Survey of the Best Local CD Rates in Fort Worth, Rochester and Other Cities

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

• Ally Bank - 1.59% (2.39% 5-year CD closed after 6 months, see review & risks)
• Connexus Credit Union - 1.50% 6-month CD with active checking account
• Ally Bank - 1.14% 11-month No-Penalty CD
• Incredible Bank - 1.10% 9-month internet CD

• Noteworthy Local Deals

• Visions Federal Credit Union - 5.00% 5-month CD (max $100K) (Rochester, NY only) (good until 6/30)
• Capital One Bank - 1.50% checking with rate guaranteed for 12 months (Austin metro area)
• Industrial Credit Union - 1.40% 6-month CD (Boston metro area)
• Alma Bank - 1.35% 12-month Liquid CD (New York City)
• Washington Federal Bank for Savings - 1.15% 9-month CD (Chicago)

1-Year CD Rates

• Ally Bank - 1.99% (2.40% 5-year CD closed after 1 year, see review & risks)
• Connexus Credit Union - 1.75% 12-month CD with active checking account
• Melrose Credit Union - 1.41% APY 12-month CD

• Noteworthy Local Deals

• Island Federal Credit Union - 2.00% 11-month CD (Suffolk & Nassau Counties, NY)
• Industrial Credit Union - 1.60% 12-month CD (Boston metro area)
• Credit Union of Atlanta - 1.53% 12-month CD (parts of Atlanta, Georgia)
• Capital One Bank - 1.50% checking with rate guaranteed for 12 months (Austin metro area)
• State Bank of India (California) - 1.50% 15-month CD (Several cities in California & in Washington DC)
• South Florida Federal Credit Union - 1.50% 12-month CD (limited membership in Miami)
• Alma Bank - 1.35% 12-month Liquid CD (New York City)

18-month CD Rates

• Ally Bank - 2.12% (2.39% 5-year CD closed after 18 months, see review & risks)
• Alliant Credit Union - 1.55% ($25K min) 18-month CD

• Noteworthy Local Deals

• Community Bank of Tri-County - 2.05% 18-month CD (Maryland)
• Alaska USA Federal Credit Union - 1.60% ($100K) 5-year CD (San Bernardino County, CA; parts of WA & AK)
• Industrial Credit Union - 1.60% 18-month CD (Boston metro area)
• Sovereign Bank (TX) - 1.51% 17-month CD special (Dallas/Fort Worth Metro) (good until 6/17)

2-Year CD Rates

• Ally Bank - 2.19% (2.39% 5-year CD closed after 2 years, see review & risks)
• Self-Help Credit Union - 1.77% 2-year CD

• Noteworthy Local Deals

• University of Iowa Community Credit Union - 2.25% ($100K) 2.10% ($1K) 25-month CD (several parts of Iowa)
• Sovereign Bank (TX) - 2.02% 27-month CD special (Dallas/Fort Worth Metro) (good until 6/17)
• Wings Financial Credit Union - 1.81% 2-year CD (Seattle & Minneapolis Metro areas)
• Montauk Credit Union - 1.75% 2-year CD (New York City)
• Alaska USA Federal Credit Union - 1.75% ($100K) 5-year CD (San Bernardino County, CA; parts of WA & AK)

3-Year CD Rates

• Ally Bank - 2.26% (2.39% 5-year CD closed after 3 years, see review & risks)
• Melrose Credit Union - 2.17% 3-year CD

• Noteworthy Local Deals

• Visions Federal Credit Union - 3.50% 35-month CD (max $100K) (Rochester, NY only) (good until 6/30)
• University of Iowa Community Credit Union - 2.75% ($100K) 2.60% ($1K) 37-month (several parts of Iowa)
• Sovereign Bank (TX) - 2.53% 37-month CD special (Dallas/Fort Worth Metro) (good until 6/17)
• Credit Union of Atlanta - 2.52% 3-year CD (parts of Atlanta, Georgia)
• Security Service Federal Credit Union - 2.50% ($100K) 3-year CD (parts of Texas & Colorado)
• Atlas Bank - 2.32% 3-year CD (New York City)
• Montauk Credit Union - 2.25% 3-year CD (New York City)
• EBSB Direct - 2.25% 3-year CD (New England and New York State)

4-Year CD Rates

• Alliant Credit Union - 2.45% ($25K min) 4-year CD

• Noteworthy Local Deals

• Bayer Heritage Federal Credit Union - 3.17% 4-year CD (parts of WV, OH & SC)
• University of Iowa Community Credit Union - 3.15% ($100K) 3.00% ($1K) 49-month (several parts of Iowa)
• Montauk Credit Union - 2.75% 4-year CD (New York City)
• John Marshall Bank - 2.48% 4-year CD (Washington DC Metro)
• PEF Federal Credit Union - 2.47% 4-year CD (parts of the Cleveland metro area)

5-Year CD Rates

• Connexus Credit Union - 3.00% 5-year CD with active checking account
• Melrose Credit Union - 2.93% 5-year CD

• Noteworthy Local Deals

• Bayer Heritage Federal Credit Union - 3.43% 5-year CD (parts of WV, OH & SC)
• Vermonth Federal Credit Union - 3.10% 5-year CD, 3.20% IRA in Burlington, VT
• Bay Ridge Federal Credit Union - 3.00% ($20K) 5-year CD (limited membership in New York City)
• Montauk Credit Union - 3.00% 5-year CD (New York City)
• Security Service Federal Credit Union - 3.00% ($100K) 5-year CD (parts of Texas & Colorado)
• John Marshall Bank - 2.94% 5-year CD (Washington DC Metro)
• TruService Community Credit Union - 2.93% 5-year CD (Little Rock metro area of AR)
• PEF Federal Credit Union - 2.93% 5-year CD (parts of the Cleveland metro area)
• State Bank of India (California) - 2.75% 5-year CD (Several cities in California & in Washington DC)
• Coastline Federal Credit Union - 2.75% ($100K) 5-year CD (Jacksonville Florida)
• Alaska USA Federal Credit Union - 2.75% ($100K) 5-year CD (San Bernardino County, CA; parts of WA & AK)

Over 5-Year CD Rates

• Navy Federal Credit Union - 3.20% ($20K) 7-year CD (membership restrictions)
• Dime Savings Bank - 3.10% 7-year CD

• Noteworthy Local Deals

• First Federal - 3.75% ($100K) 8-year CD (Southeast MS)
• Security Service Federal Credit Union - 3.50% ($100K) 7-year CD (parts of Texas & Colorado)
• Montauk Credit Union - 3.25% 7-year CD (New York City)
• BOK Financial Banks - 2.85% ($100K w/chk) 2.70% ($1K w/o chk) 7-year CD (in AZ, rates vary slightly in CO, KS, MO, NM, OK & TX)

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