Survey of the Best CD Rates for February 8, 2013

Last week's 5-year CD rate leader fell down from its top spot this week. Citizens State Bank stopped offering its special 2.05% APY 5-year CD. Its standard 5-year CD rates are now 1.81% APY for a $100K minimum and 1.75% APY for a $1K minimum. The new 5-year CD rate leader is now a tie between the State Department FCU and Stanford FCU. Both have a 2.02% APY. However, both have limitations. This 2.02% APY is only available in a 5-year IRA CD at the State Department FCU. At Stanford FCU, it requires a $100K minimum and an active checking account with direct deposit. If you want a regular CD without any checking requirements, the only institution with a nationally available 2% 5-year CD is Mountain America Credit Union.

The highest nationally available 5-year CD rate at a bank is now 1.95% APY. Green Bank, N.A. is offering this rate on its 5-year internet CD.

The next highest 5-year bank CD rate is 1.85% APY. Nationwide Bank increased its 5-year Jumbo CD this week from 1.76% to 1.85%. This rate now ties the Jumbo 5-year CD rate at CIT Bank and the regular 5-year CD rate at Barclays. The Barclays 5-year CD remains the best deal since it has an early withdrawal penalty of only 3 months of interest.

Citizens State Bank didn't cut all of its rates. It increased its Jumbo 1-year CD rate to 1.15% APY (1.10% for the $1K minimum). This is just below the 1-year bank CD rate leader which continues to be State Bank of India - Chicago which has a 1.16% APY. However, I would give Citizens State Bank the advantage since it has an online application.

For terms from 1 to 3 years, PenFed continues to offer the best nationally available 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. The most noteworthy cut was at BBVA Compass. Its 2-year CD yield fell from 1.25% to 1.00%. Its 5-year CD rates didn't change. This continues to be 1.75% APY in parts of AZ, CA and FL and 1.50% APY in CO, NM, AL and TX. An extra 10 bps is available with a relationship checking account.

On the positive side, Security Service Federal Credit Union came out with a new 13-month CD special with a 1.25% APY for a $100K minimum (1.10% APY for a $500 minimum). As is typical with this credit union, this rate is only available in parts of Texas. There are lower rates in Colorado and Utah.

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 8, 2013

Under 1-Year CD Rates

• EverBank - 1.25% checking/MMA intro 6-month rate ($100K/$50K max) account review
• Ally Bank - 1.06% (1.59% 5-year CD closed after 6 months, see review & risks)
• Connexus Credit Union - 1.00% 6-month CD w/active chk
• Xceed Financial Credit Union - 1.00% 9-month CD
• Doral Bank Direct - 0.94% 9-month CD, account review
• Barclays - 0.92% (1.85% 5-year CD closed after 6 months, see review & risks)
• Doral Bank Direct - 0.89% 6-month CD, account review
• Ally Bank - 0.88% 11-month No-Penalty CD, see account review
• Colorado Federal Savings Bank - 0.80% 6-month CD

• Noteworthy Local Deals

• 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)
• Veridian Credit Union - 1.00% ($100K) 0.80% ($1K) 7-month CD (several parts of Iowa)

1-Year CD Rates

• Barclays - 1.38% (1.85% 5-year CD closed after 1 year, see review & risks)
• Ally Bank - 1.32% (1.59% 5-year CD closed after 1 year, see review & risks)
• Pentagon Federal Credit Union - 1.25% 1-year CD
• State Bank of India - Chicago - 1.16% ($95K) 1.05% ($2.5K) 1-year CD
• Citizens State Bank - 1.15% ($100K) 1.10% ($1K) 1-year CD, account review
• Connexus Credit Union - 1.10% 1-year CD w/active chk
• CIT Bank - 1.05% ($25K min) add-on & bump-up 1-year CD
• Colorado Federal Savings Bank - 1.05% 1-year CD
• NexBank - 1.05% 1-year CD, account review

• Noteworthy Local Deals

• City County Credit Union - 1.51% 1-year IRA-only CD (many FL counties)
• Melrose Cooperative Bank - 1.50% 1-year CD (parts of MA)
• Gulf Coast Federal Credit Union - 1.50% 12-month CD (Corpus Christi, TX metro)
• 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 - 1.27% ($100K) 1-year CD (Cincinnati OH metro)
• Security Service Federal Credit Union - 1.25% ($100K) 1.10% ($500) 13-month CD (parts of Texas, lower rates in CO and UT)
• LOMTO Federal Credit Union - 1.20% 1-year CD (parts of New York City)
• Doral Bank NY - 1.15% 1-year CD (NYC)
• Beal Bank - 1.11% 1-year CD (Southeast FL)
• CapitalSource Bank - 1.01% 1-year CD (South California)
• The National Republic Bank of Chicago - 1.00% 1-year CD (Chicago)

18-month CD Rates

• Barclays - 1.54% (1.85% 5-year CD closed after 18 months, see review & risks)
• Ally Bank - 1.41% (1.59% 5-year CD closed after 18 months, see review & risks)
• USAlliance Federal Credit Union - 1.30% ($50K max) 15-month CD
• Salem Five Direct - 1.15% 18-month CD
• NexBank - 1.15% 18-month CD, account review
• GE Capital Retail Bank (formerly MetLife) - 1.12% 18-month CD
• Doral Bank Direct - 1.05% 18-month CD, account review

• Noteworthy Local Deals

• University of Iowa Community Credit Union - 1.95% ($250K) 1.85% ($100K) 1.75% ($1K) 19-month CD (several parts of Iowa)
• Gulf Coast Federal Credit Union - 1.65% 18-month CD (Corpus Christi, TX metro)
• TEXAR Federal Credit Union - 1.35% 18-month CD (Northeast TX)
• Veridian Credit Union - 1.30% ($100K) 1.11% ($1K) 15-month CD (several parts of Iowa)
• Libertad Bank - 1.25% 18-month CD (Texas)
• El Paso Area Teachers FCU - 1.21% ($50K) 1.11% ($500) 18-month CD (El Paso, TX)
• Meetinghouse Bank - 1.20% 18-month CD (Boston, MA)
• Valley Green Bank - 1.20% 18-month CD (Philadelphia, PA)
• Doral Bank NY - 1.20% 18-month CD (NYC)

2-Year CD Rates

• Barclays - 1.62% (1.85% 5-year CD closed after 2 years, see review & risks)
• Pentagon Federal Credit Union - 1.60% 2-year CD, account review
• Ally Bank - 1.46% (1.59% 5-year CD closed after 2 years, see review & risks)
• Citizens State Bank - 1.35% 2-year CD, account review
• NexBank - 1.30% 2-year CD, account review
• Connexus Credit Union - 1.30% 2-year CD w/active chk
• Northwest Federal Credit Union - 1.26% ($100K) 1.15% ($25K) 2-year CD (+0.25% w/relationship)
• CIT Bank - 1.20% ($25K min) add-on & bump-up 2-year CD

• Noteworthy Local Deals

• TEXAR Federal Credit Union - 2.12% 2-year CD (Northeast TX)
• South Florida Federal Credit Union - 2.01% 2-year IRA CD (Southeast Florida)
• Gulf Coast Federal Credit Union - 1.85% 2-year CD (Corpus Christi, TX metro)
• Veridian Credit Union - 1.45% ($100K) 1.25% ($1K) 25-month CD (several parts of Iowa)
• Doral Bank NY - 1.40% 2-year CD (NYC)
• LOMTO Federal Credit Union - 1.40% 2-year CD (parts of New York City)
• BrightStar Credit Union - 1.25% 23-month CD (+0.25% w/chk relationship) (parts of Southeast FL)

3-Year CD Rates

• Wilshire State Bank - 2.28% 3-year installment savings account w/auto xfers, $100K max (account review)
• Pentagon Federal Credit Union - 1.85% 3-year CD, account review
• Connexus Credit Union - 1.75% 3-year CD w/active chk
• Barclays - 1.69% (1.85% 5-year CD closed after 3 years, see review & risks)
• Ally Bank - 1.50% (1.59% 5-year CD closed after 3 years, see review & risks)
• State Bank of India - Chicago - 1.51% ($95K) 1.41% ($2.5K) 3-year CD
• Citizens State Bank - 1.45% ($100K) 1.40% ($1K) 3-year CD, account review
• Melrose Credit Union - 1.46% 3-year CD
• Salem Five Direct - 1.40% 30-month 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)
• Barclays - 1.35% 3-year CD
• CIT Bank - 1.35% ($100K) 1.30% ($1K) 3-year CD
• Pentagon Federal Credit Union - 1.33% (2.00% 7-year CD closed after 3 years, see review & risks)

