Dedicated to Deposits: Deals, Data, and Discussion

Competitive CD Rates at Progressive Credit Union in New York City - Local Only

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Progressive Credit Union

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).

  Tags: New York, CD rates, Progressive Credit Union, IRA rates

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Comments
12 comments.
Comment #1 by me1004 posted on
me1004
If any Progressive members read this, I would appreciate a recommendation to join. You can contact me at me2you1004@yahoo.com.

Thank you.

0
Comment #2 by steve (anonymous) posted on
steve
i would appreciate if someone could sponser me for membership.  i can be reached at watchdoge@aol.com

1
Comment #3 by Devon (anonymous) posted on
Devon
I would like to sponsored for a membership so I can get away from a big bank and get my finances back under control. I can be contacted at hilariousjoke at yahoo dot com. Thank you! 

1
Comment #4 by Salvatore Liggieri (anonymous) posted on
Salvatore Liggieri
I'm a New York City native and would appreciate if a current Progressive member would give me a referral to join.

0
Comment #5 by Scott (anonymous) posted on
Scott
Hello -

I would love to join this Credit Union, if anyone would be willing to refer me please email : tester10@disneyhq.com

Thanks!

1
Comment #6 by Harry (anonymous) posted on
Harry
I am a healthcare provider in NYC. I would happily send a $50 AmEx giftcard to anyone providing me a recommendation letter. Thanks, appreciate it. Harry

1
Comment #7 by Anonymous posted on
Anonymous
I also would be willing to send 50usd amex certificate for a referral to the credit union that would allow me to get membership.  If someone is willing to do that, please leave a note and I will post contact info.  Thank you.

1
Comment #8 by Max (anonymous) posted on
Max
I have been looking for a credit union to join, and I like how progressive credit union is shaping up. If someone would like to give me a recommendation (I'm a student just moving to manhattan, I can't give money as thanks) I would be grateful. My email is: max@pooter.net Thanks, Max

1
Comment #9 by David (anonymous) posted on
David
I would like to be recommended. If you are a member I would appreciate your help.

thank you

1
Comment #10 by abraham (anonymous) posted on
abraham
Hi,

Presently I live in Seattle Wa. I called Progressive credit to open a CD account but I was told to join I need an active member to recommend me. I used to have a loan for my taxi with progressive from 1983 to 1999. If you like to help and recommend me as a new member I will appreciate it very much.

Please contact me 32abraham32@gmail.com

Thanks,

Abe

1
Comment #11 by Anonymous posted on
Anonymous
Am I the only one who has noticed those great rates in the article are from 2010?  I wonder what their 2013 rates are?

1
Comment #12 by cheapnewyorker posted on
cheapnewyorker
I have been searching for a bank offering IRA CDs I would qualify for at a not so pathetically low rate and have not been having luck.  I came across this page as well.  The current rates are here:

http://www.progressivecu.org/rates.htm

worse than the rates posted from 2010, but still not as bad as most other rates out there.  Now if I can get referred by a current member.  Has anyone here been referred?  If any current members are reading this, please email me cheapcheapnewyorker@gmail.com

 

1