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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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Survey of the Best Local CD Rates in San Bernardino, Jacksonville, Little Rock and Other Cities

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Most of the CD rates held up well since last week. Two exceptions were two New York City credit unions (Montauk and Bay Ridge). Montauk's 3-year and 7-year CD rates fell by 25 basis points, and Bay Ridge's 5-year CD rate also fell by 25 basis points. Even with these rate cuts, both are still offering a 5-year CD rate of 3.00% APY. One reader reported that he was able to join Montauk by mail. However, this might be a "your miles may vary (YMMV)" circumstance. The credit union lists in bold on its applications page that "new member accounts must be opened in person."

Another rate cut was at Premier Community Credit Union in Stockton, California which lowered its 5-year CD rate to 2.65% APY.

I replaced Premier with Alaska USA Federal Credit Union which is offering 2.75% APY for a 5-year Jumbo CD in addition to very competitive rates for 18-month and 24-month terms. It's available to all residents of San Bernardino County, Calfornia in addition to parts of Washington State and Alaska (see review). For some California residents, Alaska FCU is an alternative to State Bank of India (California) which continues to offer a 2.75% APY 5-year CD and a special 1.50% APY 15-month CD.

I also added the 5-year CDs from Coastline Federal Credit Union in Jacksonville, Florida and TruService Community Credit Union in Little Rock, Arkansas. Neither of these 5-year CD rates are hot deals, but they're on par with the best nationally available 5-year CD rates. TruService's rate actually exceeded this when I first posted on it early in the week, but the rate has already fallen since then.

Finally, I added First Federal Savings and Loan to the "over 5-year CD rates" list. Its 8-year CD rate is 3.75% APY ($100K min) which is the best rate in the nation for terms around 7 years. Unfortunately, it's a local deal. The bank only accepts deposits from its market area which is in Southeast Mississippi. I was told this does include Biloxi (see review).

Best Nationwide CD Rates

So you can see how the local rates compare, I'm including the best CD rates that are available nationwide. These are often from credit unions which anyone can join via an association. I'm also including more than one CD for each category. For example, Connexus Credit Union has 3 best CD rates, but these require an active checking account. Since many don't want to worry about maintaining another checking account, I'm including another CD without any checking requirement. And I'm including Ally Bank's 5-year CD for many of the short-term CDs. As I described many times, these can be better deals than short-term CDs due to the 60-day early withdrawal penalty. I've included a link to a discussion of this strategy that describes the potential risks.

Using the Rate Tables to Find the Best Local CD Rates

As I described in my rate table overview, you can use our rate tables to find the best local CD rates. One thing that complicates looking for local rates is that it can be hard to know the areas served by small banks and credit unions. So in my list below, I primarily focus on banks and credit unions that serve large regions or large metro areas. My criteria is that they offer rates higher than the nationwide equivalent CD. If the rate is high enough, I'll also mention a bank or credit union even if it's not in a large populated area. These aren't hard rules. They're just general rules to keep the list manageable and useful.

Rates Accurate as of 5/27/2011

Under 1-Year CD Rates

  • Noteworthy Local Deals

1-Year CD Rates

  • Noteworthy Local Deals

18-month CD Rates

  • Noteworthy Local Deals

2-Year CD Rates

  • Noteworthy Local Deals

3-Year CD Rates

  • Noteworthy Local Deals

4-Year CD Rates

  • Noteworthy Local Deals

5-Year CD Rates

  • Noteworthy Local Deals

Over 5-Year CD Rates

  • Noteworthy Local Deals

Note: CD rates marked with "see note" are not listed at banks' websites and have not been verified with the bank since 5/20/2011. Please call bank to verify rates.


  Tags: Alaska USA Credit Union, Truservice Community Credit Union, Coastline Federal Credit Union, CD rates

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