Dedicated to Deposits: Deals, Data, and Discussion

Survey of the Best CD Rates for February 28, 2014

POSTED ON BY

Treasury yields were down slightly for the week. Some weak economic reports continue to push down yields, but there is still uncertainty about how much of the weakness is weather related. That was described by Fed Chair Janet Yellen in the Senate Banking Committee on Thursday. If the Fed determines that the weather isn’t the only factor in the slowdown, the Fed could cut back on the tapering, and that could delay when we see rate hikes. However, Chairwoman Yellen did say that it would take a "significant change in the outlook" for a change to be made to the pace of tapering.

Based on the economic news over the last two months, a steady rise of CD rates is far from a sure thing this year. That may be having some effects on decisions banks and credit unions are making on their CD rates.

PenFed has decided to lower CD rates in March. In addition, the special CD renewal rates won’t be extended into March. I was told this today by a PenFed customer service rep. The new rates should be published on PenFed’s website by Saturday morning. I listed the new rates below based on what I was told by the CSR. As you can see, PenFed CDs will no longer be good deals in March.

There was some good news with CD rates at two internet banks.

EverBank increased its 4-year and 5-year CD rates by a few basis points. Its 5-year CD rate is now 2.08% APY.

GE Capital Bank increased its 1-year CD rate by 5 basis points to 1.05% APY, and it increased its 6-year CD rate by the same amount. It now has a 2.10% APY.

Local CD Deals

This was another week in which there weren’t many rate changes on the local CDs.

Two banks ended their CD specials. I removed both from the tables.

Roma Bank in New Jersey ended its special 1.05% 6-month CD.

United Legacy Bank in Central Florida ended its special 1.15% 11-month CD.

Spokane Teachers Credit Union in Washington State lowered the rate of its 30 Month President's Premium CD from 2.02% to 1.76% APY. This is still a good deal so I kept it in the table.

On the positive side, I added three new institutions to the tables.

Greater Nevada Credit Union in North Nevada has three special IRA CDs with very competitive rates. The best deal has a 2.20% APY for a 37-month term. Unfortunately, these are only available in an IRA.

Clifton Savings Bank in North New Jersey just came out with a special 2.50% APY 5-year CD and IRA CD.

Lastly, Keesler Federal Credit Union in Mississippi has several competitive long-term CD rates. The 5-year Jumbo CD has a 2.30% APY and the 4-year Jumbo has a 2.00% APY.

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.

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 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 February 28, 2014

Under 1-Year CD Rates

InstitutionRatesNotes
EverBank1.10% checking/MMA intro 6-month rate ($100K/$50K max)account review
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

Noteworthy Local Deals - Under 1-Year CDs

InstitutionRatesRegion
HomeBanc1.50% 3-month CDCentral and West Central FL
Gulf Coast Federal Credit Union1.10% 6-month CDCorpus Christi, TX metro
Doral Bank NY1.00% 6-month CDNYC

1-Year CD Rates

InstitutionRatesNotes
Melrose Credit Union1.10% 1-year CD
Connexus Credit Union1.10% 1-year CDw/active chk
CIT Bank1.05% ($25K min)add-on & bump-up 1-year CD
GE Capital Bank1.05% 1-year CD
CapitalSource Bank1.05% ($10K) 1-year CD special
AmTrustDirect1.05% 1-year CD
GE Capital Retail Bank1.05% ($25K min) 1-year CDFormerly MetLife
Ally Bank0.99% 1-year CD60-day early withdrawal penalty
Pentagon Federal Credit Union0.80% 1-year CDaccount review

Noteworthy Local Deals - 1-Year CDs

InstitutionRatesRegion
Generations Federal Credit Union 1.60% ($100K) 1.50% ($10K) 14-month CDSan Antonio, TX metro
Gulf Coast Federal Credit Union1.50% 12-month CDCorpus Christi, TX metro
MountainOne Bank1.30% ($130K max) 13-month CDParts of MA and VT
South Florida Federal Credit Union1.26% 1-year CDSouth Florida
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

18-month CD Rates

InstitutionRatesNotes
Xceed Financial Credit Union1.50% 17-month CD
Barclays1.43% (2.15% 5-year CD closed after 18 months)see review & risks
Ally Bank1.16% (1.60% 5-year CD closed after 18 months w/new ewp)see review & risks
GE Capital Retail Bank1.15% 15-month CD specialFormerly MetLife

Noteworthy Local Deals - 18-Month CDs

InstitutionRatesRegion
Gulf Coast Federal Credit Union1.65% 18-month CDCorpus Christi, TX metro
University of Iowa Community Credit Union1.45% ($250K) 1.35% ($100K) 1.25% ($1K) 18-month CD specialmany Iowa counties
Doral Bank NY1.25% 18-month CDNYC
NEFCU1.20% 20-month CDLong Island, NY
Greater Nevada Credit Union1.20% 17-month IRA CDNorth Nevada
ABNB Federal Credit Union1.10% ($100K) 15-month CDNorfolk/Virginia Beach metro

