Progressive Credit Union continues to offer very competitive CD and IRA CD rates. The most competitive is the 5-year CD which has a 3.80% APY. Below are the rates listed in the credit union's rate table as of 4/05/2010 include:
- 2.12% APY 12 month
- 2.17% APY 15 month
- 2.17% APY 18 month
- 2.37% APY 24 month
- 2.84% APY 36 month
- 3.80% APY 60 month
This credit union has one of the most unusual membership requirements that I've seen. To qualify to join you must have a letter of recommendation from an existing member. Refer to the credit union's About US page for more details about eligibility. Membership requires a $10 deposit and a $2.50 membership fee.
In my November 2009 post several readers left comments asking for help from existing members. Feel free to request recommendations in the comments. If you have been able to join, please consider providing a recommendation. If a few readers are able to join, perhaps they can spread the effort of providing recommendations so many readers will be able to join.
Progressive is a small, one-office credit union located in New York, New York.
The credit union's ratings for safety and soundness are strong: 4 stars (sound) at Bankrate.com (based on 9/30/09 data) and 4 stars (excellent) at BauerFinancial (based on 12/31/09 data). It's federally insured by the NCUA (Charter # 60064).