Survey of the Best CD Rates for November 16, 2012

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

• Digital Credit Union - 1.50% 8-month CD
• EverBank - 1.25% checking/MMA intro 6-month rate ($100K/$50K max) account review
• Ally Bank - 1.09% (1.64% 5-year CD closed after 6 months, see review & risks)
• Connexus Credit Union - 1.00% 6-month CD w/active chk
• Doral Bank Direct - 0.96% 9-month CD, account review
• Ally Bank - 0.96% 11-month No-Penalty CD, see account review
• Doral Bank Direct - 0.91% 6-month CD, account review
• Barclays - 0.85% (1.70% 5-year CD closed after 6 months, see review & risks)
• Colorado Federal Savings Bank - 0.80% 6-month CD

• Noteworthy Local Deals

• Cambridge Savings Bank - 2.00% ($50K max) 6-month CD (Massachusetts)
• HomeBanc N.A. - 1.50% ($75K max) 3-month CD (Central Florida)
• Gulf Coast Federal Credit Union - 1.10% 6-month CD (Corpus Christi, TX metro)
• University of Iowa Community Credit Union - 1.05% ($250K) 0.95% ($100K) 0.85% ($1K) 7-month CD (several parts of Iowa)
• CrossFirst Bank - 1.00% MMA rate guaranteed until 12/31/2013 (Kansas City metro)
• Veridian Credit Union - 1.00% ($100K) 0.80% ($1K) 7-month CD (several parts of Iowa)
• First Choice Bank - 1.00% ($50K) 0.95% ($2.5K) 288-day CD (Los Angeles & Orange County, CA)
• LOMTO Federal Credit Union - 1.00% 6-month CD (parts of New York City)

1-Year CD Rates

• Ally Bank - 1.36% (1.64% 5-year CD closed after 1 year, see review & risks)
• Barclays - 1.27% (1.70% 5-year CD closed after 1 year, see review & risks)
• Pentagon Federal Credit Union - 1.26% 1-year CD, account review
• Chartway Federal Credit Union - 1.26% 1-year CD w/checking
• ableBanking - 1.12% 1-year CD
• AloStar Bank of Commerce - 1.11% 1-year CD
• CIT Bank - 1.10% ($25K min) add-on & bump-up 1-year CD
• Bank of Internet USA - 1.10% 1-year CD

• Noteworthy Local Deals

• City County Credit Union - 1.51% 1-year IRA-only CD (many FL counties)
• Gulf Coast Federal Credit Union - 1.50% 12-month CD (Corpus Christi, TX metro)
• Community Trust Bank - 1.40% (w/dd) 1.15% (w/chk) 0.90% 13-month CD, review (parts of TX, LA & MS)
• University of Iowa Community Credit Union - 1.35% ($250K) 1.25% ($100K) 1.15% ($1K) 13-month CD (several parts of Iowa)
• General Electric Credit Union - 1.26% ($100K) 1-year CD (Cincinnati OH metro)
• LOMTO Federal Credit Union - 1.20% 1-year CD (parts of New York City)
• Doral Bank NY - 1.10% 1-year CD (NYC)
• First Choice Bank - 1.05% ($50K) 1.00% ($2.5K) 366-day CD (Los Angeles & Orange County, CA)
• BBVA Compass - 1.00% 15-month CD (parts of AZ, CA, CO, NM, AL, FL, TX)
• CrossFirst Bank - 1.00% MMA rate guaranteed until 12/31/2013 (Kansas City metro)

18-month CD Rates

• Ally Bank - 1.46% (1.64% 5-year CD closed after 18 months, see review & risks)
• Barclays - 1.41% (1.70% 5-year CD closed after 18 months, see review & risks)
• Salem Five Direct - 1.15% 18-month CD
• NexBank - 1.15% 18-month CD, account review
• MetLife Bank - 1.12% 18-month CD
• Doral Bank Direct - 1.08% 18-month CD, account review

