Amanda Dixon is a senior reporter covering banking. Prior to joining Bankrate, she served as a writer and editor for SmartAsset, a New York-based fintech startup. Originally from the metro Atlanta area, she's a University of Georgia alum. She enjoys providing an inside look into what banks and credit unions are up to and offering tips and tricks to help consumers save money and build wealth at every stage of their financial lives.
Follow her on Twitter: @amandaadixon.
Bethpage Federal Credit Union, the largest credit union in New York state, is a full-service banking institution.
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About Bethpage Federal Credit Union
Bethpage Federal Credit Union is a medium-sized financial institution with deep roots in the communities of New York’s Long Island region. The credit union initially served employees of Grumman Aircraft Engineering Corporation when it opened its doors in 1941. It wasn’t called Bethpage Federal Credit Union until it changed its name in the early 1970s. The credit union offers a full selection of deposit and lending products to members. Membership is open to all citizens of the United States, with no special restrictions.
This credit union is ideal for Long Island residents who want access to plenty of branches, low-cost loans and competitively-priced deposit products. If you need in-branch support but you live outside of New York (or too far from Long Island), you’re better off looking elsewhere.
Bethpage FCU offers a comprehensive slate of deposit and loan products, for both personal and business customers.
For Long Island residents, there are plenty of physical bank branches and fee-free ATMs.
There are no restrictions for membership.
Members have access to free financial education.
The yields tied to deposit accounts are competitive, but other banks pay more interest.
Physical branch access outside of Long Island is limited.
Bethpage Federal Credit Union offers a number of traditional certificates across various terms. It also offers special certificates, including a 39-month bump-up certificate and a 19-month certificate. The minimum deposit is just $50.
Early withdrawal penalties are standard. For certificates with terms of 12 months or fewer, the penalty is 90 days’ dividends on the amount withdrawn. For certificates with longer terms, the penalty is 180 days’ dividends.
Interest compounds daily.
Low minimum deposit to open an account.
Interest can be paid out before the certificate matures.
Other banks and credit unions pay higher yields.
A couple of standard terms aren’t available, including the traditional 18-month certificate.
Bethpage Federal Credit Union's Regular Savings account pays twice the national average APY. It has two unique products for younger savers: the Youth Savings Custodial New York Uniform Transfers to Minors Act (NYUTMA) account (ages 0-17) and the Young Adult Savings account (ages 18-20). The former is governed by the NYUTMA, so it can only be opened online if the custodian or the minor is a New York resident.
Very high yield on the first $1,000 for those 0-20 years old who have a minor or custodian who’s a New York resident.
The Regular Savings account only requires a balance of $5.
The Regular Savings account has an APY twice the national average.
The highest yield applies only to the first $1,000 on accounts for minors and young adults.
The yield for the Regular Savings account is only twice the national average, which is very low compared with other options.
Bethpage Federal Credit Union’s Bonus Checking account is an interest-bearing account. You can open it with a $5 initial deposit. The account has no monthly service fee, but requires customers to enroll in online banking, make direct deposits and use their debit cards at least 10 times per month to earn interest. Bonus Checking also features no minimum balance requirement.
Offers higher interest rates than other checking accounts.
No minimum balance requirements, third-party ATM fees or monthly service charge.
The Bethpage Money Market account has a relatively low minimum balance requirement of $500, but it lacks the ability to write checks. It offers an APY that’s more than eight times the national average for balances of $500 or more. All accounts are insured by the National Credit Union Administration.
The minimum balance to earn the highest yield is low.
ATM and debit cards are available. There is also an ATM card available for the Regular Savings account.
The APY is more than eight times the national average.
Other banks pay higher APYs.
Dividends are only compounded monthly for customers with a money market account.
The same APY applies to all tiers. So you’re not rewarded for keeping more money in your account.
There are no check-writing privileges with this account.
Bethpage Federal Credit Union shines in a number of areas. Not only does the credit union give members access to more than 30,000 free ATMs, it also offers numerous budgeting tools. Bethpage lets you do everything from searching for your transactions to creating a budget to check your balance on your Apple Watch.
Its representative hours aren’t shabby either. You can reach someone at the credit union on weekdays from 7:30 a.m. until 7:00 pm (EST). On Saturday, you can reach someone from 8 a.m. until 2 p.m. (EST). You can also access your account via the phone 24 hours, seven days a week.