Dedicated to Deposits: Deals, Data, and Discussion

Survey of the Best CD Rates for April 19, 2014

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Treasury yields increased this week due to economic data that was better than expected. However, Fed Chairwoman Janet Yellen continues to suggest that interest rates will stay low for a long time. This was mentioned in a Wednesday speech, her second speech since she took over as Fed chair.

There weren’t many CD rate changes this week. EverBank 5-year CD yield fell by 4 basis points to 2.20%. Bank5 Connect’s 6-month CD rate fell by 5 basis points to 0.85%.

On the positive side, Nationwide Bank’s 4-year Jumbo CD yield increased by 7 basis points to 1.79%.

Another positive change is the addition of a 1.50% APY 39-month CD that’s available from Third Federal.

The best deal in my opinion continues to be the 5-year CD at Barclays which has a 2.25% APY. What makes this a good deal is this CD’s mild early withdrawal penalty of 6 months of interest. I describe how good of a deal this is even if you prefer short-term CDs in my blog post.

Local CD Deals

For the local CD rate changes on the CDs that I track below, a few credit unions and banks ended their CD specials.

The large credit union that’s based in San Antonio, Security Service Federal Credit Union, ended its 13-month CD special that had a 1.25% APY.

Gesa Credit Union in Washington State ended its CD specials which included a 14-month CD with a 1.14% APY and a 30-month CD with a 1.64% APY.

Everett Co-operative Bank replaced its 3% 63-month CD special with a 1.25% 25-month CD special.

One positive change was at Greater Nevada Credit Union. It had been offering some very competitive IRA CD specials including a 37-month IRA CD with a 2.20% APY. This month the credit union started to make these specials available as non-IRA CDs.

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 April 19, 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
Doral Direct0.87% 6-month CDaccount review
Ally Bank0.87% 11-month No-Penalty CDsee account review
Bank5 Connect0.85% 6-month CDNot available to MA & RI residents

Noteworthy Local Deals - Under 1-Year CDs

InstitutionRatesRegion
HomeBanc1.50% 3-month CDCentral and West Central FL
Flagstar Bank1.05% savings account w/6-mo rate guaranteeMichigan
Gulf Coast Federal Credit Union1.10% 6-month CDCorpus Christi, TX metro
Doral Bank NY1.00% 6-month CDNYC

1-Year CD Rates

InstitutionRatesNotes
Quorum Federal Credit Union1.25% 13-month CD
Melrose Credit Union1.15% 1-year CD
GE Capital Retail Bank1.10% ($2K min) 13-month CDCD special
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
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

Noteworthy Local Deals - 1-Year CDs

InstitutionRatesRegion
Gulf Coast Federal Credit Union1.50% 12-month CDCorpus Christi, TX metro
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
Cornerstone Community Financial Credit Union1.14% 14-month CDparts of MI and OH
HAB Bank1.10% 1-year CDNYC metro
Beal Bank1.01% 1-year CDSoutheast FL

18-month CD Rates

InstitutionRatesNotes
Xceed Financial Credit Union1.50% 17-month CD
Barclays1.50% (2.25% 5-year CD closed after 18 months)see review & risks
BBVA Compass1.25% (w/relationship checking) 1.15% (w/o relation) 18-month CDnow nationally available
Northern Bank & Trust Company1.25% 20-month CD
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
South Jersey Federal Credit Union1.26% 18-month CDparts of New Jersey
Doral Bank NY1.25% 18-month CDNYC
Greater Nevada Credit Union1.20% 17-month CDNorth Nevada
ABNB Federal Credit Union1.10% ($100K) 15-month CDNorfolk/Virginia Beach metro
NEFCU1.05% 20-month CDLong Island, NY

2-Year CD Rates

InstitutionRatesNotes
Barclays1.69% (2.25% 5-year CD closed after 2 years)see review & risks
Melrose Credit Union1.41% 2-year CD
Northrop Grumman Federal Credit Union1.40% ($40K) 1.25% ($2.5K) 2-year CD
BBVA Compass1.35% (w/relationship checking) 1.25% (w/o relation) 29-month CDnow nationally available
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

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 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
People's Alliance Federal Credit Union1.35% 28-month CDNYC and Miami
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
Barclays1.88% (2.25% 5-year CD closed after 3 years)see review & risks
Connexus Credit Union1.75% 3-year CD w/active chk
Melrose Credit Union1.66% 3-year CD
Northern Bank & Trust Company1.60% 3-year CD
Navy Federal Credit Union1.55% ($100K) 1.50% ($20K) 3-year CDlimited membership
America's Credit Union1.50% 3-year CDpromotional
Third Federal1.50% 39-month CDpromotional
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

Noteworthy Local Deals - 3-Year CDs

InstitutionRatesRegion
Greater Nevada Credit Union2.20% 37-month 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
Patriot Federal Credit Union2.00% 3-year and 30-mo CD specialparts of PA and MD
Liberty Bank2.00% 3-year CD specialConnecticut
Transportation Federal Credit Union2.00% 3-year CDWashington DC metro
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
Spokane Teachers Credit Union (STCU)1.51% ($25K) 30-month CDWA State & parts of ID

