If you're searching for a 2.00% CD, it's hard to find these days especially if you prefer bank CDs over credit union CDs. In fact, for 5-year bank CDs that are available nationwide, the highest rate that I've found is only 1.91% (see my last CD rate survey). You can still get 2.00% APY for a 6-year term at Third Federal Savings & Loan. This rate has held since the start of 2012. The other competitive CD rates have fallen a bit since my March post. Those include a 1.75% APY 5-year CD and a special 1.40% APY 37-month CD. Minimum deposit is $500 ($100 for an IRA CD). These rates are listed on Third Federal's CD page as of 7/11/2012.
According to the bank's disclosure, the penalty is 180 days of interest for terms of more than 1 year to under 3 years and 360 days of interest for terms of 3 years or more.
In addition to opening the CD at a branch, there's an online application for the regular CDs. Funding can be done electronically via ACH or by check. According to the application FAQ, the maximum deposit by ACH is $100,000 and the maximum by check is $500,000. IRA CDs can only be opened at a branch.
For those who prefer opening CDs at an office, Third Federal branches are located in Ohio and in South Florida (both on the east and west coast).
Don't confuse Third Federal with Fifth Third. They're two different banks.
Third Federal is a sizable bank with $11 billion in assets. It has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 12.48% (above average). Please refer to our financial overview of Third Federal for more details. The bank has been a FDIC member since 1938 (FDIC Certificate # 30012).
How These CD Rates Compare
You'll have a better chance of finding 2.00% CDs at credit unions. For all-access credit unions, the highest 5-year CD rate is 2.25% APY at Fort Knox Federal Credit Union (59-month term). The highest 7-year CD rate is 2.50% APY at Patelco Credit Union.
There are still some big banks that offer 2% CDs. One is BBVA Compass which has a 2.00% APY 5-year CD, but this is limited to residents of only a few states. Bank of America has a 2.10% APY CD via its MyExpression Banking, but this has the very long term of 10 years. Discover Bank has a 2.25% APY for its 10-year CD and 2.00% APY for its 7-year CD.
These rates are accurate as of 7/11/2012.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.