Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Progressive Credit Union2.32%--5 Year CD
Progressive Credit Union1.61%--3 Year CD
Progressive Credit Union1.36%--2 Year CD
Accounts mentioned in this post. Rates as of April 17, 2014

High CD Rates and Unique Membership Requirements Continue at Progressive Credit Union

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Progressive Credit Union

If you’re searching for 5-year CD rates over 2.00%, you should be interested in Progressive Credit Union. It continues to offer a very competitive 5-year CD with a 2.32% APY. Its shorter-term CDs are also competitive. These include a 1.61% APY 3-year CD and a 1.36% APY 2-year CD. The 3- and 5-year CDs have an early withdrawal penalty of 180 days of interest, and the 2-year CD has a penalty of 90 days of interest. These rates and details are listed in the credit union’s rates page as of 4/17/2013. There’s an “August 2012” date at the top of the rates page, but I checked with the credit union, and I was told these rates are up-to-date.

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.

There doesn’t appear to be any other requirement. On its home page it states that “Progressive Credit Union is an open-charter credit union under the Supervision of the New York State Banking Department. By our charter natural persons, credit unions, businesses, organizations or clubs are eligible to join.” So if you can find a member to give you a recommendation, you should be able to join. However, that isn’t easy. 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 previous reviews of this credit union, I described how membership and deposits have fallen. That trend continues, although its decline has slowed. In January 2011, the NCUA showed that the credit union had 5,905 members. That fell to 4,244 last year, and now it’s down to 4,194. Deposits have fallen from $291.7 million last year to $289.5 million. As one reader mentioned last year, membership reduction could be the result of a maintenance fee on the share savings account that was added in 2011.

Progressive Credit Union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with at 3.41% (excellent) based on December 2012 data. Please refer to our financial overview of Progressive Credit Union. The credit union is federally insured by the NCUA (Charter # 60064).

How The 5-Year CD Rate Compares

There is one other small NYC credit union that has even a higher 5-year CD rate (3.05% APY). 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 without a checking requirement that's available nationwide is 2.00% APY at Mountain America Credit Union.

The above rates are accurate as of 4/17/2013.

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 tables of DepositAccounts.com:

  Tags: Progressive Credit Union, New York, CD rates, IRA rates

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