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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 27, 2013

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Treasury yields fell for the second straight week as expectations grew that the Fed will delay tapering. I’ll have more discussion in my liquid account recap.

CD rate changes were mixed this week. There were rate increases at Ally Bank, Nationwide Bank, GE Capital Bank and GE Capital Retail Bank. There were rate cuts at EverBank and Salem Five Direct.

Ally Bank raised its 11-month no-penalty CD rate from 0.85% to 0.87%. This continues to be close to Ally’s savings and money market rate (which went up to 0.86% last week). Consequently, the only advantage of this CD is if interest rates fall.

The big news at Ally Bank was the announcement that the early withdrawal penalty will be going up on new long-term CDs effective December 7, 2013. I have more details in this post.

Nationwide Bank joins the 2% club. Its 5-year Jumbo CD yield increased last week from 1.97% to 2.02%.

Both GE Capital Bank and GE Capital Retail Bank increased some of their CD rates last week. They also increased the rates of their brokered CDs that they offer through Fidelity. These are separate banks, but they are both under GE Capital. They sure seem to be competing against each other which is good news for savers. Both banks raised their 18-month CD rates by 5 basis points. GE Capital Bank now has the top rate for a nationwide 18-month CD with a 1.15% APY. GE Capital Retail Bank is close behind with a 1.10% APY, but this requires a $100K minimum deposit. The yield is 1.05% APY for a $25K minimum.

Finally, the best short-term CD deal continues to be at Communitywide Federal Credit Union which has a special 12-month CD with a 2.00% APY. Maximum deposit is $100,000, and the CD requires a checking account with a debit card and a recurring deposit (like direct deposit). Several readers have reported success in joining this all-access credit union and in opening this CD. Please refer to my CD review post and the post comments for more details.

Local CD Deals

The most noteworthy news for local CDs is the new 7-year CD at MidFirst Direct (Thanks DA member OldGuy for posting on this news in the forum). It has a 3.00% APY for a minimum deposit of $1,000. That’s much higher than the 7-year CD rates you can get from nationally available CDs, even for the case of brokered CDs. MidFirst continues to offer a top 5-year CD rate with a 2.25% APY. These CDs can be opened online, but the bank only accepts new customers from 11 states. I have more details in my MidFirst Direct CD review.

I added four new CDs to the tables. These include a 1.25% APY 20-month CD at NEFCU in Long Island, NY; a 1.35% APY 3-month CD at HomeBanc in Central Florida, a 1.00% APY 10-month CD at San Francisco FCU and a 3.04% APY 10-year CD at Peopleschoice Credit Union in Maine.

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 (Note, this is scheduled to change on new CDs on 12/7/13. See post.)

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 27, 2013

Under 1-Year CD Rates

InstitutionRatesNotes
EverBank1.10% checking/MMA intro 6-month rate ($100K/$50K max)account review
Ally Bank1.07% (1.60% 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
Bank5 Connect0.90% 6-month CDNot available to MA & RI residents
CapitalSource Bank0.90% ($10K) 6-month CD special
Doral Direct0.87% 6-month CDaccount review
Ally Bank0.87% 11-month No-Penalty CDsee account review

Noteworth Local Deals

InstitutionRatesRegion
HomeBanc1.35% (max $75K) 3-month CDCentral Florida
Banc of California (formerly Pacific Trust)1.25% ($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
San Fancisco Federal Credit Union1.00% 10-month CD with a one-time bump-up optionSan Francisco and Mateo California
Doral Bank NY1.00% 6-month CDNYC

1-Year CD Rates

InstitutionRatesNotes
Communitywide Federal Credit Union2.00% ($100K max) 1-year special CD w/active chkaccount review
Ally Bank1.33% (1.60% 5-year CD closed after 1 year)see review & risks
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
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

InstitutionRatesRegion
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

InstitutionRatesNotes
Ally Bank1.42% (1.60% 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
GE Capital Bank1.15% 18-month CD
GE Capital Retail Bank1.10% ($100K) 1.05% ($25K) 18-month CDFormerly MetLife
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
Doral Direct1.02% 18-month CD, one-time penalty-free early withdrawal optionaccount review

Noteworthy Local Deals

InstitutionRatesRegion
Gulf Coast Federal Credit Union1.65% 18-month CDCorpus Christi, TX metro
Superior Choice Credit Union1.50% ($10K) 20-month CDparts of WI and MN
NEFCU1.25% 20-month CDLong Island, NY
Security Service Federal Credit Union1.25% ($100K) 1.10% ($500) 15-month CDparts of Texas, lower rates in CO and UT
University of Iowa Community Credit Union1.25% 15-month CD specialmany Iowa counties
Doral Bank NY1.25% 18-month CDNYC

