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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 October 11, 2013


What happens in Washington D.C. in the next week will likely impact future CD rates. If the debt ceiling isn’t increased, that could weaken the economy and give the Fed reasons to keep its zero interest rate policy in effect for many more years. That could reverse the trend of rising long-term CD rates that we’ve seen over the last few months.

Perhaps the uncertainty in Washington is the reason few banks and credit unions changed their CD rates this week. There were just a few changes, and the changes included both rate hikes and cuts.

The most noteworthy change was the promotional 6-month CD at Bank5 Connect. The promotional 6-month CD has a 1.10% APY on balances up to $100K (see post).

Both EverBank and Nationwide Bank increased their 4-year CD rates. Nationwide Bank had the largest increase. Its Jumbo 4-year CD APY is now 1.70%.

Salem Five Direct lowered its special 2-year CD yield from 1.15% to 0.85%. This new rate is so low that I removed it from the table. Salem Five Direct continues to offer a good 5-year CD deal with a 2.00% APY.

Local CD Deals

Like the nationwide CDs, there weren’t many local CD rate changes, and the changes were mixed.

Randolph-Brooks Federal Credit Union in Central Texas, Horizon Credit Union in Washington State and First Republic Bank lowered their CD rates. Horizon had the largest rate cut. Its 5-year CD yield decreased from 2.22% to 1.92%. That caused me to remove Horizon from the list.

I added one bank to the local tables. Investors Bank in New York and New Jersey is offering two good short-term deals. One is a money market account with a 1.05% APY guaranteed until April 30, 2014. The other one is a 13-month CD with a 1.10% APY.

Finally, if you’re looking for 5-year CDs and you don’t mind opening a CD online, MidFirst Direct continues to offer a good deal. Its 5-year CD still has a 2.25% APY. It’s not available in all states, but residents of several states are eligible (AR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY).

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.

If you want to compare the effective yields of other CDs after the early withdrawal penalties, please refer to our CD early withdrawal penalty calculator.

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 October 11, 2013

Under 1-Year CD Rates

Bank5 Connect1.10% ($100K max) 6-month CDNot available to MA & RI residents
EverBank1.10% checking/MMA intro 6-month rate ($100K/$50K max)account review
Ally Bank1.00% (1.50% 5-year CD closed after 6 months)see review & risks
Connexus Credit Union1.00% 6-month CDw/active chk
Doral Direct0.91% 9-month CDaccount review
CapitalSource Bank0.90% ($10K) 6-month CD special
Doral Direct0.87% 6-month CDaccount review
Ally Bank0.85% 11-month No-Penalty CDsee account review

Noteworth Local Deals

PacTrust Bank1.25% ($250K) 1.00% ($100K) Savings Account intro rate until 12/31/13account review (SoCal)
Suntide Credit Union1.15% 6-month CDCorpus Christi, TX metro
Gulf Coast Federal Credit Union1.10% 6-month CDCorpus Christi, TX metro
Investors Bank1.05% MMA rate guaranteed to 4/30/14 ($100K to $2M)parts of NY and NJ
Doral Bank NY1.00% 6-month CDNYC

1-Year CD Rates

Communitywide Federal Credit Union2.00% ($100K max) 1-year special CD w/active chkaccount review
Ally Bank1.25% (1.50% 5-year CD closed after 1 year)see review & risks
E-LOAN1.10% ($10K) 1-year CD
Connexus Credit Union1.10% 1-year CDw/active chk
Nationwide Bank1.06% ($100K) 1.01% ($500) 1-year CD
GE Capital Bank1.05% 1-year CD
DollarSavingsDirect1.05% 1-year CD
GE Capital Retail Bank1.05% ($25K min) 1-year CDFormerly MetLife
CapitalSource Bank1.05% ($10K) 11-month CD
CIT Bank1.00% ($25K min)add-on & bump-up 1-year CD
Bank5 Connect1.00% 1-year CDNot available to MA & RI residents
Barclays1.00% (2.00% 5-year CD closed after 1 year)see review & risks

