Survey of the Best CD Rates for March 15, 2013

Some of the economic news today such as the fall of consumer sentiment shows that the markets may have been too optimistic about economic growth this year. Higher deposit rates are likely still a long way off. That may be why we are still seeing CD rate cuts. This week, there were two notable rate cuts on long-term CDs.

Ally Bank cut 5-year and 4-year CD rates this week by 5 basis points. Its 5-year CD APY is now 1.54%. CIT Bank also cut its 5-year CD rate. CIT Bank's APY is now 1.75% for a $100K minimum and 1.70% for a $1K minimum.

On the plus side, we have a new 5-year CD rate leader. The National Republic Bank of Chicago increased its 5-year CD rate this week to 2.02% APY. There are two all-access credit unions that have this same rate, but one only has this as an IRA (State Department FCU) and the other one requires a checking relationship and a $100K minimum (Stanford FCU).

The National Republic Bank of Chicago also increased its 3-year CD yield to 1.51% APY. This is tied with State Bank of India - Chicago for the highest 3-year CD rate at a bank. However, the best 3-year CD deal continues to be at PenFed which has a 1.60% APY with no checking requirement. It's hard to believe that this was 1.85% APY in February.

Local CD Deals

There were a handful of rate cuts for the local deals. Two long-term CD rate leaders had cuts this week. Both are based in San Antonio, Texas. Security Service FCU cut its Jumbo 5-year CD rate from 2.30% to 2.15% APY. Its Jumbo 7-year CD rate fell from 2.85% to 2.55% APY.

San Antonio Federal Credit Union (SACU) had another rate cut this week. All of its CD rates fell by 10 bps. Its 10-year CD rate fell to 2.40% APY and its 7-year CD rate fell to 2.15% APY.

On the plus side, I added three CDs from the Department of Commerce FCU which is based in Washington, DC. Its 3-, 4- and 5-year CD rates recently went up by 5 to 20 bps. The highest rate is its 5-year CD which has a 2.05% APY.

Another CD I added this week is a short-term deal. Premier America Credit Union with branches in Southern California and in Houston is offering a special 13-month CD with a 1.03% APY. It's not a hot deal since a few internet banks still offer 1.05% APY for a 1-year term. However, for those who prefer to bank at a local brick-and-mortar office, it's a respectable deal.

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.

Update 3/16/13: Barclays has increased its early withdrawal penalty for terms over 2 years from 90 days to 180 days of interest. This will decrease the effective yields when the CDs are closed early.

Yields Accurate as of March 15, 2013

Under 1-Year CD Rates

• EverBank - 1.25% checking/MMA intro 6-month rate ($100K/$50K max) account review
• Ally Bank - 1.02% (1.54% 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 - 0.93% 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 - 0.85% 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)
• PacTrust Bank - 1.25% ($250K) 1.00% ($100K) Savings Account intro rate until 12/31/13, account review (SoCal)
• 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) 0.75% ($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 and OR)

1-Year CD Rates

• Barclays - 1.38% (1.85% 5-year CD closed after 1 year, see review & risks)
• Ally Bank - 1.28% (1.54% 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 - 1.05% ($100K) 0.99% ($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
• GE Capital Retail Bank (formerly MetLife) - 1.05% ($25K min) 1-year CD
• 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)
• Premier America Credit Union - 1.03% 13-month CD (SoCal and Houston)
• CapitalSource Bank - 1.01% 1-year CD (Southern California)

18-month CD Rates

• Barclays - 1.54% (1.85% 5-year CD closed after 18 months, see review & risks)
• Ally Bank - 1.37% (1.54% 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
• Nationwide Bank - 1.10% ($100K) 1.05% ($500) 18-month CD

• 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 - 1.25% ($100K) 1.05% ($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)

2-Year CD Rates

• Barclays - 1.62% (1.85% 5-year CD closed after 2 years, see review & risks)
• Ally Bank - 1.41% (1.54% 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)
• Nationwide Bank - 1.25% ($100K) 1.20% ($500) 2-year CD
• 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 - 1.40% ($100K) 1.20% ($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
• The National Republic Bank of Chicago - 1.51% 3-year CD
• State Bank of India - Chicago - 1.51% ($95K) 1.41% ($2.5K) 3-year CD
• Ally Bank - 1.45% (1.54% 5-year CD closed after 3 years, see review & risks)
• 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 - 1.75% ($100K) 1.60% ($1K) 39-month CD (several parts of Iowa)
• Department of Commerce FCU - 1.60% 3-year CD (Washington DC)
• 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 - 1.48% (1.54% 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 - 1.30% 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)
• Department of Commerce FCU - 1.80% 4-year CD (Washington DC)
• LOMTO Federal Credit Union - 1.75% 4-year CD (parts of New York City)
• HAPO Community Credit Union - 1.70% 4-year CD (all of Washington State)
• 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

• The National Republic Bank of Chicago - 2.02% 5-year CD
• 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
• Green Bank, N.A. - 1.85% 5-year CD
• Nationwide Bank - 1.80% ($100K) 1.75% ($500) 5-year CD
• CIT Bank - 1.75% ($100K) 1.70% ($1K) 5-year CD
• Pentagon Federal Credit Union - 1.65% 5-year CD
• Ally Bank - 1.54% 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)
• 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)
• Security Service Federal Credit Union - 2.15% ($100K) 2.00% ($500) 5-year CD (parts of Texas, lower rates in CO and UT)
• 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)
• Department of Commerce FCU - 2.05% 5-year CD (Washington DC)
• 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)
• Shell Federal Credit Union - 1.95% ($50K) 1.90% ($500) 5-year CD (Houston, TX)
• Miami Postal Service Credit Union - 1.91% 5-year CD (Southeast FL)
• Freedom Credit Union - 1.90% add-on 5-year CD (Philadelphia)
• HAPO Community Credit Union - 1.80% 5-year CD (all of Washington State)
• 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)
• SACU - 1.75% ($90K) 1.70% ($10K) 5-year CD (San Antonio, TX)

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 - 1.87% ($40K) 1.71% ($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 - 2.55% ($100K) 2.40% ($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)
• SACU - 2.40% ($90K) 2.35% ($10K) 10-year CD (San Antonio, TX)
• SACU - 2.15% ($100K) 2.10% ($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