If you’re looking for impressive CD rates, the ones offered by Hudson Valley Credit Union might not strike you as breath taking. After all, there are better offers from nationwide CD accounts. However, if you’re from New York, and you’re looking for a Certificate of Deposit rate which won’t wall in a few days time, these CDs are decent enough.

The top yield is pretty high at 3.00% APY, but the lockdown period is not exactly convenient. Sixty months is a long time to wait for maturation. However, given that these rates could fall in the next few years, a long-term investment might not be a bad idea. The minimum balance requirement for all CD deals is also low. Each CD deal only requires you to deposit $500 to open. The lower tiers are listed below:

• 2.35% APY for a 36 – 47 month CD
• 1.15% APY for a 6 – 11 month CD
• 1.95% APY for a 24 – 35 month CD
• 1.45% APY for a 12 to 17 month CD

These were the same rates posted a week ago. If you consider how stable the rates are compared to other competing CD rates, these might just be the best CD rates you’ll find in New York. Apparently, these top CD rates are also not available nationwide. Only those who are working, living, studying or worshiping in Ulster, Orange, Putnam County and Dutchess New York are eligible for the account.

With CD lockdown terms this long, you need to make yourself familiar with the credit union’s early withdrawal penalties. They’re pretty average, which means that they’re not that lenient but neither are they too steep.

For terms of 11 months or less, you have to pay 30 days’ worth of interest; for terms of 12 months and below 23 months, you have to pay 60 days’ worth of interest; for terms between 24 months and 36 months, you have to pay 90 days’ worth of interest, and for terms 36 months or longer, you need to pay 120 days’ worth of interest.

More details about the membership are available on the bank’s website. You’re also required to maintain $5 in your savings account before you’re allowed to open this CD. The branches of this credit union can be found in numerous New York City towns, so applications in person should be easy. These towns include Arlington, Beacon, Brewster, Carmel, Fishkill, Hopewell Junction, Hyde Park, Kingston, Middletown, New Windsor and more.

If you’re worried about the bank’s health, don’t be. They have a pretty impressive rating from users. Bankrate.com gave the Hudson Valley Federal Credit Union three stars out of five, but BauerFinancial.com gave them five out of five. The credit union holds 2.8 billion assets and is federally insured under NCUA Charter #15802.