4-Year CD Rates

InstitutionRatesNotes
Melrose Credit Union2.02% 4-year CD
NASA Federal Credit Union2.00% 49-month CD special
Barclays1.97% (2.25% 5-year CD closed after 4 years)see review & risks
Fort Knox Federal Credit Union1.85% 46-month CDConsumer-unfriendly history, see review
America's Credit Union1.80% 4-year CDpromotional
Navy Federal Credit Union1.80% ($100K) 1.76% ($20K) 4-year CDlimited membership
CIT Bank1.80% ($100K) 1.70% ($1K) 4-year CD
Nationwide Bank1.79% ($100K) 1.74% ($500) 4-year CD
GE Capital Retail Bank1.75% ($25K) 1.70% ($2K) 4-year CDFormerly MetLife
EverBank1.73% 4-year CD
Barclays1.70% 4-year CD
San Diego County Credit Union1.65% ($90K) 4-year CD
Ally Bank1.30% Raise-Your-Rate 4-year CD
Pentagon Federal Credit Union1.26% 4-year CD

Noteworthy Local Deals - 4-Year CDs

InstitutionRatesRegion
Patriot Federal Credit Union2.50% 4-year step-up CD specialparts of PA and MD
Liberty Bank2.25% 4-year CD specialConnecticut
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
CIT Bank2.30% ($100K) 2.25% ($1K) 5-year CD
Navy Federal Credit Union2.30% ($100K) 2.25% ($20K) 5-year CDlimited membership
Melrose Credit Union2.27% 5-year CD
Stanford Federal Credit Union2.27% ($100K) 5-year CD, requires chk w/ddaccount review
Barclays2.25% 5-year CD
GE Capital Retail Bank2.25% ($25K) 2.20% ($2K) 4-year CDFormerly MetLife
EverBank2.20% 5-year CD
iGObanking.com2.15% 5-year CD
GE Capital Bank2.10% 5-year CD
BBVA Compass2.10% (w/relationship checking) 2.00% (w/o relation) 5-year CDnow nationally available
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
Mountain America Credit Union2.00% 5-year CD
Discover Bank1.95% 5-year CD
Fidelity New Issue Brokered CD1.95% 5-year non-callable CDissued by GE Capital Retail Bk and Discover Bk

Noteworthy Local Deals - 5-Year CDs

InstitutionRatesNotes
Patriot Federal Credit Union3.00% 5-year CD specialparts of PA and MD
ABNB Federal Credit Union2.60% ($100K) 63-month CDNorfolk/Virginia Beach metro
Liberty Bank2.50% 5-year CD specialConnecticut
Bank of Utica2.50% 5-year CDCentral New York
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
Security Service Federal Credit Union2.25% ($100K) 2.10% ($500) 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
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 Retail Bk
Navy Federal Credit Union2.80% ($100K) 2.75% ($20K) 7-year CDlimited membership
Franklin Federal Savings Bank2.73% 7-year CDaccount review
Fidelity New Issue Brokered CD2.65% 7-year non-callable CDissued by GE Capital Retail Bk
Apple Federal Credit Union2.60% 10-year CD
Navy Federal Credit Union2.45% ($100K) 2.40% ($20K) 6-year CDlimited membership
Franklin Federal Savings Bank2.42% 6-year CDaccount review
Discover Bank2.25% 10-year CD
Apple Federal Credit Union2.20% 7-year CD
GE Capital Bank2.15% 6-year CD
Intervest National Bank2.07% ($95K) 2.05% ($2.5K) 10-year CD
Discover Bank2.05% 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
MidFirst Bank3.00% 10-year CDAZ and OK
Frick Tri-County Federal Credit Union3.00% 10-year CDparts of Western PA
Dollar Bank3.00% 10-year CDPittsburgh and Cleveland
SACU2.90% ($90K) 2.85% ($10K) 10-year CDSan Antonio, TX
PeoplesChoice Credit Union2.78% 10-year CDYork and Cumberland Counties of Maine
MidFirst Direct2.75% 7-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
Doral Bank NY2.70% 10-year CDNYC
Frick Tri-County Federal Credit Union2.50% 8-year CDparts of Western PA
Hutchinson Credit Union2.50% ($250K) 2.40% ($100K) 2.30% ($25K) 6-year CDKansas
MidFirst Bank2.40% 7-year CDAZ and OK
Security Service Federal Credit Union2.40% ($100K) 2.25% ($500) 7-year CDparts of Texas, lower rates in CO and UT
SACU2.40% ($100K) 2.36% ($10K) 7-yearSan Antonio, TX
Columbia Bank2.30% 7-year IRA CDNew Jersey
Doral Bank NY2.30% 7-year CDNYC
Wright-Patt Credit Union2.33% ($100K) 2.23% ($500) 6-year CDUS gov military and civilian personnel, Parts of OH
First Republic Bank2.25% 6-year CDparts of CA, OR, MA, CT, FL and NY
Fifth Third Bank2.00% 6-year CD specialseveral eastern and midwestern states

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


  Tags: CD rates

Related Posts

Comments
23 Comments.
Comment #1 by NYCDoug posted on
NYCDoug
Ken quoted, re Barclay's 5-yr CD, in this weekend's WSJ [article by Zweig]: http://blogs.wsj.com/moneybeat/2014/04/18/floating-a-few-cents-to-investors/

3
Comment #7 by cumulus posted on
cumulus
The best getting recognized by the best; that's
the way it should be.  Congratulations Ken.

