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 5,905 members. This is down from 6,478 members when I reported on this credit union in July 2010.
Progressive Credit Union 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 1/5/2011:
- 1.71% APY 12-month CD
- 1.76% APY 15-month CD
- 1.81% APY 18-month CD
- 2.17% APY 24-month CD
- 2.53% APY 36-month CD
- 3.29% APY 60-month CD
Another plus with these CDs is an early withdrawal penalty of only 180 days of interest for terms of 3 and 5 years. Shorter terms have a penalty of only 90 days. These are listed in the right column of the rate table.
As a comparison to internet banks on 1/5/2011, the best 5-year CD rate is 2.75% APY at Salem Five Direct and the best 3-year CD rate is 2.00% APY at One West Bank. For credit unions with easy membership, the best 5-year CD rate is 2.93% APY at Melrose Credit Union and the best 3-year CD rate is 2.25% APY at Fort Knox FCU.
Progressive Credit Union has an overall health score at DepositAccounts.com of 5 out of 5 with at 6.71% (excellent) based on September 2010 data. Please refer to our financial overview of Progressive Credit Union. The credit union is federally insured by the NCUA (Charter # 60064).
Searching for the Best CD and IRA CD Rates
To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com: