Survey of the Best CD Rates for March 1, 2013

The start of March did bring some rate cuts. The most noteworthy cuts were at PenFed. All of PenFed's CD rates from 1-year to 7-year fell by 25 basis points. Even with these cuts, PenFed's 2-year and 3-year CD rates are still near the top of the list.

PenFed's 7-year CD yield fell from 2.00% to 1.75%. So we lost another 2-percent CD. Due to this rate cut, I removed PenFed's 7-year CD from the list for early closures. With an early withdrawal penalty of 1-year of interest, this is no longer a good deal. The Barclays 5-year CD with a 1.85% APY and an early withdrawal penalty of only 3 months of interest remains the best deal if you plan to close the CD early. As we have discussed many times, there are risks with planning for early closure.

There were also rate cuts at Citizens State Bank, but its 1-year CD rate is still near the top (1.13% APY for a $100K minimum and 1.10% APY for a $1K minimum). A reader had reported being told that Citizens State Bank had decided to stop accepting out-of-state deposits. However, I contacted the bank today, and I was told they are still accepting out-of-state deposits, and the application can be done online. Citizens State Bank is a small Florida bank, and it's common for small banks to change their policies on deposits. So hopefully, they will continue to accept out-of-state deposits.

Local CD Deals

There were a few rate changes for the local deals today. Not all were cuts. There were actually a couple of rate hikes. A few were at Doral Bank in New York City which had CD rate increases of 5 bps. Its best deals are a 1.20% 1-year CD, a 1.25% APY 18-month CD and a 1.45% APY 2-year CD.

The other rate hike was at HAPO Community Credit Union in Washington State which had some CD rates that went up by 10 bps. Its best deals are now a 1.85% APY 4-year CD and a 1.95% APY 5-year CD.

I added one local deal this week. City County Credit Union in Florida increased its 5-year CD yield to 2.02% APY. Members can get up to 2.28% APY with a premium relationship. This is a small credit union, but its field of membership includes many counties throughout Florida.

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 March 1, 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 - 0.86% 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)
• Oritani Bank - 1.02% checking intro rate until 1/2/14 (Northeast NJ)
• Union Bank - 1.00% MMA intro rate until 12/31/13 (WA, OR and CA)
• Washington Federal - 1.00% 7-month CD (Western states)

1-Year CD Rates

• Chartway Federal Credit Union - 3.00% ($20K Max w/direct deposit) 1-year CD, account review (appears to have expired)
• 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)
• State Bank of India - Chicago - 1.16% ($95K) 1.05% ($2.5K) 1-year CD
• Citizens State Bank - 1.13% ($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
• Pentagon Federal Credit Union - 1.00% 1-year CD

• Noteworthy Local Deals

• City County Credit Union - 1.51% 1-year IRA-only CD (many FL counties)
• TEXAR Federal Credit Union - 1.50% 1-year CD (Northeast TX)
• 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 - 1.20% 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)
• Salem Five Direct - 1.15% 18-month CD
• NexBank - 1.15% 18-month CD, account review
• GE Capital Retail Bank (formerly MetLife) - 1.10% ($15K min) 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)
• Doral Bank NY - 1.25% 18-month CD (NYC)
• El Paso Area Teachers FCU - 1.21% ($50K) 1.11% ($500) 18-month CD (El Paso, TX)
• Hyperion Bank - 1.20% 18-month CD (Philadelphia, PA)
• Meetinghouse Bank - 1.10% 18-month CD (Boston, MA)

2-Year CD Rates

• Barclays - 1.62% (1.85% 5-year CD closed after 2 years, see review & risks)
• Ally Bank - 1.46% (1.59% 5-year CD closed after 2 years, see review & risks)
• Pentagon Federal Credit Union - 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

• 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)
• TEXAR Federal Credit Union - 1.50% 2-year CD (Northeast TX)
• Veridian Credit Union - 1.45% ($100K) 1.25% ($1K) 25-month CD (several parts of Iowa)
• Doral Bank NY - 1.45% 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)
• 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)
• Pentagon Federal Credit Union - 1.60% 3-year CD, account review
• 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
• 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

• 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% ($25K) 1.40% ($500) 3-year CD w/chk+dd (MA & Southern NH)
• Dime Savings Bank - 1.50% 30-month IRA-only CD (NYC)
• Wings Financial Credit Union - 1.36% 3-year CD (Seattle & Minneapolis Metro areas)

4-Year CD Rates

• 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
• Nationwide Bank - 1.61% ($100K) 1.56% ($500) 4-year CD
• Pentagon Federal Credit Union - 1.60% 4-year CD, account review
• 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
• Green Bank, N.A. - 1.50% 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)
• 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 - 1.70% ($100K) 1.55% ($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)
• 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
• 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
• Green Bank, N.A. - 1.85% 5-year CD
• Pentagon Federal Credit Union - 1.65% 5-year CD
• 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)
• Actors Federal Credit Union - 2.15% IRA 2.00% CD 5-year (SEG groups in LA, NYC & Chicago)
• American United Family of Credit Unions - 2.15% ($75K) 2.10% ($500) 5-year CD (parts of Utah)
• Denver Community Credit Union - 2.10% ($50K) 1.85% ($100) 5-year CD (Denver County)
• City County Credit Union - 2.02% (2.28% for premium relationship) 5-year CD (many FL counties)
• Visions Federal Credit Union - 2.02% 5-year CD (2.28% w/relationship) (NY, PA & NJ)
• Idaho Central Credit Union - 2.00% 5-year bump-up CD (Idaho)
• Melrose Cooperative Bank - 2.00% 5-year CD (parts of MA)
• Empower Federal Credit Union - 2.00% ($100K) 1.85% ($10K) 5-year CD, extra 0.25% for seniors w/dd (Northwest NY)
• 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 - 1.90% ($90K) 1.85% ($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
• Air Force FCU - 2.00% ($100K) 1.85% ($2.5K) 7-year CD
• Apple Federal Credit Union - 2.00% 10-year CD
• Discover Bank - 1.90% 7-year CD
• Navy Federal Credit Union - 1.90% ($100K) 1.80% ($20K) 6-year CD (membership restrictions)
• Northrop Grumman FCU - 1.89% ($40K) 1.73% ($2.5K) 7-year CD
• Pentagon Federal Credit Union - 1.75% 7-year CD
• 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 - 2.55% ($90K) 2.50% ($10K) 10-year CD (San Antonio, TX)
• Workers Credit Union - 2.50% 6-year CD w/chk+dd (MA & Southern NH)
• SACU - 2.30% ($100K) 2.25% ($10K) 7-year (San Antonio, TX)
• Columbia Bank - 2.10% 7-year CD (New Jersey)
• Gateway Metro Federal Credit Union - 2.05% 6-year CD (St. Louis metro)
• HeritageWest Credit Union - 2.02% 6-year CD (parts of Utah)
• Gesa Credit Union - 2.02% 7-year CD (Washington State)
• Amplify Credit Union - 2.01% ($100K) 1.75% ($50K) 7-year CD (Austin, TX)
• Mansfield Bank - 2.00% 8-year CD (Massachusetts)
• Empower Federal Credit Union - 2.00% ($100K) 1.85% ($10K) 7-year CD, extra 0.25% for seniors w/dd (Northwest NY)
• 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