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Survey of the Best CD Rates for March 7, 2014

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Survey of the Best CD Rates for March 7, 2014

Treasury yields were up quite a bit this week after Friday’s upbeat jobs report. According to Reuters, "U.S. job growth accelerated sharply in February despite the icy weather that gripped much of the nation, easing fears of an abrupt economic slowdown and keeping the Federal Reserve on track to continue reducing its monetary stimulus." That should help keep up the slow increase of CD rates.

Rate increases at three institutions show that CD rates may continue to rise.

GE Capital Retail Bank increased the rate of its 5-year CD rate to 2.25% APY which is a new top rate for an internet bank.

EverBank made a small increase to its 5-year and 4-year CDs. Its 5-year CD rate is now 2.10% APY.

Mountain America Credit Union came out with a special 5-year CD and IRA CD with a 2.20% APY.

Not all was good news. Navy Federal Credit Union reduced its long-term CD rates.

Local CD Deals

Most of the changes with local CDs in my tables this week were specials that ended. CD specials ended at University of Iowa Community Credit Union, Jeanne D'Arc Credit Union and MountainOne Bank.

On a positive note, I added Security Service Federal Credit Union to the tables. This Texas-based credit union is offering a special 13-month CD with a 1.25% APY and a 5-year CD with a 2.25% 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 March 7, 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
South Florida Federal Credit Union1.26% 1-year CDSouth Florida
Security Service Federal Credit Union1.25% 13-month CDparts of Texas, lower rates in CO and UT
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
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
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
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
Navy Federal Credit Union1.80% ($100K) 1.76% ($20K) 4-year CDlimited membership
GE Capital Retail Bank1.80% ($100K) 1.70% ($2K) 4-year CDFormerly MetLife
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
San Diego County Credit Union1.65% ($90K) 4-year CD
Barclays1.65% 4-year CD
Intervest National Bank1.65% 4-year CD
EverBank1.62% 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
Bayer Heritage Federal Credit Union2.15% 4-year CDparts of WV, OH & SC
Institution For Savings2.00% 4-year CDparts of MA
Keesler Federal Credit Union2.00% ($100K) 1.90% ($1K) 4-year CDMississippi
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 Union2.30% ($100K) 2.25% ($20K) 5-year CDlimited membership
Stanford Federal Credit Union2.27% ($100K) 5-year CD, requires chk w/ddaccount review
GE Capital Retail Bank2.25% ($100K) 2.20% ($2K) 4-year CDFormerly MetLife
Mountain America Credit Union2.20% 5-year CD
CIT Bank2.20% ($100K) 2.00% ($1K) 5-year CD
Barclays2.15% 5-year CD
iGObanking.com2.15% 5-year CD
Melrose Credit Union2.12% 5-year CD
EverBank2.10% 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 Bk and Goldman Sachs Bk
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
Bayer Heritage Federal Credit Union2.40% 5-year CDparts of WV, OH & SC
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
BBVA Compass2.25% (w/relationship checking) 2.00% (w/o relation) 5-year CDparts of AL, AZ, CA, CO, FL, NM and TX
Security Service Federal Credit Union2.25% 5-year CDparts of Texas, lower rates in CO and UT
Credit Union West2.20% (IRA $50K) 1.95% (non-IRA $50K) 5-year CDPhoenix metro
MidFirst Direct2.15% 5-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
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 Bk, GE Capital Retail Bk and Goldman Sachs Bk
Navy Federal Credit Union2.80% ($100K) 2.75% ($20K) 7-year CDlimited membership
Fidelity New Issue Brokered CD2.65% 7-year non-callable CDissued by GE Capital Retail Bk and Goldman Sachs Bk
Apple Federal Credit Union2.60% 10-year CD
Navy Federal Credit Union2.45% ($100K) 2.40% ($20K) 6-year CDlimited membership
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
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
Wright-Patt Credit Union2.29% ($100K) 2.19% ($500) 6-year CDUS gov military and civilian personnel, Parts of OH
Fifth Third Bank2.00% 6-year CD specialFlorida

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


Related Pages: CD rates

Related Posts

Comments
31 Comments.
Comment #1 by jib2424 posted on
jib2424
What's the best deal out there this week?

