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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 Fort Worth, Rochester and Other Cities

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I was worried that the new month would mean a lot fewer of these CD specials, but many of them held up into June. Most of the special CD rates that I reported on last week are still available. Two of the most notable ones are the Visions CD specials for Rochester, New York residents and the Sovereign Bank CD specials for those in the Dallas-Fort Worth metro area. Neither of these specials are listed on the institutions' websites. You have to call for the details. I just called both today, and confirmed that they are still available.

The Rochester CD deal is very hot. Unfortunately, it's only available to new Visions Federal Credit Union members who live in Rochester, New York. I was told today that it's still scheduled to last until June 30th. They are trying hard to attract new members, and any Rochester saver with some liquid funds would be wise to join. With a 5.00% APY, their 5-month CD special would be hot 3 years ago. For those who prefer a longer term, their special 35-month CD yield of 3.50% exceeds the best nationally available 3-year CD rate by over one percentage point. For both CDs, the minimum deposit is $2,500, and the maximum is $100,000. The one downside is that these are relationship rates that require the member open a checking account with a debit or credit card. I was told any of their three checking accounts qualify. Unfortunately, all three have potential monthly fees unless minimum balances and/or requirements are met. For more details about these CDs and to review readers' comments on the credit union, please refer to my Visions Rochester special CD rates post.

The Dallas-Fort Worth CD deal is not quite as hot, but it's available to many more people. Sovereign Bank has been offering this CD special since April, and according to the bank rep, it's scheduled to last until June 17th. All of the bank's Dallas-Fort Worth branches appear to be offering this. However, it's not available at their Austin branches. I was told today by the Fort Worth branch rep that they do accept deposits from residents outside their market area if the customer comes into the branch. This policy can often change, so make sure to call and verify with a branch manager before making a trip. The phone numbers of each branch are listed in the bank's locations page.

The three Sovereign Bank CD specials include a 2.53% APY 37-month CD, a 2.02% APY 27-month CD and a 1.51% APY 17-month CD. Minimum deposit is $25,000. The 37-month CD special is the best deal compared to the top nationally available 3-year CD rate (2.17% APY at Melrose Credit Union). It's even a better deal than closing Ally's 5-year CD after 3 years (2.26% APY). For more details about these CDs and to review readers' comments on the bank, please refer to my Sovereign Bank CD review post. It should be noted that this Texas Sovereign Bank has no relation to the large Sovereign Bank that's based on Boston (which happens to still have a very competitive nationally available 5-year CD with a 2.80% APY).

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 6/3/2011

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: All rates listed above are Annual Percentage Yields (APY) which factor in compounding.

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