Every now and then I come across an unusual credit union with competitive rates that I haven't seen before. That's the case with Polam Federal Credit Union. It's offering two competitive CD rates: 2.45% APY for 5 years and a 1.85% APY for 3 years. Minimum deposit is $25,000. Rates are 5 basis points lower for a $2,500 minimum deposit. These rates are listed in the credit union's rates sheet as of 12/22/2011.
It's a small credit union with two branches located in Los Angeles and Orange, California. What makes this credit union unusual is its field of membership. Here's what is stated on the credit union's front page regarding membership:
Polish descendants and friends of the Polish Community are free to join POLAM. Visit us, bring a valid ID, a minimum deposit of $100 and $20 for the PAC membership fee. You will be enrolled as a member of the Polish American Congress.
I have covered a few other credit unions with fields of membership based on ethnicity. One in particular is Self Reliance New York FCU in New York City which only accepts those with Ukrainian descent. Readers have learned from the credit union that it's very difficult to qualify. It appears Polam FCU makes it easier. If you join Polam, please leave a comment about how easy it was to join.
The credit union has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 10.22% (above average) based on September 2011 data. Please refer to our financial overview of Polam Credit Union for more details. The credit union is federally insure by the NCUA (Charter # 19739).
How These CD Rates Compare
These CD rates are very competitive for the LA metro area. For those who live east of LA in San Bernardino County, you can qualify to join Alaska USA FCU which has even higher rates. These include a 2.75% APY 5-year CD and a 2.10% APY 3-year CD for a $100K minimum deposit.
Another good CD deal for those in Southern California is the 59-month CD special at US Bank. This is also available nationwide.
The best 3-year and 5-year CD rates available nationwide are at Melrose Credit Union which has a 1.91% APY 3-year CD and a 2.68% APY 5-year CD.
These rates are accurate as of 12/22/2011.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.