• Noteworthy Local Deals

• NavyArmy Community Credit Union - 2.50% 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)
• Gulf Coast Federal Credit Union - 2.02% 3-year CD (Corpus Christi, TX metro)
• Veridian Credit Union - 1.80% ($100K) 1.60% ($1K) 39-month CD (several parts of Iowa)
• Doral Bank NY - 1.55% 3-year CD (NYC)
• LOMTO Federal Credit Union - 1.55% 3-year CD (parts of New York City)
• Sea Comm Federal Credit Union - 1.52% 3-year CD (Northern NY)
• Workers Credit Union - 1.50% 30-month CD w/chk+dd (MA & Southern NH)
• Dime Savings Bank - 1.50% 30-month IRA-only CD (NYC)
• Valley Green Bank - 1.50% 3-year CD (Philadelphia, PA)
• One Source Federal Credit Union - 1.41% ($50K) 1.31% ($1K) 3-year CD (El Paso, TX)
• Wings Financial Credit Union - 1.36% 3-year CD (Seattle & Minneapolis Metro areas)

4-Year CD Rates

• Pentagon Federal Credit Union - 1.85% 4-year CD, account review
• Barclays - 1.73% (1.85% 5-year CD closed after 4 years, see review & risks)
• Andrews Federal Credit Union - 1.71% 4-year CD
• Melrose Credit Union - 1.71% 4-year CD
• Citizens State Bank - 1.70% ($100K) 1.65% ($1K) 4-year CD, account review
• Green Bank, N.A. - 1.70% 4-year CD
• Nationwide Bank - 1.61% ($100K) 1.56% ($500) 4-year CD
• Barclays - 1.55% 4-year CD
• Alliant Credit Union - 1.55% 4-year CD
• Ally Bank - 1.52% (1.59% 5-year CD closed after 4 years, see review & risks)
• Discover Bank - 1.50% 4-year CD
• Pentagon Federal Credit Union - 1.50% (2.00% 7-year CD closed after 4 years, see review & risks)
• 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)
• Melrose Cooperative Bank - 2.00% 4-year CD (parts of MA)
• Jefferson Financial Credit Union - 2.00% 4-year CD (parts of Louisiana)
• HAPO Community Credit Union - 1.85% 4-year CD (all of Washington State)
• LOMTO Federal Credit Union - 1.75% 4-year CD (parts of New York City)
• Empower Federal Credit Union - 1.75% ($100K) 1.60% ($10K) 4-year CD, extra 0.25% for seniors w/dd (western NY)
• Sea Comm Federal Credit Union - 1.70% 4-year CD (Northern NY)
• Doral Bank NY - 1.65% 4-year CD (NYC)
• One Source Federal Credit Union - 1.61% ($50K) 1.51% ($1K) 4-year CD (El Paso, TX)
• Shell Federal Credit Union - 1.60% ($50K) 1.55% ($500) 4-year CD (Houston, TX)
• Wings Financial Credit Union - 1.51% 4-year CD (Seattle & Minneapolis Metro areas)

5-Year CD Rates

• State Department Federal Credit Union - 2.02% 5-year IRA CD, 1.91% 5-year CD
• Stanford Federal Credit Union - 2.02% ($100K) 5-year CD, requires chk w/dd, account review
• Mountain America Credit Union - 2.00% 5-year CD, account review
• Connexus Credit Union - 2.00% 5-year CD w/active chk
• Melrose Credit Union - 1.96% 5-year CD
• Green Bank, N.A. - 1.95% 5-year CD
• Pentagon Federal Credit Union - 1.90% 5-year CD
• Barclays - 1.85% 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
• Citizens State Bank - 1.81% ($100K) 1.75% ($1K) 5-year CD, account review
• Pentagon Federal Credit Union - 1.60% (2.00% 7-year CD closed after 5 years, see review & risks)
• Ally Bank - 1.59% 5-year CD