2
Comment #2 by Anonymous posted on
Anonymous
Under your mattress! :)

14
Comment #3 by Anonymous posted on
Anonymous
There's no best deal of the week.  These rates are pathetic.  The FEDS continue the massive transfer of wealth from the middle class to the 1%. 

13
Comment #4 by Anonymous posted on
Anonymous
I wonder if you know, who will pay the interest of the $19 trillions of debt should the interest rates rise above 3%, I think you and I will pay for it too in increased taxes or hidden inflation or in devaluation of the dollar.
The point of return to normalcy has sailed long time ago.
A nation can not run perpetual deficits and pay high CD rates, they are opposite of each other and unsustainable on long run.

4
Comment #5 by gregk posted on
gregk
Please understand that hardly less than half our accumulated national debt has been incurred under the last two Presidents, and the interest rates on these bonds are locked in at an extremely low level for decades (no matter what might happen with interest rates in the interim).  For much of the rest of the debt that may be coming due and rolled over in the years ahead, even a 5% rate would represent a substantial DECREASE in the annual interest expense incurred, given the high rates in place when the debt was issued.  You seem to believe a likely increase in interest rates would immediately apply to the entire debt outstanding, and fail to recognize that much of it coming due (and inevitably to be rolled over) in the next 20 years is currently paying a very high rate which (as I said) is likely to be lower than what it is on those bonds even should rates increase substantially from where they are now.

14
Comment #8 by Anonymous posted on
Anonymous
Good article.

1
Comment #17 by Anonymous posted on
Anonymous
#5, total hog wash, if the rates go up the present holders of the debt will sell and exit the bond market and live USA to raise the rates on those bonds immediately.
You think China will sit at 1% interest rates when a nation will be unable to pay its obligations?
You must be a democrat and spreading the lies again on any subject, just to protect the agenda of the destroyers of the country.

2
Comment #18 by Anonymous posted on
Anonymous
If the rates go up, then the value of their bonds will go daown.  So if they are willing to sell their bonds at a loss then  the buyer of their bond would pay a below par price and get a equal yield comparable to the current market rate.

2
Comment #19 by Anonymous posted on
Anonymous
To add to the above comment, regardless on what gains and losses occur between the buyer and the seller, the treasury still pays the same amount of interest on the bond.

1
Comment #9 by Anonymous posted on
Anonymous
I know there is nothing good out there, but what is the best of the bad?

1
Comment #11 by Anonymous posted on
Anonymous
Try reading the main topic:

"Survey of the Best CD Rates for March 7, 2014"

5
Comment #15 by Anonymous posted on
Anonymous
I read it.  But I'm wondering what everyone thinks is the best deal of those discussed.

1
Comment #13 by Hoody posted on
Hoody
Well I assume the best of the bad as I see for now is NFCU, if you can get on, its about  what your lookin for if its CD's your talkin about.

2
Comment #16 by Anonymous posted on
Anonymous
Thanks.  I appreciate hearing your opinion.  This is helpful.

2
Comment #7 by Anonymous posted on
Anonymous
A sobering bit of information re the economic picture and a reason not to plan a celebration for a desired change in interest rates  (these days one needs to go to multiple sources to get a decent picture of reality). AP reports: "Despite February's solid overall gain, the monthly average of 129,000 jobs that employers have added from December through February marks the weakest three-month stretch since mid-2012."  

5
Comment #12 by Anonymous posted on
Anonymous
Read...
http://www.bls.gov/emp/ep_table_303.htm

The workplace facts and projections are revealing. Young people are taking longer to enter (i.e. contribute) and older people stay longer. CD rates are simply a reflection of the times we're living in. I remember when 18 year old's graduated on Friday evening and started working at the plant Monday morning. Does that happen anymore?

6
Comment #14 by Anonymous posted on
Anonymous
#12 The 18 year olds who graduate Friday evening find out by Monday m morning that their education did not prepare them for any quality jobs, same goes for many 22 year olds graduating from college. On the other hand those that learned plumbing and fixing air conditioners are doing fine.

