NYC 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,but its unique field of membership doesn't make it easy. According to the credit union's

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 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).

Searching for the Best CD and IRA CD Rates

Progressive Credit Union

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