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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 4, 2013

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Survey of the Best CD Rates for October 4, 2013

We continue to see a few institutions raising their long-term CD rates. PenFed raised several of its CD rates for October. After several months of disappointing rates, PenFed is again offering competitive CD rates. These include a 2.02% APY 5-year CD and a 1.51% APY 3-year CD.

The internet bank Barclays increased its 4-year and 5-year CD rates by 10 basis points. Its 5-year CD now has a 2.00% APY.

The highest 5-year CD rate that’s nationally available and doesn’t require any checking relationship is 2.10% APY. This week State Bank of India - New York began offering this rate. The downside with this bank is that you’re required to apply by mail if you can’t make it into the branch.

Unfortunately, there were some rate cuts this week. Most significant was at iGObanking.com. Its 5-year CD had been a rate leader with a 2.05%, but this rate was slashed this week to 0.35%. iGObanking.com has a history of alternating between competitive rates to very low rates. So this new rate isn’t a reflection of the interest rate environment.

Local CD Deals

I added two CDs to the local tables this week. The first is a special 3-year CD with a 2.00% APY. This is being offered by two Southern California branches of Luther Burbank Savings.

The second one is a 5-year CD with a 2.21% APY (2.11% w/o a checking relationship). This is being offered by First Community Federal Credit Union which is open to residents of parts of Michigan, Wisconsin and Illinois.

Format Change

I have replaced the lists with tables. These tables will hopefully allow you to review the CD rates quicker. These tables hold the same information as the lists except there is one new piece of info. That’s the up or down arrow to indicate the change of CD rates from last week. Not all rate changes will be tagged with the up/down arrow. If the rate cut was too severe (like at The MINT National Bank), I’ll remove if from the table.

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 4, 2013

Under 1-Year CD Rates

InstitutionRatesNotes
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
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 Bank0.85% 11-month No-Penalty CDsee account review

Noteworth Local Deals

InstitutionRatesRegion
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
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 Bank1.25% (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 yearsee 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
HAB Bank1.10% 1-year CDNYC metro
General Electric Credit Union1.02% ($100K) 1-year CDCincinnati OH metro

18-month CD Rates

InstitutionRatesNotes
Ally Bank1.33% (1.50% 5-year CD closed after 18 monthssee 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

InstitutionRatesRegion
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
Montauk Credit Union1.25% 18-month CDNew York City
Doral Bank NY1.25% 18-month CDNYC

2-Year CD Rates

Barclays1.50% (2.00% 5-year CD closed after 2 yearssee review & risks
InstitutionRatesNotes
First Flight Federal Credit Union1.50% 23-month and 24-month CD special
Ally Bank1.38% (1.50% 5-year CD closed after 2 yearssee 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
Salem Five Direct1.15% ($10K) 2-year CD
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
Montauk Credit Union1.50% 2-year CDNew York City
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 yearssee 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 yearssee review & risks
Andrews Federal Credit Union1.41% 3-year CD
iGObanking.com1.30% 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

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
Montauk Credit Union1.75% 3-year CDNew York City
Doral Bank NY1.60% 3-year CDNYC
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
Department of Commerce FCU1.50% 3-year CDWashington DC

4-Year CD Rates

InstitutionRatesNotes
Pentagon Federal Credit Union1.76% 4-year CD
Barclays1.75% (2.00% 5-year CD closed after 4 yearssee 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
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
Nationwide Bank1.63% ($100K) 1.58% ($500) 4-year CD
CIT Bank1.60% ($100K) 1.32% ($1K) 4-year CD
EverBank1.58% 4-year CD
Alliant Credit Union1.55% 4-year CD
Ally Bank1.44% (1.50% 5-year CD closed after 4 yearssee review & risks
Ally Bank1.30% Raise-Your-Rate 4-year CD

Noteworthy Local Deals

InstitutionRatesRegion
Montauk Credit Union2.25% 4-year CDNew York City
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
MidFirst Direct1.75% 4-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
Department of Commerce FCU1.75% 4-year CDWashington DC
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
State Bank of India - New York2.10% 5-year CD
Fidelity New Issue Brokered CD2.10% 5-year non-callable CDissued by GE Capital Retail Bank and American Express Centurion Bank
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

InstitutionRatesNotes
Bank of Utica2.50% 5-year CDCentral New York
Montauk Credit Union2.50% 5-year CDNew York City
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
Horizon Credit Union2.22% 5-year CDWA, parts of ID and MT
First Community Federal Credit Union2.21% 5-year CD w/relationshipparts of MI, WI and IL
Department of Commerce FCU2.05% 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

InstitutionRatesRegion
Fidelity New Issue Brokered CD3.30% 10-year non-callable CDissued by GE Capital Retail Bank and State Bank of India
Fidelity New Issue Brokered CD2.70% 7-year non-callable CDissued by GE Capital Retail 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 FCU1.89% ($40K) 1.73% ($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

InstitutionRatesRegion
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
Montauk Credit Union2.75% 7-year CDNew York City
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
First Republic Bank2.25% (w/chk) 2.00% (w/o chk) 6-year CDparts of CA, CT, FL, MA, NY & OR
Security Service Federal Credit Union2.20% ($100K) 2.05% ($500) 7-year CDparts of Texas, lower rates in CO and UT
Randolph-Brooks Federal Credit Union2.17% 7-year CDSan Antonio & Austin, TX
SACU2.20% ($100K) 2.15% ($10K) 7-yearSan Antonio, TX
Columbia Bank2.10% 7-year CDNew Jersey
Gateway Metro Federal Credit Union2.05% 6-year CDSt. Louis metro
Columbia Bank1.95% 6-year CDNew Jersey
Randolph-Brooks Federal Credit Union1.92% 6-year CDSan Antonio & Austin, TX

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

Edit 10/06/2013: Added Barclays 5-year CD with effective APYs for early closures.


  Tags: CD rates

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