• Noteworthy Local Deals

• Gulf Coast Federal Credit Union - 1.65% 18-month CD (Corpus Christi, TX metro)
• Generations Federal Credit Union - 1.50% 18-21-month CD special (San Antonio, TX)
• University of Iowa Community Credit Union - 1.45% ($250K) 1.35% ($100K) 1.25% ($1K) 16-month CD special (several parts of Iowa)
• El Paso Area Teachers FCU - 1.31% ($50K) 1.21% ($500) 18-month CD (El Paso, TX)
• Texell Credit Union - 1.30% 18-month CD (Central Texas)
• Veridian Credit Union - 1.30% ($100K) 1.11% ($1K) 15-month CD (several parts of Iowa)
• East Boston Savings Bank - 1.27% 19-month CD special (2 branches in Boston Metro)
• Consumers Credit Union - 1.25% 15-month No-Penalty CD (parts of MI)
• Superior Choice Credit Union - 1.25% 18-month CD special (parts of WI and MN)
• Libertad Bank - 1.25% 18-month CD (Texas)
• Meetinghouse Bank - 1.20% 18-month CD (Boston, MA)
• Valley Green Bank - 1.20% 18-month CD (Philadelphia, PA)
• Shell Federal Credit Union - 1.20% ($50K) 1.15% ($500) 18-month CD (Houston, TX)
• Doral Bank NY - 1.20% 18-month CD (NYC)
• First Choice Bank - 1.10% ($50K) 1.05% ($2.5K) 541-day CD (Los Angeles & Orange County, CA)

2-Year CD Rates

• Ally Bank - 1.50% (1.64% 5-year CD closed after 2 years, see review & risks)
• Barclays - 1.49% (1.70% 5-year CD closed after 2 years, see review & risks)
• Pentagon Federal Credit Union - 1.36% 2-year CD, account review
• Citizens State Bank - 1.36% ($100K) 1.21% ($1K) 2-year CD, account review
• Sandia Laboratory FCU - 1.36% ($200K) 1.26% ($100K) 1.16% ($50K) 1.06% ($1K) 2-year CD
• NexBank - 1.30% 2-year CD, account review
• Connexus Credit Union - 1.30% 2-year CD w/active chk
• AloStar Bank of Commerce - 1.26% 2-year CD
• Northwest Federal Credit Union - 1.26% ($100K) 1.15% ($25K) 2-year CD (+0.25% w/relationship)
• CIT Bank - 1.25% ($25K min) add-on & bump-up 2-year CD
• Melrose Credit Union - 1.21% 2-year CD

• Noteworthy Local Deals

• Gulf Coast Federal Credit Union - 1.85% 2-year CD (Corpus Christi, TX metro)
• Workers Credit Union - 1.50% 2-year CD w/chk+dd (MA & Southern NH)
• University of Iowa Community Credit Union - 1.50% ($250K) 1.40% ($100K) 1.30% ($1K) 25-month CD (several parts of Iowa)
• Veridian Credit Union - 1.45% ($100K) 1.25% ($1K) 25-month CD (several parts of Iowa)
• LOMTO Federal Credit Union - 1.40% 2-year CD (parts of New York City)
• BBVA Compass - 1.35% 2-year CD w/chk, 1.25% w/o chk (parts of AZ, CA, CO, NM, AL, FL, TX)
• Doral Bank NY - 1.30% 2-year CD (NYC)
• Wings Financial Credit Union - 1.26% 2-year CD (Seattle & Minneapolis Metro areas)

3-Year CD Rates

• Wilshire State Bank - 2.28% 3-year installment savings account w/auto xfers (account review)
• Connexus Credit Union - 1.75% 3-year CD w/active chk
• Pentagon Federal Credit Union - 1.61% 3-year CD, account review
• Ally Bank - 1.55% (1.64% 5-year CD closed after 3 years, see review & risks)
• Barclays - 1.56% (1.70% 5-year CD closed after 3 years, see review & risks)
• Salem Five Direct - 1.50% 30-month CD
• Citizens State Bank - 1.50% ($5K) 3-year Raise Your Rate CD, account review
• Melrose Credit Union - 1.46% 3-year CD
• Sandia Laboratory FCU - 1.46% ($200K) 1.36% ($100K) 1.26% ($50K) 1.16% ($1K) 3-year CD
• CIT Bank - 1.44% ($100K) 1.42% ($1K) 3-year CD
• NexBank - 1.40% 3-year CD, account review
• Northwest Federal Credit Union - 1.40% ($100K) 1.30% ($25K) 3-year CD (+0.25% w/relationship)
• Discover Bank - 1.35% 3-year CD
• Pentagon Federal Credit Union - 1.34% (2.02% 7-year CD closed after 3 years, see review & risks)

• Noteworthy Local Deals

• NavyArmy Community Credit Union - 3.00% 30-month CD (Corpus Christi, TX metro)
• University of Iowa Community Credit Union - 2.20% ($250K) 2.10% ($100K) 2.00% ($1K) 37-month CD (several parts of Iowa)
• Encompass Credit Union - 2.02% 3-year CD (Central Indiana)
• Sea Comm Federal Credit Union - 2.02% 3-year CD (Northern NY)
• Gulf Coast Federal Credit Union - 2.02% 3-year CD (Corpus Christi, TX metro)
• One Source Federal Credit Union - 1.86% ($50K) 1.76% ($1K) 3-year CD (El Paso, TX)
• Veridian Credit Union - 1.80% ($100K) 1.60% ($1K) 39-month CD (several parts of Iowa)
• Dover Federal Credit Union - 1.75% 3-year CD (Delaware)
• LOMTO Federal Credit Union - 1.75% 3-year CD (parts of New York City)
• Doral Bank NY - 1.55% 3-year CD (NYC)
• Knoxville TVA Employees Credit Union - 1.60% 34-month CD (Knoxville, TN metro)
• Wings Financial Credit Union - 1.56% 3-year CD (Seattle & Minneapolis Metro areas)

4-Year CD Rates

• Pen Air Federal Credit Union - 1.80% ($100K) 1.60% ($500) 5-year CD
• Citizens State Bank - 1.77% ($100K) 1.61% ($1K) 4-year CD, account review
• Andrews Federal Credit Union - 1.71% 4-year CD
• Melrose Credit Union - 1.71% 4-year CD
• Communitywide Federal Credit Union - 1.70% 49-month special CD
• Alliant Credit Union - 1.65% 4-year CD
• Pentagon Federal Credit Union - 1.61% 4-year CD, account review
• Nationwide Bank - 1.61% ($100K) 1.56% ($500) 4-year CD
• Ally Bank - 1.57% (1.64% 5-year CD closed after 4 years, see review & risks)
• Barclays - 1.59% (1.70% 5-year CD closed after 4 years, see review & risks)
• Discover Bank - 1.55% 4-year CD
• Pentagon Federal Credit Union - 1.51% (2.02% 7-year CD closed after 4 years, see review & risks)
• Barclays - 1.45% 4-year CD
• Ally Bank - 1.35% Raise-Your-Rate 4-year CD

• Noteworthy Local Deals

• University of Iowa Community Credit Union - 2.35% ($250K) 2.25% ($100K) 2.15% ($1K) 49-month CD (several parts of Iowa)
• Sea Comm Federal Credit Union - 2.25% 4-year CD (Northern NY)
• SECNY Federal Credit Union - 2.00% ($50K) 1.90% ($1K) 4-year CD (Central NY)
• HAPO Community Credit Union - 2.00% 4-year CD (all of Washington State)
• Dover Federal Credit Union - 2.00% 4-year CD (Delaware)
• LOMTO Federal Credit Union - 2.00% 4-year CD (parts of New York City)
• One Source Federal Credit Union - 1.97% ($50K) 1.87% ($1K) 4-year CD (El Paso, TX)
• Shell Federal Credit Union - 1.90% ($50K) 1.85% ($500) 4-year CD (Houston, TX)
• Empower Federal Credit Union - 1.75% ($100K) 1.60% ($10K) 4-year CD, extra 0.25% for seniors w/dd (western NY)
• Wings Financial Credit Union - 1.71% 4-year CD (Seattle & Minneapolis Metro areas)
• Doral Bank NY - 1.65% 4-year CD (NYC)

5-Year CD Rates

• Pen Air Federal Credit Union - 2.20% ($100K) 2.00% ($500) 5-year CD
• State Department Federal Credit Union - 2.07% 5-year IRA CD, 1.96% 5-year CD
• Stanford Federal Credit Union - 2.02% ($100K) 5-year CD, requires chk w/dd, account review
• Citizens State Bank - 2.00% ($100K) 1.85% ($1K) 5-year CD, account review
• Mountain America Credit Union - 2.00% 5-year CD, account review
• Connexus Credit Union - 2.00% 5-year CD w/active chk
• Communitywide Federal Credit Union - 2.00% 5-year CD
• Melrose Credit Union - 1.96% 5-year CD
• State Bank of India, New York - 1.81% 5-year CD
• CIT Bank - 1.85% ($100K) 1.80% ($1K) 5-year CD
• Nationwide Bank - 1.85% ($100K) 1.80% ($500) 5-year CD
• Discover Bank - 1.75% 5-year CD
• Barclays - 1.70% 5-year CD
• Ally Bank - 1.64% 5-year CD
• Pentagon Federal Credit Union - 1.61% (2.02% 7-year CD closed after 5 years, see review & risks)

