Even though few readers will be eligible for this CD, it’s interesting to note the bank with the highest CD rate for terms under 10 years. It’s First Federal Savings and Loan Association which is offering an 8-year CD with a 3.75% APY. This is a Jumbo CD which has a $100K minimum deposit. The Jumbo 5-year CD rate is also competitive at 2.75% APY. The yields are 25 basis points lower for a $1,000 minimum deposit. These rates are listed in the bank’s rates page as of 5/25/2011. The bank rep informed me that the early withdrawal penalty for both of these CDs is 6 months of interest.
The bank only accepts new customers in its market area which is in southeast Mississippi. First Federal branches are located in several southeast Mississippi cities including Vancleave, Gautier, Hurley, Ocean Springs, Moss Point and Pascagoula.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 18.26% (average) based on December 2010 data. Please refer to our financial overview of First Federal for more details. The bank has been a FDIC member since 1955 (FDIC Certificate # 30812).
How This Compares to the Best Nationally Available CD Rates
The best nationally available 7-year CD rate is currently 3.40% APY for a $20K deposit at Navy Federal Credit Union. Even though this is available nationwide, Navy Fed limits membership to those with certain connections to the military. The second best 7-year CD rate is 3.00% APY at Apple Federal Credit Union which provides for easier membership. Apple Fed also has the best nationally available 10-year CD rate of 3.50% APY. The highest CD rate in the nation is 4.09% APY for a 10-year term at San Antonio Federal Credit Union. This is a local-only deal.
To search for the best CD rates in your state or in the nation, please refer to the CD rates section of DepositAccounts.com. Be sure to use the "Filter Accounts" button above the table to compare accounts in your state.