Police and Fire Federal Credit Union continues to offer very competitive long-term CD rates. It's one of the very few institutions in the nation to still offer a 4.00% APY 5-year CD. Other top rates include a 3.50% APY 4-year CD, a 3.00% APY 3-year CD and a 2.25% APY 2-year CD. Minimum deposit is $500. These rates are listed in the credit union's CD rate table and IRA CD rate table as of 6/28/2010. These long-term CD rates have held since last summer.
The credit union has an online application for its certificates. However, you must first be a member and have money already in one of the credit union's liquid accounts. Once you become a member, you can use an online bank to push money into the credit union savings account via an ACH transfer. Once the money is in there, you should be able to purchase the CD using this online application. This approach has worked well for me at other credit unions.
In addition to Philadelphia police and firefighters, membership is also open to other employee groups and associations. Please refer to the credit union's Membership Page for the full details.
Update 6/29/10: The reader Alan found that members of Weavers Way Cooperative qualifies for credit union membership, and the cooperative is easy to join. Refer to Alan's comment and the Weavers Way membership page for more details. Update 7/29/10: The credit union has added an additional requirement for Weavers Way members: they must also be residents of PA to qualify for credit union membership.
Note, it is generally true for all credit unions that once you join a credit union via your membership in an organization or based on your employer, you do not have to maintain that membership or employment to continue to be a member of the credit union.
In May 2009 the credit union had incorrectly listed the Pennsylvania SPCA as an eligible association. According to the credit union it should have been under employers. Several readers had tried to join the credit union via the SPCA, but they were rejected. The credit union now has the SPCA listed under employers. So if you do intend to join via one of the associations, it's wise to verify the eligibility by phone with the credit union before joining the association.
Branches are located in Philadelphia and its suburbs.
The credit union continues to have strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial (based on 3/31/10 data) and 4 stars (sound) at Bankrate.com (based on 12/31/09 data). It's a large credit union with $3.6 billion in assets. The credit union is federally insured by the NCUA (Charter # 2551).