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Survey of the Best CD Rates for April 6, 2012

POSTED ON BY

There were a few CD rate cuts for this first week of April, but it wasn't as bad as I had feared. Two of the internet banks on my list cut their CD rates. Nationwide Bank's 4-year Jumbo CD rate fell 5 basis points to 1.65%. This remains one of the top bank 4-year CDs that are nationally available so I left it on the list. The other rate cut came from CIT Bank. Its 2-year Achiever CD yield fell from 1.26% to 1.20%. I'm keeping this CD on the list due to its add-on feature.

On the positive side, I added two credit unions to the nationwide lists. Both allow anyone to join via an association membership.

The first one is Michigan State University Federal Credit Union. It's offering three special CDs. The most competitive one is the 5-year Jumbo CD with a 2.36% APY. Since the CD has an early withdrawal penalty of 180 days of interest, I calculated the yields if this CD is closed early. As can be seen below, it beats Ally's 5-year CD starting at 18 months.

The second credit union I added is McGraw-Hill Federal Credit Union. It has two good deals. One is a 1.50% APY 15-month CD, and the other is a 2.25% APY 5-year CD.

Local CD Deals

NavyArmy Community Credit Union in Southeast Texas brought back its 3.00% 30-month CD. For the last two months, this CD yield had been 2.25%. It's one of only 4 institutions in my survey offering 3-percent CDs. The other ones have much longer terms. Belmont Savings Bank's 3.00% CD has a 5-year term, and it also requires an active checking account. The other two institutions have even longer maturities.

Not only are 3-percent CDs rare, CD rates above 2.50% are also rare, and that's even the case for 7-year and 10-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 6, 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.


  Tags: CD rates

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
Remember Ally gives    .25%  loyalty bounus on CDs for renewing plus you can add money to it.

Makes it the highest % in alot of different catagories (without the early W/D  of longer term CDs)

1
Comment #3 by Anonymous posted on
Anonymous
To De Nada and everyone:  "Happy Fried Porkchops Easter!"

1