2-Year CD Rates

InstitutionRatesNotes
Barclays1.61% (2.15% 5-year CD closed after 2 years)see review & risks
Northrop Grumman Federal Credit Union1.40% ($40K) 1.25% ($2.5K) 2-year CD
Melrose Credit Union1.36% 2-year CD
Ally Bank1.27% (1.60% 5-year CD closed after 2 years w/new ewp)see review & risks
Connexus Credit Union1.30% 2-year CDw/active chk
Bank5 Connect1.20% add-on 2-year CDnot available to MA & RI residents
CIT Bank1.20% ($25K min) add-on & bump-up 2-year CD
Pentagon Federal Credit Union0.90% 2-year CD

Noteworthy Local Deals - 2-Year CDs

InstitutionRatesRegion
Gulf Coast Federal Credit Union1.75% 2-year CDCorpus Christi, TX metro
Greater Nevada Credit Union1.70% 27-month IRA CDNorth Nevada
NavyArmy Community Credit Union1.70% ($100K) 1.40% ($1K) 2-year CDCorpus Christi, TX metro
Doral Bank NY1.45% 2-year CDNYC
LOMTO Federal Credit Union1.45% 2-year CDparts of New York City
Keesler Federal Credit Union1.50% ($100K) 1.40% ($1K) 2-year CDMississippi
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
Barclays1.79% (2.15% 5-year CD closed after 3 years)see review & risks
Connexus Credit Union1.75% 3-year CD w/active chk
Melrose Credit Union1.61% 3-year CD
Northern Bank & Trust Company1.60% 3-year CD
Navy Federal Credit Union1.55% ($100K) 1.50% ($20K) 3-year CDlimited membership
Intervest National Bank1.45% 3-year CD
CIT Bank1.40% ($100K) 1.27% ($1K) 3-year CD
Bank5 Connect1.30% 3-year CDnot available to MA & RI residents
Pentagon Federal Credit Union1.26% 3-year CD

Noteworthy Local Deals - 3-Year CDs

InstitutionRatesRegion
Greater Nevada Credit Union2.20% 37-month IRA CDNorth Nevada
NavyArmy Community Credit Union2.05% ($100K) 1.75% ($1K) 3-year CDCorpus Christi, TX metro
Gulf Coast Federal Credit Union2.02% 3-year CDCorpus Christi, TX metro
Transportation Federal Credit Union2.00% 3-year CDWashington DC metro
Spokane Teachers Credit Union (STCU)1.76% ($25K) 30-month CDWA State & parts of ID
Keesler Federal Credit Union1.65% ($100K) 1.55% ($1K) 3-year bump-up CDMississippi
Jeanne D'Arc Credit Union1.65% 30-month CDparts of MA and NH
ABNB Federal Credit Union1.60% ($100K) 39-month CDNorfolk/Virginia Beach metro
LOMTO Federal Credit Union1.60% 3-year CDparts of New York City
Doral Bank NY1.60% 3-year CDNYC
Department of Commerce FCU1.55% 3-year CDWashington DC

4-Year CD Rates

InstitutionRatesNotes
Navy Federal Credit Union2.05% ($100K) 2.00% ($20K) 4-year CDlimited membership
Fort Knox Federal Credit Union2.05% 46-month CDConsumer-unfriendly history, see review
NASA Federal Credit Union2.00% 49-month CD special
Barclays1.88% (2.15% 5-year CD closed after 4 years)see review & risks
Melrose Credit Union1.86% 4-year CD
GE Capital Retail Bank1.80% ($100K) 1.70% ($2K) 4-year CDFormerly MetLife
San Diego County Credit Union1.80% ($90K) 4-year CD
CIT Bank1.75% ($100K) 1.65% ($1K) 4-year CD
Nationwide Bank1.72% ($100K) 1.67% ($500) 4-year CD
Communitywide Federal Credit Union1.70% 4-year CDaccount review
Barclays1.65% 4-year CD
Intervest National Bank1.65% 4-year CD
EverBank1.59% 4-year CD
Pentagon Federal Credit Union1.51% 4-year CD
Ally Bank1.30% Raise-Your-Rate 4-year CD

Noteworthy Local Deals - 4-Year CDs

InstitutionRatesRegion
Bank of Utica2.25% 4-year CDCentral New York
Institution For Savings2.00% 4-year CDparts of MA
Keesler Federal Credit Union2.00% ($100K) 1.90% ($1K) 4-year CDMississippi
Bayer Heritage Federal Credit Union1.89% 4-year CDparts of WV, OH & SC
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
HAPO Community Credit Union1.70% 4-year CDall of Washington State
Doral Bank NY1.65% 4-year CDNYC
Fifth Third Bank1.50% 4-year CD specialseveral eastern and midwestern states

