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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 November 16, 2012

POSTED ON BY

This week there were some cuts to both short-term and long-term CD rates. Airbanking had two top 1-year CD deals that included a 1.02% APY no-penalty CD and a 1.12% APY regular CD. Rates for both CDs were slashed early this week. They're now way under 1.00% so I removed Airbanking from my list.

For long-term CDs, Air Force Federal Credit Union fell off the top spot for the highest 7-year CD rate that's nationally available. Its Jumbo 7-year CD yield fell from 2.25% to 2.00% this week.

There was one bright spot for short-term CD deals. Digital Credit Union is offering an excellent deal on an 8-month CD special. It has a 1.50% APY for a $1,000 minimum deposit and with no apparent maximum deposit. It's listed in DCU's specials page. Thanks to the reader who mentioned this special in the comments. I haven't done a review yet on this special, but I have reviewed DCU in the past. It's an all-access credit union that makes it easy to qualify for membership via an association. I have more details about DCU in this 2011 DCU CD review.

I have also added two other short-term CDs to my list. They're not as good of a deal as the DCU special, but they are still very competitive. The first is Chartway Federal Credit Union which is offering a 1-year CD with a 1.26% APY. A downside is that a checking account is required.

The other short-term CD that I added is the 1.12% APY 1-year CD at ableBanking.

PenFed still has the best 1-year CD deal with a 1.26% APY.

The highest CD yield that's nationally available is currently 2.20% APY for a 5-year Jumbo CD at Pen Air Federal Credit Union. For a regular CD and IRA CD, the yield is 2.00%. Pen Air FCU is an all-access credit union that anyone can qualify for membership by joining an association. A reader commented that he was able to apply online, but he had to call to open the Jumbo CD. He said he had "no problems" and the staff was "very helpful".

Local CD Deals

We lost a two more 2% CDs this week. Resource One Credit Union in Dallas and Houston cut its 5-year CD yield from 2.10% to 1.70%. Randolph Bank & Trust Company in North Carolina is no longer listing its special 5-year CD with a 2.02% APY. I removed both institutions from my list.

On the plus side, I added two new institutions offering 2% CDs. The first is Consumers Credit Union in Michigan which is offering a special 2.10% APY 5-year CD. They even allow one penalty-free withdrawal. For those who don't like long-term CDs, there's also a 15-month CD special with a 1.25% APY. However, with a no-penalty feature, it's hard to argue against the 5-year CD.

The second addition is a new 58-month CD special at Superior Choice Credit Union which covers parts of Wisconsin and Minnesota. It has a yield of 2.08%. A couple of weeks ago I added Superior Choice to the list for its 1.25% APY 18-month CD special. That special is still available.

I also added two short-term deals. The first is a special 6-month CD at Cambridge Savings Bank in Massachusetts. It has a yield of 2.00% for deposits up to $50,000.

The other short-term deal isn't a CD, but it's a money market account with a yield of 1.00% guaranteed until 12/31/2013. This promotional money market account is being offered by CrossFirst Bank in the Kansas City metro area. I added it to both the "under 1-year" list and the "1-year" list due to the rate guarantee that lasts just over a year.

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 were recently highlighted by the deposit agreement change at Ally. The risks have also been seen at credit unions which have raised the early withdrawal penalties on existing CDs. I have more details in this 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 November 16, 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
5 Comments.
Comment #1 by Anonymous posted on
Anonymous
Why is Citizen's State Bank listed if, as the report in the comments says, there exists a problem with people who live 50 miles away from them.

1
Comment #2 by Anonymous posted on
Anonymous
when the person who opened the account at Pen Air did it online, how was the $30 handled?  $25 minimum in the account and $2 fee and $3 donation.

1
Comment #3 by KenBDG posted on
KenBDG
About Citizens State Bank, the two reviews were posted in 2011. That was before Citzens State Bank began its online application. I've been told by a bank official that they now allow anyone to apply online. As is common with small banks, that could change in the future. I have more details about the online application in my Citizens State Bank blog post.

I don't have those details about Pen Air. I have a few other details in my Pen Air CU blog post.

 

2
Comment #4 by Anonymous posted on
Anonymous
For those of you that might be considering BVA Compass, you may want to look at the customer reviews on this blog. 

1
Comment #5 by Paul (anonymous) posted on
Paul
I am not really sure about the rates in the list. Some variations exist.

1