Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Progressive Credit Union2.32%--5 Year CD
Progressive Credit Union1.61%--3 Year CD
Progressive Credit Union1.36%--2 Year CD
Progressive Credit Union1.11%--18 Month CD
Progressive Credit Union0.80%--1 Year CD
Progressive Credit Union0.80%--15 Month CD
Accounts mentioned in this post. Rates as of April 16, 2014

The Exclusive Progressive Credit Union in New York City

POSTED ON BY

Progressive Credit Union

Progressive Credit Union in New York City has a very unique field of membership. According to the credit union's About Us page:

In order to become a member, an individual or credit union needs to be recommended by another member.

Many readers have been trying to find members willing to give them recommendations, but there doesn't seem to be many members out there. It is a small credit union. According to the latest NCUA data, it has 6,478 members. Those members are probably not searching the web for the best CD rates since Progressive has offered very competitive CD rates for the last couple of years. Below are the current CD and IRA CD rates as listed in the credit union's rates page as of 7/09/2010:

  • 1.76% APY 12-month CD
  • 1.82% APY 15-month CD
  • 1.86% APY 18-month CD
  • 2.27% APY 24-month CD
  • 2.79% APY 36-month CD
  • 3.55% APY 60-month CD

Compared to other banks and credit unions, the best deal from Progressive is its 3.55% APY 5-year CD. The best nationwide CD rate is currently 3.29% APY from Melrose Credit Union. Progressive also has an advantage over Melrose in terms of the early withdrawal penalty. Progressive has a simple 180-day interest penalty for its 3- and 5-year terms.

In addition to the CD rates, Progressive's savings account is also competitive with a top rate of 1.51% APY for a $50K balance as of 7/9/2010.

Progressive Credit Union continues to have solid ratings for safety and soundness: 4 stars (excellent) at BauerFinancial, 4 stars (sound) at Bankrate.com and an overall health score of 5 out of 5 at DepositAccounts.com (see our Progressive Credit Union financial overview). These ratings are based on March 2010 data except for Bankrate which is based on 12/31/09 data. The credit union is federally insured by the NCUA (Charter # 60064).

  Tags: Progressive Credit Union, New York, CD rates, savings account

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Comments
5 comments.


Comment #4 by me1004 posted on
me1004
Good point -- I was the first to post, and now it is no longer there. I was asking if anyone who is a Progressive member read my post, to please contact me about possibly giving me a recommendation to join (me2you1004@yahoo.com).

For some reason, I got five negative flags on that, and the second poster saw that, and posted amazement that I had gotten negative flags.

So, Ken, what happened to the first two comments?

2
Comment #5 by Anonymous posted on
Anonymous
One way a bunch of us could become members would be if one brave soul hung out in front of the cu location and asked members as they came out if they would serve as a sponsor.  Then that bankdealsblog person could recommend the rest of us.  Just a thought...

2