• Noteworthy Local Deals

• Encompass Credit Union - 2.53% 5-year CD (Central Indiana)
• American Airlines Credit Union - 2.47% 5-yr/1.46% 2.5-yr CD ladder (limited membership)
• Security First Credit Union - 2.43% ($50K) 2.38% ($10K) 5-year CD (South Texas)
• 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)
• Jefferson Financial Credit Union - 2.25% 5-year CD (parts of Louisiana)
• Ukrainian Selfreliance FCU - 2.20% ($75K) 2.15% ($500) 5-year CD (Philadelphia, PA)
• American United Family of Credit Unions - 2.15% ($75K) 2.10% ($500) 5-year CD (parts of Utah)
• Idaho Central Credit Union - 2.15% 5-year bump-up CD (Idaho)
• Denver Community Credit Union - 2.10% ($50K) 1.85% ($100) 5-year CD (Denver County)
• Superior Choice Credit Union - 2.08% 58-month CD special (parts of WI and MN)
• Texell Credit Union - 2.05% 5-year CD (Central Texas)
• Empower Federal Credit Union - 2.05% ($100K) 1.90% ($10K) 5-year CD, extra 0.25% for seniors w/dd (Northwest NY)
• One Source Federal Credit Union - 2.12% ($50K) 2.02% ($1K) 5-year CD (El Paso, TX)
• Visions Federal Credit Union - 2.02% 5-year CD (2.28% w/relationship) (NY, PA & NJ)
• HEW Federal Credit Union - 2.02% 5-year CD (DC metro area)
• Melrose Cooperative Bank - 2.00% 5-year CD (parts of MA)
• Dime Savings Bank - 2.00% 5-year IRA-only CD (NYC)
• Keesler Federal Credit Union - 2.00% ($100K) 1.90% ($1K) 5-year CD (MS)
• LOMTO Federal Credit Union - 2.00% 5-year CD (parts of New York City)
• Police and Fire Federal Credit Union - 2.00% 5-year CD (Pennsylvania)
• SACU - 1.95% ($90K) 1.90% ($10K) 5-year CD (San Antonio, TX)
• Shell Federal Credit Union - 1.95% ($50K) 1.90% ($500) 5-year CD (Houston, TX)
• HAPO Community Credit Union - 1.95% 5-year CD (all of Washington State)
• Miami Postal Service Credit Union - 1.91% 5-year CD (Southeast FL)
• Freedom Credit Union - 1.90% add-on 5-year CD (Philadelphia)
• BBVA Compass - 1.85% 5-year CD w/chk, 1.75% w/o chk (parts of AZ, CA & FL) 0.25% lower for CO, NM, AL, TX
• Wings Financial Credit Union - 1.76% 5-year CD (Seattle & Minneapolis Metro areas)

Over 5-Year CD Rates

• Navy Federal Credit Union - 2.00% ($100K) 1.90% ($20K) 7-year CD (membership restrictions)
• Discover Bank - 2.00% 10-year CD
• Pentagon Federal Credit Union - 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 - 1.93% ($40K) 1.78% ($2.5K) 7-year CD
• Discover Bank - 1.90% 7-year CD
• Navy Federal Credit Union - 1.90% ($100K) 1.80% ($20K) 6-year CD (membership restrictions)
• E-LOAN - 1.70% 6-year CD

• Noteworthy Local Deals

• Security Service Federal Credit Union - 2.85% ($100K) 2.70% ($500) 7-year CD (parts of Texas, lower rates in CO and UT)
• SACU - 2.70% ($90K) 2.65% ($10K) 10-year CD (San Antonio, TX)
• Workers Credit Union - 2.50% 6-year CD w/chk+dd (MA & Southern NH)
• SACU - 2.34% ($100K) 2.30% ($10K) 7-year (San Antonio, TX)
• Columbia Bank - 2.10% 7-year CD (New Jersey)
• Gesa Credit Union - 2.06% 7-year CD (Washington State)
• 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)
• HeritageWest Credit Union - 2.02% 6-year CD (parts of Utah)
• Amplify Credit Union - 2.01% ($100K) 1.75% ($50K) 7-year CD (Austin, TX)
• Mansfield Bank - 2.00% 8-year CD (Massachusetts)
• Columbia Bank - 2.00% 6-year IRA CD 1.85% 6-year CD (New Jersey)
• Randolph-Brooks Federal Credit Union - 1.92% ($75K) 1.92% ($1K) 7-year CD (San Antonio & Austin, TX)
• Randolph-Brooks Federal Credit Union - 1.76% ($75K) 1.76% ($1K) 6-year CD (San Antonio & Austin, TX)
• Dime Savings Bank - 1.70% 7-year CD (NYC)

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

Tags: CD rates