2017 RANKING OF TOP CREDIT UNIONS


Intro: Finding the Top Credit Unions in New York City

Choosing to do business with a credit union over a traditional banking institution certainly has its advantages. Because credit unions are owned by the members who do business there, they pass profits on to their members in the form of better rates and fewer fees.

Due to this profit sharing philosophy, choosing an NYC credit union as your financial institution could end up saving you hundreds of dollars or more a year.

Much like banks, one size doesn’t fit all when it comes to the credit unions in NYC. Services, products, and rates can vary greatly among NYC credit unions, making it important to do your research before settling on the best credit union in NYC for you.

With an overwhelming number of NYC credit unions to choose from, researching them all would be extremely time consuming. To that affect, we have done the work for you by using our stringent selection methodology to compose this list of the best credit unions in NYC.

Best Credit Unions in New York

Award Emblem: Top 8 Best Credit Unions in New York, NY

The NYC credit unions on this list each possess a devotion to customer satisfaction in addition to an array of low-cost financial products and services. When choosing a credit union in NYC, it is important to pay attention to the details that matter most to you, such as their level of community involvement or what products and services they offer for businesses.

No matter what you value most in a New York City credit union, our reviews of the best credit unions in New York will offer some useful insight into the best credit unions that the Big Apple has to offer.



AdvisoryHQ's List of the Best Credit Unions in New York, NY

List is sorted alphabetically (click any of the names above to go directly to the detailed review section for that advisor)


Top Credit Unions in New York, NY

Credit Union

Location

1199 SEIU Federal Credit Union

New York

Actors Federal Credit Union

New York

Lower East Side People's Federal Credit Union

New York

Municipal Credit Union

New York

New York Times Employees Federal Credit Union

New York

Progressive Credit Union

New York

Self Reliance NY Federal Credit Union

New York

Ukrainian National Federal Credit Union

New York

(List is sorted alphabetically)


Don't Miss: High Yield Bank Accounts


Methodology for Selecting the Top NYC Credit Unions

So, exactly what methodology did we use in selecting this list of best credit unions in NYC?

To compose our comprehensive ranking and reviews of the top credit unions in New York, we used publicly available sources to identify a wide range of credit unions that provide services within New York City communities.

We then applied AdvisoryHQ’s “Breakthrough Selection Methodology” to identify the final list of top credit unions that provide services to communities in New York City.


Detailed Review – Top Ranking Best Credit Unions in NYC

Below you will find a detailed review of each firm on our list of top credit unions in New York.

In these reviews we have highlighted some of the factors that allowed these New York City credit unions to score so high in our selection ranking.



Lower East Side People’s Federal Credit Union Review


Lower East Side People’s Federal Credit Union was organized in 1986 to fill the void that was left by the closing of the last commercial bank in the neighborhood. They are a credit union in NYC that is dedicated to providing high quality financial services and community development investments to low-income, immigrant, and other underserved communities.

Lower East Side People’s Federal Credit Union serves those who work, live, volunteer, worship, or attend school in the Lower East Side, Central Harlem, East Harlem, or within the boundaries of 90th Street North to 125th Street. They also serve residents of all five boroughs who have an annual household income of less than $38,000.

After thirty successful years of serving their community, this NYC credit union has grown to include over 8,000 members and more than $45 million in assets.

Key Factors That Enabled This Credit Union to Rank as a Best Credit Union in NYC

Below are key factors that enabled Lower East Side People’s Federal Credit Union to be rated as one of this year’s best credit unions in NYC.

Super Saver CD

A Super Saver CD from Lower East Side People’s FCU makes saving toward a goal both easy and convenient.

Members of this credit union in New York have to participate in their free “Getting Ahead” course to take advantage of this high-interest savings deposit account.

While most traditional CDs require a large lump sum of money upfront to open them, the Super Saver CD allows members to gradually grow their savings as they go by making regular deposits to the CD. This allows them to regularly add the amount of money to the CD that best works for them and their budget.