Noteworthy Local Deals

Suntide Credit Union1.75% 1-year CDCorpus Christi, TX metro
Gulf Coast Federal Credit Union1.50% 12-month CDCorpus Christi, TX metro
LOMTO Federal Credit Union1.20% 1-year CDparts of New York City
Doral Bank NY1.20% 1-year CDNYC
HAB Bank1.15% 1-year CDSouthern California
Beal Bank1.11% 1-year CDSoutheast FL
Investors Bank1.10% ($10K min) 13-month CDparts of NY and NJ
HAB Bank1.10% 1-year CDNYC metro
General Electric Credit Union1.02% ($100K) 1-year CDCincinnati OH metro

18-month CD Rates

Ally Bank1.33% (1.50% 5-year CD closed after 18 months)see review & risks
First Flight Federal Credit Union1.25% 15-month CD special
GE Capital Retail Bank1.15% 15-month CD specialFormerly MetLife
E-LOAN1.12% ($10K) 18-month CD
GE Capital Bank1.10% 18-month CD
Nationwide Bank1.09% ($100K) 1.04% ($500) 18-month CD
Bank5 Connect1.05% 18-month CDnot available to MA & RI residents
Colorado Federal Savings Bank1.05% 18-month CD
CapitalSource Bank1.05% ($10K) 18-month CD
GE Capital Retail Bank1.05% ($100K) 1.00% ($25K) 18-month CDFormerly MetLife
Doral Direct1.02% 18-month CD, one-time penalty-free early withdrawal optionaccount review

Noteworthy Local Deals

Gulf Coast Federal Credit Union1.65% 18-month CDCorpus Christi, TX metro
University of Iowa Community Credit Union1.25% 15-month CD specialmany Iowa counties
Doral Bank NY1.25% 18-month CDNYC

2-Year CD Rates

Barclays1.50% (2.00% 5-year CD closed after 2 years)see review & risks
First Flight Federal Credit Union1.50% 23-month and 24-month CD special
Ally Bank1.38% (1.50% 5-year CD closed after 2 years)see review & risks
Connexus Credit Union1.30% 2-year CDw/active chk
Pentagon Federal Credit Union1.26% 2-year CD
Melrose Credit Union1.21% 2-year CD
CIT Bank1.20% ($25K min) add-on & bump-up 2-year CD
GE Capital Retail Bank1.20% ($100K) 1.15% ($25K) 2-year CDFormerly MetLife
Bank5 Connect1.15% add-on 2-year CDnot available to MA & RI residents
Northwest Federal Credit Union1.15% ($100K) 1.05% ($25K) 2-year CD+0.25% w/relationship

Noteworthy Local Deals

Suntide Credit Union2.15% 2-year CDCorpus Christi, TX metro
NavyArmy Community Credit Union1.95% ($100K) 1.85% ($1K) 2-year CDCorpus Christi, TX metro
Gulf Coast Federal Credit Union1.85% 2-year CDCorpus Christi, TX metro
Doral Bank NY1.45% 2-year CDNYC
LOMTO Federal Credit Union1.40% 2-year CDparts of New York City
BrightStar Credit Union1.25% 23-month CD (+0.25% w/chk relationship)parts of Southeast FL

3-Year CD Rates

Wilshire State Bank2.28% 3-year installment savings account w/auto xfers, $100K maxaccount review
Connexus Credit Union1.75% 3-year CD w/active chk
Barclays1.67% (2.00% 5-year CD closed after 3 years)see review & risks
Pentagon Federal Credit Union1.51% 3-year CD
Salem Five Direct1.50% ($10K) 3-year CD
Melrose Credit Union1.46% 3-year CD
Intervest National Bank1.45% 3-year CD
Ally Bank1.42% (1.50% 5-year CD closed after 3 years)see review & risks
Andrews Federal Credit Union1.41% 3-year CD
CIT Bank1.30% ($100K) 1.21% ($1K) 3-year CD
Northwest Federal Credit Union1.30% ($100K) 1.20% ($25K) 3-year CD+0.25% w/relationship
Bank5 Connect1.18% (average apy) limited no-penalty 3-year CDnot available to MA & RI residents