4
Comment #8 by Anonymous posted on
Anonymous
Kudos to Ken!

6
Comment #9 by Ken Tumin posted on
Ken Tumin
Thanks! It's very much appreciated!

2
Comment #21 by Anonymous posted on
Anonymous
You do fantastic work, Ken!

3
Comment #2 by Anonymous posted on
Anonymous
The best national deal definitely is the Barclay's 5 year at 2.25%.  For Nevada residents, is the Greater Nevada Credit Union 37 month at 2.20% a better deal than the Barclay's 5 year?

4
Comment #3 by I hate Fort Knox CU (anonymous) posted on
I hate Fort Knox CU
Grater Nevada CU is only open to northern Nevada residents, not Las Vegas/Clark County residents.

2
Comment #4 by Anonymous posted on
Anonymous
Right.  I live in Northern Nevada and am trying to decide if the Barclays 5 year or the Greater Nevada 37 month is the better deal.

2
Comment #5 by Shorebreak posted on
Shorebreak
Split the difference. Open accounts in both institutions,  half of funds in each product.

3
Comment #6 by Anonymous posted on
Anonymous
And look at the EWP

3
Comment #10 by Anonymous posted on
Anonymous
Does anyone know if we open a CD at a out of state bank and both states (personal residence and bank's location) have state income tax, will we owe tax to both taxing juristictions?

1
Comment #11 by Anonymous posted on
Anonymous
Taxed in one state only....your state of residence.

4
Comment #13 by Anonymous posted on
Anonymous
Why do people keep asking this?  Pay tax in your state of residence only. Duh.

2
Comment #15 by Anonymous posted on
Anonymous
May to "make sure" that the bank does not send a 1099 to____ but only sends to IRS and _____

1
Comment #18 by Anonymous posted on
Anonymous
Gibberish........No clue what you are saying.

3
Comment #12 by Anonymous posted on
Anonymous
Interest rates will NEVER go up. They can't. It's over, folks. Find the best rate you can and lock it in.......You people keep waiting around for them to increase???  HA!  the government MUST keep interest low or the debt will blow up. What administration wants it to happen on their watch? And you can forget the notion that the Fed is independent. That'
s complete BS. 0% forever.

8
Comment #17 by QED posted on
QED
You surely are correct the American government cannot allow interest rates to rise.  And to the extent control of rates remains here they will not rise.

I think about this a lot, and I've not yet been able to visualize the precise "head shot" that's going to take us out.  Nor have I a clue when it will happen.  The current asinine situation can endure for a while since we are today the "only game in town".

China is a mess but, regardless, appears today the most likely country to take us out eventually.  I'm not thinking of invasion by Chinese troops.  It would instead be a financial coups of some sort.  And part of it would be them acting to force our interest rates up.  How?  I dunno.  But they surely already are aware of the chance to cause disruption, or worse, here.  It's an opportunity for them.  When a country runs up ridiculous debt, as we have, it becomes concomitantly weaker.  Thus, America is a far weaker country today than in years past.  The tipping point lies ahead.  I don't know when it will happen, but rising rates will be a sure signal the end is near.

5
Comment #19 by Anonymous posted on
Anonymous
Interest rates will rise as soon as China refuses to lend us money at rock bottom  prices.  As soon as China demands higher rates, interest rates will rise.

1
Comment #14 by Anonymous posted on
Anonymous
IMO, I believe Yellen will keep interest rates low for a very long time.  After reading/listening to her remarks, I feel she's on a "EGO TRIP" to get the economy looking outstanding.  She going to use everyone's savings (personal & pension funds) to get her desired results.  Watch her as she tries to may a name for herself!

11
Comment #16 by QED posted on
QED
Yellen is simply very committed to her own way of thinking where our economy is concerned.  She has a large "city" ego, and she is **** sure she is right.  Yellen is a socialist which is not at all unusual in America today.  In their belief system the government has a major positive role to play in our affairs . . . all of them . . . including certainly our financial matters.

Yellen and her comrades will not soon be brought down.  Look what happened in the Soviet Union following the ascent of Lenin.  It took 75 years for that tent to fold.  Some would argue it still has not folded.  Socialism breeds, it encourages, dependence on government.  That's a very heavy yoke for the average citizen to cast aside.  It's simply human nature to allow Santa Claus into your home now, while saving questions for later.  And most often, later never comes.  Socialism destroys by eviscerating incentive.  But for the infected society as a whole to reach bottom takes many, many years.

   

11
Comment #20 by Anonymous posted on
Anonymous
She is a jerk and must go.

7
Comment #22 by Anonymous posted on
Anonymous
Apparently Yellen is smarter than us and she's got the reins.  She's not going anywhere.  Just one more puppet of this current administration.

5
Comment #23 by Anonymous posted on
Anonymous
She needs to go.

5