Other great features of this New York City credit union’s specialized CD are:

  • Fixed rate
  • Only $15 minimum opening deposit required
  • Members can open more than one CD at a time
  • Flexible term options between 3 and 36 months
  • Funds are transferred to member’s share account upon maturity
  • Automatic contributions option is available

Small Business Loans

Lower East Side People’s FCU offers a variety of loan products to help support entrepreneurs, operating retail businesses, restaurants, service and wholesale businesses, and light manufacturers. This credit union in NYC also offers loans to property owners who house one to four families and commercial spaces.

Their small business loans can be used by business owners to purchase needed inventory, materials, or supplies. They can also be utilized for improving or acquiring equipment, machinery, and real estate as well as working capital for expanding businesses.

Small business loans offered at this NYC credit union are:

  • SBA Express Small Business loan: Small Business Administration loans up to $250,000 with an accelerated turn-around time of 36 hours for SBA review
  • Small Business loan (nonSBA): up to $250,000 offered to operating businesses and funded by Lower East Side People’s FCU
  • Business Line of Credit (SBA and non-SBA): up to $50,000 available with up to a seven-year term
  •  Start-up Business loan: up to $2,500 offered to start-up businesses that are less than two-years old

DREAmers Loans

Lower East Side People’s FCU offers DREAmers Loans to immigrant youths in New York City who wish to apply for Deferred Action for Childhood Arrivals (DACA). These youths and their family members may apply for an interest-free DREAmer loan to cover the $465 application.

In addition to providing a loan to cover the application fee, the applicant may receive other services from this credit union in NYC to aid them in building a positive credit history. Applicants are also  granted free credit union membership and a savings account as well as a $25 savings bonus when the loan has been repaid.



New York Times Employees Federal Credit Union Review


Formed in 1954 to serve the employees of The New York Times, New York Times Employee Federal Credit Union (NYTEFCU) is a not-for-profit, member-owned financial cooperative. This credit union in NYC serves all New York Times employees, employees of many affiliated companies, and their immediate family and household.

Today this NYC credit union proudly serves more than 6,300 members and holds $77 million in assets. Despite their strong financial standing, this credit union in New York City judges their success based on member satisfaction and not profits.

Key Factors That Enabled This Credit Union to Rank as a Best Credit Union in NYC

Below are key factors that enabled New York Times Employees Federal Credit Union to be rated as one of this year’s best credit unions in NYC.

Free Membership

Many credit unions in New York require a membership fee to join, some even charge a fee annually for being a member, but NYTEFCU is not one of them.

Membership at this NYC credit union is completely free for life. When a member first joins they are required to deposit $25 into a Share account, which represents their share of the credit union. The account begins earning interest the day it is opened and there are no fees or costs involved in becoming a member.

Once a Share account has been established, a member becomes part owner of the credit union and can begin taking advantage of the many money-saving products and services offered by them.

What’s more, membership at NYTEFCU never expires, even if a member changes jobs or moves. Once a person becomes a member of this New York City credit union, he remains a member for life.

Consumer Loans

In addition to vehicle loans, mortgages, and credit cards, NYTEFCU offers consumer loans to help finance things that are less specific. Consumer loans from this New York City credit union can be used for such things as financing a vacation or consolidating high-interest credit card debt.

Types of consumer loans available from this credit union in NYC are:

  • Line of credit: up to $25,000, monthly payment based on outstanding balance, provides overdraft protection for NYTEFCU checking account
  • Fun loans: specialty loan with one-year term for members who need extra cash for a vacation or to catch up on bills
  • Signature loans: up to $25,000 available, fixed interest rate and term, can be used to consolidate high-interest debt

Members have the option of purchasing Credit Life or Disability Insurance for their non-real estate loans. Credit Life insurance will pay out up to $30,000 to pay off all non-real estate loans at the credit union in the event that the member dies before the loans are repaid in full. Disability insurance will cover the member’s loan payments in the event that he becomes disabled and cannot work.

Share Certificates

Credit union Share Certificates are similar to Certificates of Deposit at a bank. Money is deposited into a share account for a specific length of time at a fixed rate of interest.

NYTEFCU offers flexible terms and competitive interest rates on their Share Certificates. As with most financial institutions, the longer the term, the higher the rate of interest earned.

Terms and APR interest rates offered on Share Certificates at this credit union in New York are:

  • 6 months – 0.40%
  • 9 months – 0.65%
  • 1 year – 0.65%
  • 2 years – 0.90%
  • 3 years – 1.00%
  • 5 years – 1.64%

Dividends earned on a Share Certificate may be withdrawn during the term, but the principal amount cannot be withdrawn without penalty before the maturity date.

Additional Services

In addition to deposit accounts and loans, NYTEFCU offers many other great services to their members.

In an effort to make their members’ lives as easy as possible, this credit union in NYC offers these additional services:

  • Mobile banking
  • CU Online
  • Personal Account Manager
  • American Express Travelers Cheques
  • American Express gift cards
  • Western Union wire transfers
  • Foreign currency to purchase or sell
  • Money orders
  • Cashier’s checks
  • Discount movie tickets
  • Automatic loan payments
  • Free notary service
  • Postage stamps
  • Courtesy pay 
  • CO-OP network mobile app


Progressive Credit Union Review


Established in 1918, Progressive Credit Union is an open-chartered credit union under the supervision of the New York State Department of Financial Services. All that is required for eligibility to join this NYC credit union is to be recommended by another member.

Progressive Credit Union currently has more than 4,000 members and boasts an impressive $685 million in assets. PCU is a best credit union in NYC, known for its outstanding service and ability to build long-lasting relationships with its members.

Key Factors That Enabled This Credit Union to Rank as a Best Credit Union in NYC

Below are key factors that enabled Progressive Credit Union to be rated as one of this year’s best credit unions in NYC.

High-Yield Rate of Return on Certificates

Progressive Credit Union features a much higher rate of return on their Share Certificates than most other NYC credit unions do. It is this high rate of return that keeps members depositing their money at this top notch credit union.

In fact, their five-year term certificate earns over two percent APY, something that is almost unheard of among traditional financial institutions.

Interest earning rates for Share Certificates offered by this credit union in New York are:

  • One year/fifteen-month term – 1.00% APY
  • Eighteen-month term – 1.11% APY
  • Two-year term – 1.36% APY
  • Three-year term – 1.61% APY
  • Five-year term – 2.32% APY

Taxi Medallion Loans

With the rise of ride sharing companies such as Uber and Lyft, some credit unions have been dropping their taxi medallion financing programs. This is not the case with Progressive Credit Union.

This credit union in NYC still offers Taxi Medallion loans to its members with competitive rates and flexible terms. Supporting local businesses fuels the economy, a concept that Progressive Credit Union recognizes and endorses.

Their Taxi Medallion loan program coincides with this credit union in New York City’s mission to improve the economic and social well-being of their members.

Custodial Accounts

A custodial account is a bank account that is set up for the benefit of a beneficiary and administered by a custodian. Many banks make the process of setting up a custodial account difficult and time consuming, requiring the custodian to jump through hoops to get everything set up.

Progressive Credit Union is an NYC credit union that doesn’t make its members jump through hoops to open a custodian account. While opening such an account at a traditional bank can be complicated and take a long time to get accomplished, the process is fairly quick and simple at Progressive Credit Union.

Progressive  Credit Union is a great fit for those who need to open a custodial account and wish to do so without all the hassle provided by other banks.



Ukrainian National Federal Credit Union Review


Ukrainian National Federal Credit Union was established in 1965 to serve the needs of the members of Ukrainian churches and other related organizations. Like most credit unions, this credit union in New York is a not-for-profit financial institution that returns revenue generated to their members in the form of lower fees and higher dividend rates, as well as lower rates on loans.

