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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 July 13, 2012

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One of the 5-year bank CD rate leaders lowered rates this week. State Bank of India New York reduced its 5-year CD rate by 5 basis points to 1.86%. The 1.91% APY 5-year CD at The National Republic Bank of Chicago is now alone as the highest 5-year CD rate that's nationally available. Close behind is the new 1.90% APY Jumbo 5-year CD at CIT Bank.

Ally Bank moved a little closer to the rate leaders this week. Its 5-year CD yield increased from 1.72% to 1.74% APY. Ally's 4-year Raise Your Rate CD also went up this week. It's up 4 basis points to 1.49% APY.

All-access credit unions continue to have a big lead over banks on the long-term CD rates. The highest 5-year CD rate continues to be 2.25% APY at Fort Knox Federal Credit Union (59-month term). If you're considering Fort Knox FCU, make sure to consider what they did last year.

I added a new all-access credit union. Sandia Laboratory Federal Credit Union is offering top rates for 2-year and 3-year terms. Its top rates require a $200K minimum deposit, but its rates for $100K and $50K minimum deposits are at or near the top for the 2- and 3-year terms.

Local CD Deals

Most of the rate cuts on the locally available CDs were on the long terms. The 5-year CD rates fell by 10 basis points at Wings Financial FCU and at Dade County FCU.

The highest CD rate in the nation fell 4 basis points at San Antonio Credit Union (SACU). That's a 10-year CD which now has a 3.51% APY for a $90K minimum. SACU's top 7-year CD yield fell 5 basis points to 3.00% APY.

Another credit union in San Antonio, Randolph-Brooks FCU, also had cuts on its long-term CD rates. Its top 7-year and 6-year CD rates fell 15 basis points. The 7-year APY is now 2.27% and the 6-year APY is now 1.97%.

On the plus side, Sovereign Bank with branches in Dallas, Forth Worth and Austin came out with a special 17-month CD with a 1.77% APY. This special is scheduled to end next week, so you'll have to hurry (see review).

If you're in Texas and can't get the above Sovereign Bank special CD, Libertad Bank continues to offer a special 15-month CD with a 1.50% APY. This has been available since March (see review).

The best Texas deal continues to be at Navy Army Community Credit Union which is open to residents in the Corpus Christi metro area in Southeast Texas. It has a 3.00% APY CD with a term of only 30 months (see review).

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 July 13, 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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