Noteworthy Local Deals

NavyArmy Community Credit Union2.05% ($100K) 2.00% ($1K) 30-month CDCorpus Christi, TX metro
Gulf Coast Federal Credit Union2.02% 3-year CDCorpus Christi, TX metro
2.00% 3-year CD specialSouthern CA
Institution For Savings2.00% 30-month CDparts of MA
Doral Bank NY1.60% 3-year CDNYC
Department of Commerce FCU1.55% 3-year CDWashington DC
LOMTO Federal Credit Union1.55% 3-year CDparts of New York City
Home Loan Investment Bank1.50% 3-year CDresidents of RI, MA and CT

4-Year CD Rates

Pentagon Federal Credit Union1.76% 4-year CD
Barclays1.75% (2.00% 5-year CD closed after 4 years)see review & risks
Andrews Federal Credit Union1.71% 4-year CD
Melrose Credit Union1.71% 4-year CD
Communitywide Federal Credit Union1.70% 4-year CDaccount review
Nationwide Bank1.70% ($100K) 1.65% ($500) 4-year CD
Barclays1.65% 4-year CD
iGObanking.com1.65% 4-year CD
Intervest National Bank1.65% 4-year CD
GE Capital Retail Bank1.65% ($100K) 1.50% ($2K) 4-year CDFormerly MetLife
CIT Bank1.60% ($100K) 1.32% ($1K) 4-year CD
EverBank1.59% 4-year CD
Alliant Credit Union1.55% 4-year CD
Ally Bank1.44% (1.50% 5-year CD closed after 4 years)see review & risks
Ally Bank1.30% Raise-Your-Rate 4-year CD

Noteworthy Local Deals

Bank of Utica2.25% 4-year CDCentral New York
Bayer Heritage Federal Credit Union2.02% 4-year CDparts of WV, OH & SC
HarborOne Bank2.00% 4-year CDNew England
Institution For Savings2.00% 4-year CDparts of MA
HAPO Community Credit Union1.90% 4-year CDall of Washington State
Department of Commerce FCU1.80% 4-year CDWashington DC
MidFirst Direct1.75% 4-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
LOMTO Federal Credit Union1.75% 4-year CDparts of New York City
Police and Fire Federal Credit Union1.75% 4-year CDPennsylvania
Doral Bank NY1.65% 4-year CDNYC
Fifth Third Bank1.50% 4-year CD specialseveral eastern and midwestern states

5-Year CD Rates

Stanford Federal Credit Union2.22% ($100K) 5-year CD, requires chk w/ddaccount review
Fidelity New Issue Brokered CD2.15% 5-year non-callable CDissued by Bank of Baroda
State Bank of India - New York2.10% 5-year CD
American Heritage Federal Credit Union2.10% 5-year online CD
Pentagon Federal Credit Union2.02% 5-year CD
EverBank2.01% 5-year CD
Barclays2.00% 5-year CD
Salem Five Direct2.00% ($10K) 5-year CD
State Farm Bank2.00% 5-year CD
Connexus Credit Union2.00% 5-year CD w/active chk
Communitywide Federal Credit Union2.00% 5-year CDaccount review
Nationwide Bank1.97% ($100K) 1.92% ($500) 5-year CD
Melrose Credit Union1.96% 5-year CD
GE Capital Retail Bank1.95% ($100K) 1.90% ($25K) 5-year CDFormerly MetLife
Intervest National Bank1.95% 5-year CD
Andrews Federal Credit Union1.91% 5-year CD
GE Capital Bank1.90% 5-year CD
CIT Bank1.85% ($100K) 1.60% ($1K) 5-year CD
Ally Bank1.50% 5-year CD

Noteworthy Local Deals

Bank of Utica2.50% 5-year CDCentral New York
American Airlines Credit Union2.47% 5-yr/1.46% 2.5-yr CD ladderlimited membership
Progressive Credit Union2.32% 5-year CD (NYC with unique FOM)account review
Bayer Heritage Federal Credit Union2.27% 5-year CDparts of WV, OH & SC
MidFirst Direct2.25% 5-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
BBVA Compass2.25% (w/relationship checking) 2.00% (w/o relation) 5-year CDparts of AL, AZ, CA, CO, FL, NM and TX
First Community Federal Credit Union2.21% 5-year CD w/relationshipparts of MI, WI and IL
Department of Commerce FCU2.10% 5-year CDWashington DC
General Electric Credit Union2.03% 5-year CDCincinnati OH metro
Central Bank & Trust2.02% 5-year CDColorado Springs, CO
Consumers Credit Union2.00% 5-year CD, allows one no-penalty early withdrawal (parts of Michigan)
OmniAmerican Bank2.00% 5-year CDDallas/Forth Worth metro
Home Loan Investment Bank2.00% 5-year CDresidents of RI, MA and CT
HAPO Community Credit Union2.00% 5-year CDall of Washington State
Institution For Savings2.00% 5-year CDparts of MA
LOMTO Federal Credit Union2.00% 5-year CDparts of New York City
Police and Fire Federal Credit Union2.00% 5-year CDPennsylvania

Over 5-Year CD Rates

Fidelity New Issue Brokered CD3.30% 10-year non-callable CDissued by GE Capital Retail Bank and Goldman Sach Bank
Fidelity New Issue Brokered CD2.70% 7-year non-callable CDissued by GE Capital Retail Bank and Goldman Sach Bank
Apple Federal Credit Union2.50% 10-year CD
Apple Federal Credit Union2.10% 7-year CD
Intervest National Bank2.07% ($95K) 2.05% ($2.5K) 10-year CD
Pentagon Federal Credit Union2.02% 7-year CD
Northrop Grumman FCU1.90% ($40K) 1.74% ($2.5K) 7-year CD
Discover Bank1.90% 10-year CD
Discover Bank1.80% 7-year CD
Third Federal1.75% 6-year CD
Air Force FCU1.75% ($100K) 1.60% ($2.5K) 7-year CD

Noteworthy Local Deals

Hutchinson Credit Union3.15% ($250K) 3.10% ($100K) 3.05% ($25K) 10-year CDKansas
Frick Tri-County Federal Credit Union3.00% 10-year CDparts of Western PA
Dollar Bank2.75% 10-year CDPittsburgh and Cleveland
SACU2.75% ($90K) 2.70% ($10K) 10-year CDSan Antonio, TX
Franklin Federal Savings Bank2.73% 7-year CDRichmond, VA metro
Frick Tri-County Federal Credit Union2.50% 8-year CDparts of Western PA
MidFirst Bank2.70% 7-year CDAZ and OK
Hutchinson Credit Union2.50% ($250K) 2.40% ($100K) 2.30% ($25K) 6-year CDKansas
Franklin Federal Savings Bank2.42% 6-year CDRichmond, VA metro
Wright-Patt Credit Union2.40% ($100K) 2.30% ($500) 6-year CDUS gov military and civilian personnel, Parts of OH
SACU2.25% ($100K) 2.20% ($10K) 7-yearSan Antonio, TX
Security Service Federal Credit Union2.20% ($100K) 2.05% ($500) 7-year CDparts of Texas, lower rates in CO and UT
Columbia Bank2.10% 7-year CDNew Jersey
Randolph-Brooks Federal Credit Union2.07% 7-year CDSan Antonio & Austin, TX
Gateway Metro Federal Credit Union2.05% 6-year CDSt. Louis metro
First Republic Bank2.00% (w/chk) 1.75% (w/o chk) 6-year CDparts of CA, CT, FL, MA, NY & OR
Columbia Bank1.95% 6-year CDNew Jersey

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

  Tags: CD rates

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