Since their inception, Ukrainian National Federal Credit Union has grown to boast over 7,000 loyal members and more than $146 million in assets. With such a loyal community of members and a strong financial foundation, this New York City credit union is set to continue in their mission of people helping people for many generations to come.

Key Factors That Enabled This Credit Union to Rank as a Best Credit Union in NYC

Below are key factors that enabled Ukrainian National Federal Credit Union to be rated as one of this year’s best credit unions in NYC.

Non-Member Share Certificates

While most credit unions in NYC limit their products strictly to members, Ukrainian National FCU offers share certificates to non-members as well as members. This is advantageous because their certificates offer a much higher yield than most traditional banks.

Their share certificates have a minimum deposit requirement of $1,000 to open and come with flexible terms.

APY offered on share certificates at this New York City credit union are:

  • 3-month term – 0.40%
  • 6-month term – 0.45%
  • 12-month term – 0.75%
  • 18-month term – 1.21%
  • 24-month term – 1.21%
  • 36-month term – 1.46%
  • 48-month term – 1.56%
  • 60-month term – 1.86%

Share Draft Account

A Share Draft account is Ukrainian National FCU’s alternative to high-fee checking accounts offered at many other financial institutions. This credit union in NYC offers a full feature Share Draft account that makes it easy and convenient to manage monthly finances.

Features and benefits of a Ukrainian National FCU Share Draft account are:

  • No per check charges
  • No monthly service charge
  • No minimum balance requirement
  • Overdraft protection
  • Visa debit card
  • Direct deposit/payroll deduction available
  • Unique check designs and logos


Student Loans

Ukrainian National FCU is one of the credit unions in New York City that has partnered with Sallie Mae to provide a quick and easy way to apply and get approved for a private student loan.

They offer rates that are competitive for private student loans, and after filling out an online application the potential borrower will find out if they are improved in mere seconds, making it extremely convenient.

Ukrainian National FCU is one of the few credit unions in New York that offers a student loan program allowing a co-signer to come off the loan a year after the student graduates from college.

This Sallie Mae student loan is also the only nationwide private student loan that offers a graduated repayment period feature, allowing for twelve interest-only payments in lieu of full principal and interest payments for the first year out of school.  

Mobile Check Deposit

Many people hesitate to join a credit union because they assume that as a smaller organization will not offer the same technological conveniences that a large national bank does. This could not be further from the truth.

Despite being a small financial institution, Ukrainian National FCU still offers its members the convenience of mobile check deposit. This service allows members to submit checks for deposit in their account at this NYC credit union using their smart phone or tablet.

This is done by taking a picture of the front and back of the check and submitting the image to Ukrainian National FCU for deposit via device.

Mobile check deposit is just one way that this New York City credit union proves that they keep up with the latest technological advances despite their size.



To browse exclusive reviews of all top rated credit unions in New York, NY, please click on any of the links below. 



Conclusion – Top 8 Credit Unions in New York City

As the largest city in the United States, it should come as no surprise to find that New York City is home to so many top notch credit unions. With so many people beginning to turn to credit unions to take advantage of their low fees, low loan rates, and high dividends, credit unions in New York City have to provide better services than ever.

All of the financial institutions on our list of best credit unions in NYC are outstanding in their customer service, low-cost financial product offerings, and reputations throughout the communities that they serve.

These New York City credit unions continue to be innovative in the offerings of products, services, and financial solutions while remaining true to the heritage and roots that made them who they are.

The NYC credit unions on this list are all member owned, not-for-profit organizations that exist for the sole purpose of benefiting the members and communities that they serve. Though they each have their own mission and value statement, each NYC credit union on this list subscribes to the credit union philosophy of people helping people.

While researching credit unions in NYC it is important to keep in mind which products and services offered are going to best meet your own personal financial needs. You will find that each credit union in NYC has their own unique offerings. It is also important to assess what fees are being charged by credit unions in New York.

Whatever your financial needs or goals, there is a New York City credit union on this list that will be the best credit union in NYC for you.


 

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