For a limited time, Hudson Valley Credit Union (HVCU) is offering “special rates” on three of its CDs: 12-month (1.25% APY), 24-month (1.75% APY), and 36-month (2.00% APY). Any of the CD Specials can be opened with a minimum $500 deposit, with no stated balance cap.
All three CD Specials are also offered as IRA CD Specials (Traditional, Roth, and CESA), earning the same APYs with the same deposit requirements.
As stated on the Certificate Account Penalties page, the Early Withdrawal Penalty (EWP) reads as follows:
If the certificate account term is 12 months: 90 days of accrued dividends;
If the certificate account term is 24 months: 120 days of accrued dividends;
If the certificate account term is 36 months: 180 days of accrued dividends.
Each of the above phrases is followed by “or all accrued dividends since the date of issuance or renewal not to be less than 7 days’ dividends on a new account.” The lesser amount applies which means that the penalty will not eat into the principal.
Funding and Maturing Funds
CSR stated that the easiest way to fund a CD Special being opened online is through a transfer from an HVCU savings/checking account. HVCU participates in the CO-OP Shared Branch network, making the transfer of funds relatively easy. CDs can also be funded by ACH, wire transfer, or by check. Maturing funds can be distributed by check to the address on file or transferred into an HVCU savings or checking account. There is a 10 calendar day grace period before a CD will automatically renew.
Headquartered in Poughkeepsie, New York, Hudson Valley Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, volunteer or attend school in the New York counties of Albany, Columbia, Dutchess, Greene, Orange, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Ulster, or Westchester eligible to join.
Membership is also extended to any current HVFCU member’s immediate family or household members.
Joining HVCU and/or opening a CD Special can be done online, or at of any of 20 New York branches located in Beacon, Brewster, Carmel, Chester, Fishkill, Highland, Hopewell Junction, Hyde Park, LaGrange, Lake Katrine, Mahopac, Middletown, Montgomery, New Windsor, Newburgh, Pleasant Valley, Poughkeepsie (2), Rhinebeck, and Wappingers Falls.
A savings account with just $.01 is all it takes to establish your HVCU membership. Our savings account has no minimum balance requirement and no monthly service fee.
HVCU participates in both the CO-OP Shared Branch network and ATM network, which means
that in addition to local access, you can also access your Hudson Valley accounts at approximately 5,600 Shared Branches across the country.
Credit Union Overview
Hudson Valley Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.15% (excellent) based on December 31, 2021 data. In the past year, HVCU has increased its total non-brokered deposits by $285.26 million, an excellent annual growth rate of 5.47%. Please refer to our financial overview of Hudson Valley Credit Union (NCUA Charter # 68507) for more details.
Hudson Valley Credit Union’s history is a classic chronicle of credit unions in America. Established in October 1963 as the IBM Poughkeepsie Employees Federal Credit Union, the Credit Union had 14 member accounts and $172 in assets by the end of the first year. For the first 30 years, the credit union grew, but its membership was limited to IBM employees. In 1994, the name was changed to Hudson Valley Federal Credit Union to better reflect its SEG-based status. A community charter was adopted in 2003, extending membership to residents of four New York State counties. According to a 2019 Albany Business Review article,
The CEO of Hudson Valley Credit Union, Mary Madden, said the credit union is looking at all opportunities to expand after changing its charter and adding more counties to its coverage area.
The Poughkeepsie-based credit union was approved to change last month from federally charted to state chartered. With that change, its coverage area has expanded to Albany, Saratoga, Schenectady and Rensselaer counties, as well as Westchester, Rockland, Putnam, Orange, Dutchess, Ulster, Columbia and Greene. The credit union changed its name to Hudson Valley Credit Union from Hudson Valley Federal Credit Union.
"We were very limited by our federal charter and the New York State Department of Financial Services is more open for us to expand our charter to provide more New Yorkers with affordable financial services," Madden told the Business Review in an interview last month. "Our goal is to grow, and grow in a very methodical way."
Hudson Valley Credit Union is currently the fifth largest credit union headquartered in New York, with more 318,000 members and assets in excess of $6.4 billion.
How the 12-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than currently offered on the Hudson Valley Credit Union 12-month CD Special. The following table compares the 12-month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
How the 24-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than currently offered on the Hudson Valley Credit Union 24-month CD Special. The following table compares the 24-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
How the 36-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than currently offered on the Hudson Valley Credit Union 36-month CD Special. The following table compares the 36-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 4/7/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.