5-Year CD Rates

InstitutionRatesNotes
Navy Federal Credit Union2.55% ($100K) 2.50% ($20K) 5-year CDlimited membership
Stanford Federal Credit Union2.27% ($100K) 5-year CD, requires chk w/ddaccount review
CIT Bank2.20% ($100K) 2.00% ($1K) 5-year CD
Barclays2.15% 5-year CD
iGObanking.com2.15% 5-year CD
GE Capital Retail Bank2.15% ($100K) 2.00% ($2K) 4-year CDFormerly MetLife
Melrose Credit Union2.12% 5-year CD
EverBank2.08% 5-year CD
GE Capital Bank2.05% 5-year CD
San Diego County Credit Union2.05% ($90K) 5-year CD
State Farm Bank2.05% 5-year CD, 2.10% IRA
State Bank of India - New York2.05% 5-year CD
Fidelity New Issue Brokered CD1.95% 5-year non-callable CDissued by GE Capital Retail Bank
Pentagon Federal Credit Union1.76% 5-year CD

Noteworthy Local Deals - 5-Year CDs

InstitutionRatesNotes
ABNB Federal Credit Union2.60% ($100K) 63-month CDNorfolk/Virginia Beach metro
Clifton Savings Bank2.50% 5-year CDNorth New Jersey
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
Keesler Federal Credit Union2.30% ($100K) 2.20% ($1K) 5-year CDMississippi
Northwest Community Bank2.28% 5-year CDparts of Connecticut
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
Credit Union West2.20% (IRA $50K) 1.95% (non-IRA $50K) 5-year CDPhoenix metro
Bayer Heritage Federal Credit Union2.15% 5-year CDparts of WV, OH & SC
Dime Savings Bank2.10% 5-year CDNew York
Department of Commerce FCU2.10% 5-year CDWashington DC

Over 5-Year CD Rates

InstitutionRatesRegion
Fidelity New Issue Brokered CD3.30% 10-year non-callable CDissued by GE Capital Bank and GE Capital Retail Bank
Navy Federal Credit Union3.10% ($100K) 3.05% ($20K) 7-year CDlimited membership
Navy Federal Credit Union2.75% ($100K) 2.70% ($20K) 6-year CDlimited membership
Fidelity New Issue Brokered CD2.65% 7-year non-callable CDissued by GE Capital Retail Bank
Apple Federal Credit Union2.60% 10-year CD
Apple Federal Credit Union2.20% 7-year CD
GE Capital Bank2.10% 6-year CD
Intervest National Bank2.07% ($95K) 2.05% ($2.5K) 10-year CD
Pentagon Federal Credit Union1.76% 7-year CD

Noteworthy Local Deals - Over 5-year CDs

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
Frick Tri-County Federal Credit Union3.00% 10-year CDparts of Western PA
SACU2.90% ($90K) 2.85% ($10K) 10-year CDSan Antonio, TX
Dollar Bank2.75% 10-year CDPittsburgh and Cleveland
MidFirst Direct2.75% 7-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
Franklin Federal Savings Bank2.73% 7-year CDRichmond, VA metro
Doral Bank NY2.70% 10-year CDNYC
Frick Tri-County Federal Credit Union2.50% 8-year CDparts of Western PA
MidFirst Bank2.50% 7-year CDAZ and OK
Hutchinson Credit Union2.50% ($250K) 2.40% ($100K) 2.30% ($25K) 6-year CDKansas
Wright-Patt Credit Union2.48% ($100K) 2.38% ($500) 6-year CDUS gov military and civilian personnel, Parts of OH
SACU2.40% ($100K) 2.36% ($10K) 7-yearSan Antonio, TX
Franklin Federal Savings Bank2.42% 6-year CDRichmond, VA metro
Doral Bank NY2.30% 7-year CDNYC
Fifth Third Bank2.00% 6-year CD specialFlorida

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

Update 3/1/2014: Corrected new PenFed CD rates based on PenFed's published rate sheet (had specified rates instead of APYs).


  Tags: CD rates

Related Posts

Comments
18 Comments.
Comment #1 by Robert (anonymous) posted on
Robert
Ally hasn't budged on their CD's for quite a while.  Too bad, they used to be one of the best

4
Comment #2 by Anonymous posted on
Anonymous
I agree.  What happened to them?

2
Comment #3 by Anonymous posted on
Anonymous
They still receive free money from the FEDs window. If the democrats stay in power after November and after 2016, there will be no interest rise for the next 20-30 years, because the debt is so huge and still growing, that the interest on such burden will crush the dollar and all of us holding to it.

