When Pioneer Valley Credit Union (PVCU) raised the rate on its 60-month Share Certificate in early January, 3.50% APY just wasn’t that impressive for a variety of reasons. 1) At the time, the top rate for a nationally available 5-year CD was 3.69% APY, 2) there were three locally available 5-year CDs with rates of at least 4.00% APY, and 3) PVCU’s 60-month Share Certificate required a minimum $50k.
Five months later, the 3.50% APY is still in effect, but everything else has changed: 1) the top rate for a nationally available 5-year CD is currently 3.40% APY, 2) the top two rates for locally available 5-year CDs ($25k or less) are 3.55% APY and 3.51% APY, and 3) the minimum deposit for PVCU’s 60-month Certificate has dropped to $25k. All in all, 3.50% APY is looking rather competitive.
|3.50*%||$25k||-||Pioneer Valley Credit Union||60 Month Share Certificate|
|OTHER TIERS: 3.25% → $1k - $25k|
|3.50*%||$25k||-||Pioneer Valley Credit Union||60 Month IRA Certificate (Traditional, Roth, CESA)|
|OTHER TIERS: 3.25% → $500 - $25k|
The 60-month Share Certificate is also available as an IRA (Traditional, Roth, CESA), earning the same APYs with the same funding requirements.
As stated in the Agreements and Disclosures (part of the online application), the Early Withdrawal Penalty reads as follows:
For Accounts with a term to maturity greater than 12 months,
the penalty imposed will equal six months dividends.
Funding and Accessing Maturing Funds
Funding a CD can be done by ACH, wire ($20 fee), or by mailing a check. (Surprisingly, PVCU does not participate in a shared branching network, so that convenient method of funding isn’t an option.) According to CSR, maturing funds can be distributed by check or transferred to a PVCU savings or checking account; ACH transfers are not available and outgoing wires have to be initiated in-branch.
Thanks to DA member, QED, for reminding me of PVCU's 60-month Share Certificate.
Refer a Friend and Earn $25
Every time you refer friends or family members who open a new membership with a direct deposit, you will receive a $25 deposit in your account. Click on the Refer a Friend Program Details and Application, print and fill out the form, and give it to your friends and family to bring in when they join PVCU.
Headquartered in Springfield, Massachusetts, Pioneer Valley Credit Union’s field of membership (FOM) covers six states, with residents of Connecticut, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont, eligible for membership by joining the Massachusetts chapter of the American Consumer Council. According to PVCU’s online application, “Joining ACC, MA Chapter is free, which qualifies you for membership."
PVCU also offers membership to employees of more than 25 SEGs, including Baystate Health and several Springfield Division federal government agencies.
Relatives and household members of a current PVCU member are also welcome to apply.
A savings account with a $25 minimum balance establishes membership.
Credit Union Overview
Pioneer Valley Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.00% (excellent) based on December 31, 2018 data. In the past year, PVCU has increased its total non-brokered deposits by $9.62 million, an excellent annual growth rate of 16.98%. Please refer to our financial overview of Pioneer Valley Credit Union (NCUA Charter # 24443) for more details.
Chartered in 1923 as the Springfield Mass Post Office Employees Credit Union, Pioneer Valley Credit Union is considered to be the oldest operating postal credit union, although the FOM has expanding substantially. The Pioneer Valley region is Massachusetts’ portion of the Connecticut River Valley and includes the counties of Franklin, Hampden, and Hampshire. While PVCU is a relatively small credit union (9,700+ members and $89.1 million in assets), its six-state easy membership requirement provides the potential for significant growth.
How the Share Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which are available within the FOM, Pioneer Valley Credit Union’s 60-month Share Certificate Tier 2 APY currently ranks first, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.50% APY||60-Month Share Certificate ($25k min)||Pioneer Valley Credit Union|
|3.40% APY||60-Month Certificate ($5k min)||Connexus Credit Union|
|3.35% APY||60-Month CD ($1k min)||First National Bank of America|
The above rates are accurate as of 5/10/2019.
Looking for the best CD rates, either nationwide or in your state? Please refer to our CD Rates Table, page.