpage Federal Credit Union money market account rates are on the high end of standard. These accounts will likely earn you more than you would get with banks, but their rates aren’t going to top any “best of 2020” lists.
Bethpage Federal Credit Union Money Market Rates
| Balance | APY |
| $500 – $24,999 | 0.50% |
| $25k – $49,999 | 0.50% |
| $50k + | 0.50% |
The national average for a money market rates sits at just 0.07% APY, but significantly higher rates can be found through online savings accounts such as TAB Bank or the Citi Accelerate Savings Account which operate similarly to money market accounts.
You’ll also notice with Bethpage FCU’s money market account every balance tier is paid the same interest, which could be considered a drawback for a money market account. Often, higher interest offered on large deposits is a motivating factor when opening these types of accounts.
Bethpage FCU money market accounts require a minimum opening deposit and average daily balance of $500 to earn interest. Less than this will receive the dividend savings account APY of 0.20%.
Dividends are paid and compounded monthly. You may make up to six transfers or withdrawals from a Bethpage FCU money market account, per federal regulation D guidelines. Finally, unlike most MMAs, you cannot write checks.
Other Savings Accounts Offered by Bethpage FCU
A Bethpage Federal Credit Union regular savings account is only going to earn an APY of 0.20%. This is better than the national average of 0.07%, but nowhere near enough to maximize your savings and is lower than the current posted regional average for Long Island, 0.26%. Open one of these share savings accounts with a deposit of just $5 to become a member of the financial cooperative, and this is also how much you’ll need to keep in the account. There is no monthly maintenance fee charged if your accounts dips below this, you just won’t earn interest.
Balance is compounded daily and credited quarterly on all Bethpage FCU savings accounts.
The two Bethpage Federal Credit Union youth savings account options—Youth Savings Custodial and Young Adult Savings—offer a much higher yield of 2.00% APY, but only individuals between the ages of 0-20 qualify and this excellent rate of return is only applied to the first $1,000. After that, the APY reverts to 0.35%.
The Youth Savings Custodial account (established under the NY UTMA), controlled by the custodian adult, is for those between the ages of 0 and 17 years and requires a minimum opening deposit of just $5. The Young Adult Savings account, controlled by the account opener, is for those between the ages of 18 and 20 years and requires the same opening deposit.
For a complete description of Bethpage FCU’s overdraft policies and other terms and conditions, look over the Consumer Member Account Agreement.
About Bethpage FCU + Eligibility
Despite its roots, you don’t have to be a Northrop Grumman employee or even New York resident to join Bethpage FCU. Since its emergency merger with the struggling Montauk Credit Union in 2016, Bethpage Federal Credit Union has been open membership.
That means that anyone can join by opening a $5 share savings account, provided that the institution is still accepting online membership applications in your area/state. If they are not and you don’t already have a loan in process with Bethpage FCU, you’ll have to inquire about membership at an in-person branch. New York residents are automatically allowed to apply for membership.
There are a total of 417,152 Bethpage FCU members and the institution has $9.5 billion in total assets. Most members are residents of Long Island.
There are 34 full-service Bethpage FCU branches, all of these in the state of New York. But if you want to join and don’t live in New York, you’re not out of luck. Bethpage Federal Credit Union also participates in co-op shared branching with over 5,000 other credit unions and shares over 30,000 surcharge-free ATMs. And of course, there is always the option of digital banking, which can either be done online or through your mobile device. Bethpage FCU does not charge fees for out of network ATMs (but the ATMs might). See the fee schedule for more information.
Final Thoughts
Though Bethpage FCU is technically open membership, it’s not always accepting new applications in every state and it only has in-person branches in New York. There are plenty of pros and cons to being a member of this credit union. As far as deposit accounts go, CD and money market account rates are fair, but the regular savings account APY is less than satisfactory.
Bethpage Federal Credit Union receives most of its praise for interest-earning checking accounts, low minimum balances and fees, and affordable loans, and its deposit products might also be good enough for individuals living in Long Island that want a comprehensive banking experience. Bethpage FCU member satisfaction is at a fairly standard 80%, but your individual experience with the credit union will come down to what products matter most to you.