10
Comment #4 by QED posted on
QED
Agreed.  And you can virtually rely on a Democrat victory, regardless their 2016 candidate (well, OK, possibly an exception for Biden).  But they have the liberals, the takers, the stoners, and all the deviants.  Sorry, but that's today a majority of America.

There are only two ways Republicans will ever elect another POTUS:

1.  Run a really good candidate and not the fossilized remains of some old has-been.  or . . . 

2.  Find a way to keep Democrats unmotivated and at home on voting day.

I don't think either of those things is in the cards going forward.

4
Comment #5 by Anonymous posted on
Anonymous
Another way is for the Republications to make the Feds raise the interest rates on savings, lower taxes on middle class, stop all the freebees.  All capable people receiving welfare should be required to "WORK".  If they can't find a job, then volunteer.

4
Comment #7 by paoli2 posted on
paoli2
You seem to be overlooking the main problem here.  These same people who are getting the so-called "freebies" are allowed to vote.  You cut off their water fountain and they just will vote the Dems back in.  I think most capable people on welfare do want to work.  Not all of them want to be on welfare.  Maybe if the Welfare Office had decent jobs to offer them they would be glad to take them instead of Welfare.  If they volunteered, they would still need Welfare.

4
Comment #8 by Anonymous posted on
Anonymous
Paoli -  I must constructively disagree with you about your statement "people on welfare do want to work".

I believe a very small minority want to work.  I'm constantly hearing welfare recipitants "bragging" about "milking" the system as long as they can.  They need to have their welfare benefits denied if their not working, actively looking for work, volunteering or in a program to develop work skills.
Many of thses welfare recipitants are getting benefits that I must pay for (cell phone, cable, medical, housing, food,etc).  What really takes the cake is they  BRAG about making a lifetime out of it.
This is not the AMERICAN way!

3
Comment #9 by paoli2 posted on
paoli2
#8  This did not used to be the American way.  If it is, then our government has allowed it to come to this.  If we did offer them jobs, and they refused and were capable, then I feel it should impact all the "freebies".  Have you checked into how easy it is for anyone to get food stamps these days?  You are right because recently we heard a man bragging how quick and easy it was.  I guess I am thinking how it was when I was growing up and Welfare and Food Stamps were not something to brag about getting. Where has our pride gone to in this country?

3
Comment #10 by Anonymous posted on
Anonymous
Paloli,  I believe we're on the same page.

Have a good day!

2
Comment #6 by Anonymous posted on
Anonymous
Oh, cry me a river already.  Democrat-Republicans, it doesn't matter.  More of the same.  Not much will change.  Our nations debt is already too huge for the Feds to allow any significant rise in interest rates. 

10
Comment #11 by Anonymous posted on
Anonymous
Early this morning I was outside working in 15 degree weather listening to one of the Saturday morning "investment" shows. When I heard, "Yellen has to move to raise rates for saving seniors" I started laughing. Listen to Yellen for 5 minutes and you quickly learn one thing: the basis for any FED action is a constantly moving target subject to the whims of a handful of great thinkers. Thinkers, I might add, that completely missed unprecendented mortgage defaults and bank failures, not to mention blatant criminal behavior on the part of banks, mortgage brokers and customers who lied and lied and lied to get what they wanted at the expense of every other member of society. 

9
Comment #13 by jib2424 posted on
jib2424
Is there any way interest rates will ever rise?

1
Comment #14 by Grace (anonymous) posted on
Grace
When did this become a political forum? Grow up and get on topic.

5
Comment #15 by Anonymous posted on
Anonymous
#14, we are on the topic, money can not be separated from politics, where have you been the last 20 years. Politicians run deficits, ask for free money and or destroy the dollar and voila, connection.

7
Comment #16 by Anonymous posted on
Anonymous
I fully understand your viewpoint but the hunt for CD rates is intimately interwoven with politics, fiat currency and plain old-fashioned greed. The only reason people have not been held accountable in the world of high finance is that society has willingly separated the criminal from the crime. Bankers collecting their multi-million dollar bonuses don't give a wit about your pursuit of CD interest rates but they're sure thankful you not only refused to prosecute but let them keep on receiving the bonuses they so richly deserve.

2
Comment #17 by paoli2 posted on
paoli2
#16  Your post confuses me.  How can "we" have anything to do with prosecuting these  corrupt bankers or stopping them from getting their undeserved bonuses?  We can post our distain in this forum of how we feel about this but we have no power that I know of to stop what is going on other than to stop doing business with certain banks.  We can write to our senators and make our feelings known to them but that does very little good unless it is done by a big enough group effort.

2
Comment #18 by Anonymous posted on
Anonymous
What does everyone think about the 7 year CD from Midfirst Direct?

1