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Survey of the Best CD Rates for September 23, 2011

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Survey of the Best CD Rates for September 23, 2011

Many banks and credit unions cut their CD rates this week. The news from the Fed's meeting on Wednesday definitely had an impact. 3% APY CDs continue to disappear. The latest one was Discover Bank's 10-year CD. Its APY fell from 3.00% to 2.50%.

Ally Bank's 5-year CD rate continues to inch toward 2%. Its APY fell in the last week from 2.11% to 2.04%.

On a positive note, most of the all-access credit unions on my list did maintain their rates this week. This includes Alliant, Melrose, Velocity, PenFed and Apple. However, I wouldn't be surprised if we see some rate cuts from these credit unions in October.

On another positive note, I added a new all-access credit union this week. Its Firstmark Credit Union in San Antonio, and it allows anyone to join online via an association (see review). It currently has the top 5-year CD rate for an all-access credit union. However, it does have two downsides: 1) early withdrawal penalty of one year of interest, and 2) truth-in-savings disclosure states that it reserves the right to refuse an early withdrawal request.

We learned today of the importance of closely reviewing the CD disclosure of a credit union or bank. As I reported today, the NCUA ruled in favor of Fort Knox Federal Credit Union retroactively increasing its early withdrawal penalty on existing CDs. According to the NCUA, a blanket-type of clause in its membership agreement gave them the right for such a change. So if you plan on making low-cost early withdrawals of long-term CDs, there are some risks that it could be more costly than you had planned.

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 Sep 23, 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.

Edit: Corrected Marathon National Bank term.


  Tags: CD rates

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