5.00% 11-Month CD at Compass Bank (plus info on Option CDs)

Compass Bank has some nice CD specials. The best is a 5% APY 11-month CD. The minimum required deposit is $5K. The rates for all of the terms are shown below:

Term      Rate    APY
11 Month  4.879%  5.00%
25 Month  4.926%  5.05%
37 Month  4.974%  5.10%
48 Month  5.022%  5.15%
60 Month  5.069%  5.20%

Compass Bank has branches in Arizona, Alabama, Colorado, Florida, New Mexico and Texas. Rates can vary by state. I checked a few of these states and all had these same rates.

Compass also offers Option Certificate of Deposits which allow rate bumps. These are often not worth it compared to the standard fixed rate CDs which have higher interest rates. However, Compass's long term Option CD rates are only 0.10% less than the above special fixed rate CDs. It's still probably better to stick with high rate short term CDs, but for those who already have Compass Bank accounts, it might be something to consider. Also for those who already have an Option CD, you want to keep an eye on the rates to see when you should request a bump. For those with terms of 36 months or longer, you can request two rate bumps during the term. Here's the latest terms and rates for these Option CDs in Texas:

Term      Rate    APY
12 Month  4.545%  4.65%
24 Month  4.831%  4.95%
36 Month  4.879%  5.00%
48 Month  4.926%  5.05%
60 Month  4.974%  5.10%

Compass Option CDs continue to be a much better deal than Capital One's No Regret CDs. Here are the latest terms and rates for Capital One's No Regrets CDs:

12 months  3.73 %  3.80 %
18 months  3.78 %  3.85 %
24 months  3.83 %  3.90 %
30 months  3.87 %  3.95 %
36 months  3.97 %  4.05 %
48 months  4.07 %  4.15 %
60 months  4.16 %  4.25 %

Refer to this previous post to see how these rates have changed since January.