Dedicated to Deposits: Deals, Data, and Discussion
About Ken Tumin About Ken Tumin - Founder and Editor

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.

Featured 2-Year CD Rates

Popular Posts

Featured Accounts

Survey of the Best CD Rates for September 2, 2011

POSTED ON BY

I was concerned that we would see many rate cuts at the start of September. Some rates did fall, but many banks and credit unions on my list have kept their rates the same. There was even one pleasant surprise this week. Melrose Credit Union actually increased its CD rates. Rates for all of its CD terms increased by 10 basis points.

There were some rate cuts. As has been typical, Ally Bank continues its small rate cuts. The 5-year CD rate went down once again. This week the APY fell from 2.19% to 2.17%.

Another disappointment was the rate cuts at University Federal Credit Union. It was on top of my nationwide lists for 5-year and 3-year terms, but after yesterday, its CD rates are off my lists. Its 5-year web CD APY fell from 2.83% to 2.25% and the 3-year web CD APY fell from 2.08% to 1.75%. Melrose Credit Union's 5-year CD is now back on top with the highest rate (2.68% APY).

Most of the CD rate cuts in the last few weeks seem to be on the longer terms. Discover Bank cut its 7-year and 5-year CD rates by 15 basis points this week. The 7-year CD APY is now 2.45%. Fortunately, Discover Bank continues to offer 3.00% APY on its 10-year CD, and if you're a AAA member, you can get 3.05% APY (see my AAA/Discover Bank review). Last week I compared Discover's 10-year CD with Ally's 5-year CD and did another review of the risks of these CDs in my post, Long-Term CD Strategy Review.

If you don't want a 10-year term, it's hard to find 3% APY for shorter terms. Navy Federal continues to offer 3.00% APY on its 7-year CD ($20K minimum), but you must have some military connection to join. There are still some local deals with 3.00% APY for 5-year and 7-year terms. However, we lost some of these deals this week. An Indiana credit union and a Mississippi bank had been offering rates around 3.00% on terms from 6 to 8 years, but the yields of both CDs fell to 2.50% this week.

Note About the CD Survey

As I described in my rate table overview, you can use our CD rate tables to find the best rates for both nationally available CDs and local CDs. The Friday blog posts are intended to highlight nationwide CD deals that may not be apparent in the tables. For example, I'll include the post-penalty yields of a few long-term CDs.

The Friday blog posts are also intended to highlight the local CD deals that are available in large metro areas. There are many high CD rates, but many of these are at small banks in rural areas or at small credit unions with very narrow fields of membership. In these local CD surveys, my focus is on local CD deals that are in big cities or that are available in large areas of a state.

Yields Accurate as of 8:00am EDT Sep 2, 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.
  Tags: CD rates

Related Posts

Comments