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CD Rate Specials at Polish & Slavic Federal Credit Union in IL & NY

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Polish & Slavic Credit Union

Polish & Slavic Federal Credit Union is a CD promotion for June with some competitive rates. The special rates include 3.00% APY for 5 years, 2.50% APY for 4 years, 2.10% APY for 3 years and 1.75% APY for 2-years. The credit union is limiting this deal to a maximum deposit of $20,000 and only one special CD per member. Minimum deposit is $500. The special rates are listed in the credit union's promotions page, and it's scheduled to last until 6/30/2011.

Thanks to the reader who mentioned this promotion in the comments.

As the credit union name suggests, you must have Polish or Slavic ethnic origins to be eligible to join. Details of the membership requirements are listed in the credit union's About Us page:

In order to become a member of our Union, or any other credit union, one must meet certain specific conditions. In the case of PSFCU, prospective members must document Polish or Slavic ethnic origin and become members of one of the seven sponsoring organizations: the Polish & Slavic Center (Brooklyn), Polish Cultural Foundation (Clark, NJ), Polish Friends of Copiague (Long Island), the Polish Supplementary School Council of America, the General Pulaski Memorial Parade Committee, Alliance of Polish Clubs in the United States (Chicago) or the Polish Highlanders Alliance of North America (Chicago, IL).

Readers in the past have reported problems in qualifying for membership.

Polish & Slavic Federal Credit Union branches are located in the suburbs of Chicago, in New York City and in other New York and New Jersey cities.

It's a sizable credit union with $1.39 billion in assets. The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 10.07% (above average) based on March 2011 data. Please refer to our financial overview of Polish & Slavic FCU for more details. The credit union is federally insured by the NCUA (Charter # 22592).

How These Compare

These PSFCU special CD rates compare favorably to the best nationally available CD rates. The best 5-year CD rate available nationwide continues to be at Connexus Credit Union with a 3.00% APY, but this requires an active checking account. Without the checking requirement, the best 5-year CD rate is 2.93% APY at Melrose Credit Union.

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.


  Tags: Polish & Slavic Credit Union, CD rates, New York, New Jersey, Illinois

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Comments
2 Comments.
Comment #1 by me1004 posted on
me1004
Another race-oriented credit union? I agree with posters in the past who complained that race-orientation for membership in a credit union should be illegal. I also wonder if it is but simply is not being enforced -- as how, with the laws barring racial discrimination in lending, can a credit union that lends be race-oriented. That means they won't lend to any other race.

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Comment #2 by pearlbrown posted on
pearlbrown
Me1004, Slavic and Polish are not considered races.  I think you mean to say national-origin-oriented. 

This provided helpful information:

http://www.ncua.gov/resources/RegulationsOpinionsLaws/charter_manual/2003CharteringandFOMManual.pdf

A credit union defines its own FOM (field of membership), whether it is an occupational bond (ie:  all employees of ABC Corporation), a single association (all members of the Main Street YMCA), or a community.  The wording for the proposed field of membership (the persons, organizations and other legal entities the credit union will serve) must be submitted to NCUA early in the application process for written preliminary approval. The proposed field of membership must meet all common bond or community requirements.  Since the credit union was chartered, that says the field of membership was approved.

If John Doe, who is not a member of the credit union, applies for and is denied a loan, that is not discrimination.  If John Doe is a member of the credit union, however, laws barring racial discrimination (or national origin, etc) in lending would become relevant. 

 

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