Dedicated to Deposits: Deals, Data, and Discussion
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 August 27, 2014

High CD Rates Continue at the Exclusive Progressive Credit Union in New York City


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 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 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

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

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Comment #1 by me1004 posted on
I have been wanting to join Progressive for some time, but need a recommendation by a member, per the CU requirement. If any member should read this, I would appreciate it if you would get in touch and please provide me the needed recommendation for membership.

Thank you.

Comment #3 by Hans (anonymous) posted on
I would also like to join the credit union and am seeking recommendations. Please provide me details to



Comment #4 by Rosedala (anonymous) posted on
Hi...I join me1004 and Hans in requesting a member to please recommend me to join this credit union:  Thanks so very much!  :)    Rosedala

Comment #5 by Rosedala (anonymous) posted on
Just noticed they don't indicate anywhere the minimum/maximum amounts for each rate level(?)    Rosedala

Comment #6 by Anonymous posted on
Rate Drop

1yr 1.5%

2yr 1.85%

3yr 2.25%

5yr 3.0%