2-Year CD Rates

InstitutionRatesNotes
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 Bank1.47% (1.60% 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

InstitutionRatesRegion
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

InstitutionRatesNotes
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
Melrose Credit Union1.46% 3-year CD
Intervest National Bank1.45% 3-year CD
Ally Bank1.51% (1.60% 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
Salem Five Direct1.30% ($10K) 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

InstitutionRatesRegion
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

4-Year CD Rates

InstitutionRatesNotes
Pentagon Federal Credit Union1.76% 4-year CD
Barclays1.75% (2.00% 5-year CD closed after 4 years)see review & risks
Nationwide Bank1.72% ($100K) 1.67% ($500) 4-year CD
Andrews Federal Credit Union1.71% 4-year CD
Melrose Credit Union1.71% 4-year CD
GE Capital Retail Bank1.70% ($100K) 1.50% ($2K) 4-year CDFormerly MetLife
Communitywide Federal Credit Union1.70% 4-year CDaccount review
GE Capital Bank1.67% 4-year CD
Barclays1.65% 4-year CD
iGObanking.com1.65% 4-year CD
Intervest National Bank1.65% 4-year CD
CIT Bank1.60% ($100K) 1.32% ($1K) 4-year CD
Alliant Credit Union1.55% 4-year CD
Ally Bank1.53% (1.60% 5-year CD closed after 4 years)see review & risks
EverBank1.47% 4-year CD
Ally Bank1.30% Raise-Your-Rate 4-year CD

Noteworthy Local Deals

InstitutionRatesRegion
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

InstitutionRatesNotes
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
American Heritage Federal Credit Union2.10% 5-year online CD
State Bank of India - New York2.05% 5-year CD
Nationwide Bank2.02% ($100K) 1.97% ($500) 5-year CD
Pentagon Federal Credit Union2.02% 5-year CD
GE Capital Bank2.01% 5-year CD
GE Capital Retail Bank2.00% ($100K) 1.95% ($25K) 5-year CDFormerly MetLife
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
EverBank1.96% 5-year CD
Melrose Credit Union1.96% 5-year CD
Intervest National Bank1.95% 5-year CD
Andrews Federal Credit Union1.91% 5-year CD
CIT Bank1.85% ($100K) 1.60% ($1K) 5-year CD
Ally Bank1.60% 5-year CD

Noteworthy Local Deals

InstitutionRatesNotes
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)
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

InstitutionRatesRegion
Fidelity New Issue Brokered CD3.30% 10-year non-callable CDissued by GE Capital Retail Bank and GE Capital Bank
Fidelity New Issue Brokered CD2.70% 7-year non-callable CDissued by GE Capital Retail Bank and GE Capital 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
GE Capital Bank2.05% 6-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

Noteworthy Local Deals

InstitutionRatesRegion
Hutchinson Credit Union3.15% ($250K) 3.10% ($100K) 3.05% ($25K) 10-year CDKansas
PeoplesChoice Credit Union3.04% 10-year CDYork and Cumberland Counties of Maine
MidFirst Direct3.00% 7-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
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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Comments
8 Comments.
Comment #1 by lou posted on
lou
I guess Ken is having a good time this weekend because usually he has the CD weekly summary ready on Friday evening. :)

3
Comment #2 by Anonymous posted on
Anonymous
Lou I thought I was the only one that thought that! Now I can tell my wife "see I do have a life"!

2
Comment #3 by OldGuy posted on
OldGuy
Ken--BBVA Compass started to offer 2-, 3- and 5-year online CDs nationwide last week.  If you go to the CD pages on its website, the bank has a new category of "all other geographical areas" which, if you click on it, shows rates for these maturities.  CSRs have confirmed that these CDs can be opened by any US citizen, and that the 25 basis-point bump-up for relationship checking accounts can be applied.

3
Comment #4 by cumulus posted on
cumulus
re #1 Lou, let's accentuate the positive: the incredible high quality,
timeliness, accuracy, volume and usefulness of Ken's efforts are
nothing short of extraordinary!  (And yes, I caught your smiley.)

7
Comment #5 by OldGuy posted on
OldGuy
Correction--I should have referred to 1-, 2- and 5-year online CDs at BBVA Compass.  Only the 5-year has a competitive rate.

2
Comment #7 by mustsavemore posted on
mustsavemore
Ken, your link for the midfirst direcr bank cd review isn't right. It just takes you to this exact same page.

1
Comment #8 by OldGuy posted on
OldGuy
Looks like MidFirst Direct just drppoed its 7-year APY to 2.75%.

2