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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 CD Rates for April 14, 2012

POSTED ON BY

For a change I'll start with some good news which has been hard to find in this awful interest rate environment. An internet bank has come out with two good CD deals. AloStar Bank of Commerce is offering two special CDs with very competitive rates: 1.25% APY for 1 year and 1.40% APY for 2 years (thanks to reader cumulus for mentioning this in the forum). AloStar is calling these their Anniversary CDs to mark their first anniversary. The bank was created last year with the help of the FDIC from the failure of Nexity Bank.

Unfortunately, there was again some bad news for savers. Ally Bank cut its 5-year CD yield from 1.74% to 1.69%. Due to its small early withdrawal penalty of 60 days of interest, it remains a good deal. However, the value of that deal shrinks as the rate drops. The yield is only 24 basis points over Ally Bank's 4-year Raise Your Rate CD. This spread is smaller than when I first compared this 4-year CD with Ally's 5-year CD in this 2011 blog post. The Raise Your Rate feature allows for two rate increases during the 4-year term. You decide when you want the rate to increase to the current 4-year rate.

Local CD Deals

We lost a few good local CD deals this week. On the positive side, I added two good long-term CD deals. Endura Financial Federal Credit Union in Minnesota is offering three special long-term CDs with competitive rates. Bay Area Credit Union in Ohio is offering top rates on its 4-year and 5-year CDs.

Long-Term CD Break Strategy

For the short-term CDs in my lists, you might notice CDs with the note "5-year CD closed after X years". These take into account the yield after the early withdrawal penalty is applied. Since Ally Bank's 5-year CD only has a 60-day interest penalty, it's still a good deal when closed early even with the recent rate cuts.

The risks of planning for early withdrawals of long-term CDs was recently highlighted by another credit union which raised the early withdrawal penalty on existing CDs. The credit union is CEFCU which is based in Illinois. I have more details in this blog post. CEFCU is now the second credit union which has raised the early withdrawal penalty on existing CDs. Last year Fort Knox FCU did the same thing (see my blog post).

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. This CD survey 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 CD survey 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 most 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 April 14, 2012

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 4/15/2012: Corrected AloStar CD term.

  Tags: CD rates

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Comments
15 comments.
Comment #1 by cumulus posted on
cumulus
Looks like NorthPointe's CD's with zero EWP after
reaching half-life got lost in this week's list?

Typo on AloStar 1-year CD (reads "2-year")

Thanks so MUCH for all the terrific info and work.

1
Comment #2 by Anonymous posted on
Anonymous
Saw this from Patelco Federal Credit Union in CA-

For eligibility -> https://www.patelco.org/why_join/membership_eligibility.aspx

Earn more from your savings with a special high-yield, low-risk 7-year CD from Patelco. Open yours today and get 2.50% APY.†Rate is 2.47%.

 Minimum deposit $1,000 for a regular CD and $500 for an IRA CD. Term is 84 months. At maturity this promotional certificate will renew at Patelco's current 60-month certificate yield at that time for a similar-type (Regular or IRA) certificate at a 60-month term. There is a 365-day interest penalty for early withdrawal that will not be waived regardless of eligibility for distribution from an IRA except in circumstances of death or legal incompetence

4
Comment #3 by KenBDG posted on
KenBDG
@cumulus, thanks for the note about AloStar. I just corrected that.

About NorthPointe's CDs, I forgot to mention why I removed those from the list. NorthPointe removed the special EWP feature from its 48-month and 60-month CDs. It's now only available for the 36-month CD. Also, it reduced the APY of the 36-month CD to 1.15%. So it's not nearly as good of a deal as it used to be.

@anonymous #2, thanks for the info on that 7-year Patelco CD special. That is a good deal especially for those who may have too much at PenFed. I'm glad to see a good CD deal at Patelco. The last time I reported on a good Patelco CD deal was in 2008.

Like PenFed, Patelco provides a way that will allow anyone to join. I have details of this in my 2008 blog post.

3
Comment #5 by Muhammad Jahid Hasan (anonymous) posted on
Muhammad Jahid Hasan
Its really nice topic. I hope its helpful. Thanks for explaining about the new portal.

