Dedicated to Deposits: Deals, Data, and Discussion

Last Chance to Lock into a 5 Percent CD?

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With last Tuesday's historic Fed rate cut, banks are reponding fast and dropping their deposit rates. CD rates seem to be falling faster than savings account rates. I'm afraid it may be a while before we see 5% CDs again. There are still a few 5% long-term CDs available as of this morning:
Note these rates are based on what was listed on the financial institutions' websites as of the morning of 12/18/08. The two credit unions also offer these rates in IRAs. I'm not sure about Chase/WaMu.

One credit union, Christian Community CU, with easy membership is offering a special 5% APY CD for terms from 24 to 60 months. However, it does not have federal insurance via NCUA. It's only privately insured via ASI (credit union review).

In my next post, I'll look into the pros and cons of long-term CDs.

  Tags: CD rates, IRA rates

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