In order to become a member, an individual or credit union needs to be recommended by another member.
Readers have been trying to find members willing to give them recommendations, but there doesn't seem to be many members out there, and strangely, the number has been going down. When I reported on this credit union in January, the latest NCUA data showed a total of 5,905 members. That's now down to 5,344 members. Those ex-members must not be savers. If they were savers, they would be sticking with Progressive for its very competitive CD rates. Below are the current CD and IRA CD rates as listed in the credit union's rates page as of 9/19/2011:
- 1.41% APY 12-month CD
- 1.51% APY 15-month CD
- 1.51% APY 18-month CD
- 1.66% APY 24-month CD
- 2.17% APY 36-month CD
- 3.03% 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.
Progressive Credit Union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with at 6.45% (excellent) based on June 2011 data. Please refer to our financial overview of Progressive Credit Union. The credit union is federally insured by the NCUA (Charter # 60064).
How These Rates Compare
There is one other small NYC credit union that has even higher CD rates. It's Self Reliance New York FCU, but it's even harder to qualify to join unless you have direct ties to the Ukraine. These two are the rare institutions offering over 3.00% APY on a 5-year CD. Nationally available 5-year CD rates don't come close to 3.00% these days. The highest rate is currently 2.68% APY at Melrose Credit Union (as of 9/19/2011).
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: