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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 February 15, 2013


Survey of the Best CD Rates for February 15, 2013

This week was fairly quiet for CD rate changes. The only change for the nationally available CDs that I track was at Green Bank, N.A. Its 5-year CD yield fell from 1.95% to 1.85%, and its 4-year CD yield fell from 1.70% to 1.50%. The 1.85% APY is now the highest 5-year CD yield for a bank. The other banks that also have this rate include Barclays, CIT Bank and Nationwide Bank. Out of these four CDs, I give Barclays the edge due to its small early withdrawal penalty, its smooth online application process and no minimum deposit requirement.

Credit unions still offer the best rates for most CD terms. Mountain America Credit Union has a 2.00% APY 5-year CD that doesn't have a checking requirement. For terms from 1 to 3 years, PenFed continues to offer the best CD deals. These include a 1.25% APY 1-year CD, a 1.60% APY 2-year CD and a 1.85% APY 3-year CD. PenFed CD rates typically last through the month, but there's no guarantee.

Local CD Deals

There were a handful of CD rate cuts this week for the CDs that aren't nationally available. Most of the rate cuts were on long-term CDs.

I added four new banks. First, Hyperion Bank in Philadelphia increased the rates on several of its CDs this week. Its most competitive CD is an 18-month CD with a 1.20% APY.

I also added Washington Federal Savings's 7-month CD to the list. It has a 1.00% APY with a $1K minimum deposit. The bank has branches in several western states. Thanks to DA member pearlbrown for reporting on this special in the forum.

Two of the additions aren't CDs, but money market and checking accounts with promo rates that are guaranteed to last through the year. Since the rates are guaranteed, I consider these to be like short-term CDs.

Oritani Bank in New Jersey is one of these banks. It's offering 1.02% APY guaranteed to 1/2/2014 on its checking account. Thanks to DA member stormdog123 for reporting on this in the forum.

The second bank is Union Bank, N.A. with branches on the west coast. It has a money market special with a 1.00% APY guaranteed to 12/31/2013. I reviewed the deal in this post.

If you don't live in the market areas of these two banks, you can get a similar deal at EverBank which is open to anyone in the nation. It continues to offer 1.25% APY guaranteed for the first 6 months on its checking account (up to $100K) and on its money market account (up to $50K).

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 February 15, 2013

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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