People's Alliance Federal Credit Union continues to offer a fairly competitive 5-year CD. The rate went down slightly this month, but it remains fairly competitive at 2.60% 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 5/24/2011.
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.
People’s Alliance Federal Credit Union 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 stars (out of 5) with a Texas Ratio of 8.55% (above average) based on December 2010 data. Please refer to our financial overview of People's Alliance Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 3633).
How It Compares to the Best Nationally Available CD Rates
As of 5/24/2011 the highest 5-year CD rate available nationwide is 3.00% APY at Connexus Credit Union. This requires an active checking account. The second best is still Melrose Credit Union which is offering a 2.93% APY 5-year CD. One thing to note about these two CDs is that both have harsh early withdrawal penalties. That’s one advantage of People’s Alliance FCU.
To search for the best CD rates in your state or in the nation, please refer to the CD rates section of DepositAccounts.com. Be sure to use the "Filter Accounts" button above the table to compare accounts in your state.