People's Alliance Federal Credit Union is offering a fairly competitive 5-year CD with a 2.64% APY. Minimum deposit is $500. A reader mentioned that the early withdrawal penalty is only 3 months of interest so that helps make the CD a better deal. I wasn't able to find the disclosure online. This rate is listed in the credit union's rates page as of 1/21/2011.
As compared to internet banks on 1/21/2011, the best 5-year CD rate is 2.75% APY at Salem Five. For credit unions with easy membership, the best 5-year CD rate is 2.93% APY at Melrose Credit Union. It should be noted that both Salem Five and Melrose have harsh early withdrawal penalties.
Membership into People's Alliance FCU is open to those who live, work, worship or attend school in several areas of New York including parts of Brooklyn, New York, and in Miami and Hialeah, Florida. You can also be eligible via Select Employer groups and via family. Please refer to the credit union's Membership page for more details. Membership requires a minimum deposit of $50 into the prime share savings account.
Branches are located in the New York cities of Jamaica, Brooklyn, Bronxville, Ronkonkoma, Westbury, Yonkers and Hauppauge, and in Miami, Florida.
The credit union has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 9.64% (excellent) based on September 2010 data. Please refer to our financial overview of People's Alliance Federal Credit Union. The credit union is federally insured by the NCUA (Charter # 3633).
Searching for the Best CD Rates
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