13
Comment #20 by Ratesaver posted on
Ratesaver
I am wondering if you can transfer a 401k retirement money to one of the above mentioned brokered cds.  They are for 10 yrs and 3% about 2% more than I am making... The important thing is the costs of this and so... Anyone with a answer to this idea... Being retired I do not want to risk money in the market... At 5% it might work but we have not gotten their yet... Brokered cds have other things that might change my mind... Anyone with answers please answer  

1
Comment #21 by Anonymous posted on
Anonymous
You can do a 401K rollover into an IRA. I recently did this for a friend through Schwab. Zero cost for the transfer. You can then invest YOUR money as you please.

Ten-year brokered CD's are currently paying 3.3%. On 100K you would receive $3300 annually ($1650 paid twice a year). The interest does not compound; rather it is placed directly into your online account. You can reinvest it (CD's stocks, funds, etc.) or withdraw it as you please. There are no commissions paid (at this brokerage) when purchasing brokered CD's.
Good luck and enjoy retirement.

     

4
Comment #22 by Anonymous posted on
Anonymous
Allow me to add that your 401K plan may involve transfer fees.

3
Comment #23 by Anonymous posted on
Anonymous
Perhaps a thread could be started on those banks, etc. that are "involved" in brokered accounts!  The FDIC has limits on same for some banks b/c the customers are not "loyal" to the same degree as non-brokered accounts.  
Finally,  looking at financials for some banks there is/are statements to the effect of the amount of brokered accounts and/or interest "sheets" that aim at brokered accounts and interest on same...indicating that "they" do take brokered accounts, but usually not at a branch.  I have told banks, "why should I give you my money if you are paying more interest to brokered accounts where there is no loyalty like me?"  And, I have walked....

2
Comment #24 by Anonymous posted on
Anonymous
Are brokered CDs better than non-brokered CDs?  What are the advantages and disadvantages of each?  Thanks.

2
Comment #25 by Greg (anonymous) posted on
Greg
You can't have an early withdrawal strategy with brokered CDs, as you can with many bank or credit union issued CDs.  Brokered CDs trade, just like a bond.  So if, for example, interest rates rise, a 3.3% 10-year brokered CD issued today will go down in value.  Also, be careful buying brokered CDs on the secondary market.  If they're selling for a premium, the premium is not FDIC insured.

3
Comment #28 by Anonymous posted on
Anonymous
We have 10-year, 3.3% brokered CD's we plan to keep to maturity. We have no short-term need for the principal and the interest payments will be reinvested in stocks or additional CD's. If rates suddenly rise we will have other funds available in less than two years for reinvestment. My goal was/is to capture gains, reduce exposure to the market and put enough in reserve to cover expenses in our 80's. We also enjoy a sound sleep.

1
Comment #26 by Sylvia posted on
Sylvia
Garden Savings Federal Credit Union is running "limited time only" specials on 5 year, 4 year as well as 6 month CDs.  At 2.53% APY, they are the rate leader for 5 years.  The 4 year and 6 month rates, 2.02% and 1.00%, are near the top for their respective durations.  All that's required is $1,000 new money.  Membership eligibility can be satisfied through American Consumer Council.

4
Comment #27 by Anonymous posted on
Anonymous
This looks very good.

2
Comment #29 by jib2424 posted on
jib2424
What does everyone think?  Is this a good one to buy?

1
Comment #30 by paoli2 posted on
paoli2
Unless you are willing to go longer, for a 5 year CD, this is the best rate I can find.  My list of banks and Cus have dropped their 5 year rates considerably.  If you are seriously thinking of going with Garden, I would suggest you call and find out when their rates change so you can make a decision before they possibly go lower.

1
Comment #31 by Anonymous posted on
Anonymous
Thank you.  This is very helpful.

1
Comment #32 by cdperson posted on
cdperson
Early penalty charge for 4 and 5-year CDs is 180 days interest. This is posted on Garden Savings FCU website today.

1