• Noteworthy Local Deals

• American Airlines Credit Union - 3.09% 5-yr/1.81% 2.5-yr CD ladder (limited membership)
• Belmont Savings Bank - 3.00% ($25K max, active checking required) 5-year CD (Massachusetts)
• Encompass Credit Union - 2.53% 5-year CD (Central Indiana)
• Sea Comm Federal Credit Union - 2.49% 5-year CD (Northern NY)
• One Source Federal Credit Union - 2.37% ($50K) 2.27% ($1K) 5-year CD (El Paso, TX)
• General Electric Credit Union - 2.33% 5-year CD (Cincinnati OH metro)
• Security Service Federal Credit Union - 2.30% ($100K) 2.15% ($500) 5-year CD (parts of Texas, lower rates in CO and UT)
• Ukrainian Selfreliance FCU - 2.30% ($75K) 2.25% ($500) 5-year CD (Philadelphia, PA)
• Dover Federal Credit Union - 2.25% 5-year CD (Delaware)
• SACU - 2.20% ($90K) 2.15% ($10K) 5-year CD (San Antonio, TX)
• SECNY Federal Credit Union - 2.20% ($50K) 2.00% ($1K) 5-year CD (Central NY)
• LOMTO Federal Credit Union - 2.20% 5-year CD (parts of New York City)
• Shell Federal Credit Union - 2.20% ($50K) 2.15% ($500) 5-year CD (Houston, TX)
• Idaho Central Credit Union - 2.15% 5-year bump-up CD (Idaho)
• Consumers Credit Union - 2.10% 5-year No-Penalty CD (parts of MI)
• BBVA Compass - 2.10% 5-year CD w/chk, 2.00% w/o chk (parts of AZ, CA, CO, NM, AL, FL, TX)
• Denver Community Credit Union - 2.10% ($50K) 1.85% ($100) 5-year CD (Denver County)
• HAPO Community Credit Union - 2.10% 5-year CD (all of Washington State)
• Texell Credit Union - 2.10% 5-year CD (Central Texas)
• Superior Choice Credit Union - 2.08% 58-month CD special (parts of WI and MN)
• Empower Federal Credit Union - 2.05% ($100K) 1.90% ($10K) 5-year CD, extra 0.25% for seniors w/dd (Northwest NY)
• HEW Federal Credit Union - 2.02% 5-year CD (DC metro area)
• American Eagle Bank of Chicago - 2.00% (relationship checking required) 5-year CD (Chicago, IL)
• Police and Fire Federal Credit Union - 2.00% 5-year CD (Pennsylvania)
• Wings Financial Credit Union - 1.96% 5-year CD (Seattle & Minneapolis Metro areas)
• Miami Postal Service Credit Union - 1.91% 5-year CD (Southeast FL)
• Freedom Credit Union - 1.90% add-on 5-year CD (Philadelphia)

Over 5-Year CD Rates

• Navy Federal Credit Union - 2.15% ($100K) 2.05% ($20K) 7-year CD (membership restrictions)
• Discover Bank - 2.10% 10-year CD
• Pentagon Federal Credit Union - 2.02% 7-year CD
• Navy Federal Credit Union - 2.00% ($100K) 1.90% ($20K) 6-year CD (membership restrictions)
• Discover Bank - 2.00% 7-year CD
• Air Force FCU - 2.00% ($100K) 1.85% ($2.5K) 7-year CD
• Apple Federal Credit Union - 2.00% 10-year CD
• Northrop Grumman FCU - 1.96% ($40K) 1.80% ($2.5K) 7-year CD
• Dime Savings Bank - 1.70% 7-year CD

• Noteworthy Local Deals

• SACU - 3.25% ($90K) 3.20% ($10K) 10-year CD (San Antonio, TX)
• SACU - 2.75% ($100K) 2.70% ($10K) 7-year (San Antonio, TX)
• Security Service Federal Credit Union - 2.85% ($100K) 2.70% ($500) 7-year CD (parts of Texas, lower rates in CO and UT)
• Workers Credit Union - 2.50% 6-year CD w/chk+dd (MA & Southern NH)
• Empower Federal Credit Union - 2.05% ($100K) 1.90% ($10K) 7-year CD, extra 0.25% for seniors w/dd (Northwest NY)
• Gateway Metro Federal Credit Union - 2.05% 6-year CD (St. Louis metro)
• Randolph-Brooks Federal Credit Union - 2.02% ($75K) 2.02% ($20K) 7-year CD (San Antonio & Austin, TX)
• Randolph-Brooks Federal Credit Union - 1.87% ($75K) 1.87% ($20K) 6-year CD (San Antonio & Austin, TX)

Note: All rates listed above are Annual Percentage Yields (APY) which factor in compounding.

Tags: CD rates