1
Comment #7 by Apache posted on
Apache
Why was comment #3 deleted??  I sure would like us to be given some sensible reason when our comments are deleted.  I know I just read in the comments that "ONLY ENGLISH POSTS ARE ALLOWED".  I had no idea we had that rule.  However #3 was posting to me in English or I think he/she was.  I read everything in English anyway so it doesn't matter.  I still think posters should be given a reason for deletions, imo.  

1
Comment #11 by Anonymous posted on
Anonymous
 
In the Carolinas,  local noteworthy rates:
PREMIER FCU
 Employees of more than 400 companies in North and South Carolina are eligible.
 The company membership list:
 http://www.premierfcu.org/Portals/0/PAWebSiteListing1.pdf
RATES:

Individual Retirement Accounts (IRAs)

-

1.74%

1.75%

3-Month Share Certificate
3-Month Jumbo Share Certificate
6-Month Share Certificate
6-Month Jumbo Share Certificate
12-Month Add-On Share Certificate
12-Month Share Certificate
24-Month Share Certificate
30-Month Share Certificate
36-Month Share Certificate
24-Month IRA Share Certificate
36-Month IRA Share Certificate
60-Month IRA Share Certificate

$500
$50,000
$500
$50,000
$250
$500
$500
$500
$500
$1,000
$1,000
$1,000

0.55%
0.60%
1.05%
1.10%
1.29%
1.34%
1.78%
1.83%
2.08%
1.78%
2.08%
2.13%

0.55%
0.60%
1.05%
1.10%
1.29%
1.34%
1.79%
1.84%
2.10%
1.79%
2.10%
2.15%

 

 

 

 

 

1
Comment #12 by Anonymous posted on
Anonymous
In Western North Carolina:

SHUFORD CREDIT UNION  Western NC Hickory Area

Qualification:  Live, work, or attend church in Catawba County

RATES:



Certificate Rates

12 months

1.00%

24 months

1.50%

36 months*

2.00%

60 months*

2.50%

*For a limited time only

 

1
Comment #13 by Anonymous posted on
Anonymous
 

Blue Cross Blue Shield of NORTH CAROLINA

Membership is open to all active, retired and former employees of Blue Cross Blue Shield of North Carolina, CAHABA Benefits Administrators, Palmetto Government Benefits Administrators their immediate families and household members. (This includes: spouses, widows, widowers, children, parents, grandchildren, brothers, sisters and step-children of the primary member.)

 



Certificates

Minimum Deposit

Inerest Rate

APY*

Term

30 days through 5 months - < $10,000

$500

1.25%

1.25%

23

24 months - < $10,000

$10,000

1.50%

1.51%

17

18 months through 23 months - > $10,000

$500

1.75%

1.75%

24

 

1
Comment #14 by Anonymous posted on
Anonymous
In North Carolina:

SHARONVIEW CREDIT UNION

ELIGIBILITY: According to their web site: "We’re one of the fastest growing credit unions in the country serving over 400 business partners and a membership base of over 63,000 members.  If you would like to find out if you qualify through your current employer, please call our Financial Solutions Center at 704.969.6700 in the Charlotte, NC area, or 800.462.4421, Monday through Friday, 8:00 AM until 6:00 PM EST."

RATES:





  Certificates ($100,000 Balance)
 

 

Dividend Rate

Annual Percentage Yield

       
3-5 months

 

0.50%

0.50%

6-11 months

 

0.75%

0.75%

12-23 months

 

1.00%

1.00%

24-35 months

 

1.242%

1.25%

36-59 months

 

1.735%

1.75%

60 months

 

1.980%

2.00%


1
Comment #15 by Anonymous posted on
Anonymous
In North Florida:

BUCKEYE FEDERAL CREDIT UNION ---  LOWER FLORIDA PANHANDLE REGION  Located in Perry, FLA

ELIGIBILITY: "BCFCU membership is an exclusive benefit to individuals who meet one of the following eligibility requirements.:
Persons who live, work, worship, or attend school in Taylor, Lafayette, Hamilton, Suwannee, Dixie, or Madison County, Florida.
Members of the immediate family(see note 1 below) or household(see note 2 below), under option 1 above;and organizations of such persons."

RATES: Highest rate is for a $200,000 JUMBO deposit, which adds 0.4% to standard rates, making the rates:

2 yr             1.64%

3 yr             1.85 %

4 yr             1.90.%

5 yr             2.00 %

 

1