Top CD Rates Continue at Progressive Credit Union in New York City

For those who can join, Progressive Credit Union continues to offer good deals for savers. This is especially the case for its long-term CD rates. The best one is the 5-year CD which has a 2.32% APY. Below is a list of all of the competitive CD and IRA CD rates as shown in the credit union's rates page as of 10/10/2012:

• 2.32% APY 60-month CD
• 1.61% APY 36-month CD
• 1.36% APY 24-month CD
• 1.11% APY 18-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.

Several readers have been wanting to join Progressive Credit Union, but its unique field of membership doesn't make it easy. 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.

Readers have been trying to find members willing to give them recommendations, but there doesn't seem to be many members out there.

In my last review of this credit union, I described how its membership has fallen. That trend continues. In January 2011, the NCUA showed that the credit union had 5,905 members. That fell to 5,344 a year ago, and now it's down to only 4,244 members. Deposits have also fallen. In the last year, deposits have fallen 2.71% to $291.70 million. Perhaps the credit union should make it easier for people to join.

Progressive Credit Union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with at 4.59% (excellent) based on June 2012 data. Please refer to our financial overview of Progressive Credit Union. The credit union is federally insured by the NCUA (Charter # 60064).

How These CD Rates Compare

There is one other small NYC credit union that has even a higher 5-year CD rate. It's Self Reliance New York FCU, but it's even harder to qualify to join unless you have direct ties to the Ukraine.

The highest 5-year CD rate that's available nationwide is 2.00% APY at several all-access credit unions.

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:

• CD rates
• IRA CD rates