Dedicated to Deposits: Deals, Data, and Discussion

Survey of the Best CD Rates for April 5, 2014

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Treasury yields fell on Friday after a slightly disappointing jobs report. The Labor Department reported 192K new jobs in March which was below the expected 200K. That increases the chance of a longer wait before the Fed hikes rates.

There continues to be no clear signs about how soon we’ll see higher rates. That can be seen in the CD rates this week with some banks increasing rates and some banks cutting rates.

This week there were small rate cuts at EverBank and GE Capital Retail Bank. Also, Garden Savings Federal Credit Union ended its very competitive CD specials.

On the positive side, there was rate hikes at Barclays and GE Capital Bank. The 5-year CD at Barclays now has a 2.25% APY. This is a very good deal especially when you consider it has a 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.

I also added three new CD specials that are nationally available.

BBVA Compass added a special 18-month CD with a 1.25% APY (1.35% APY with a qualifying checking relationship). BBVA Just recently started to allow anyone in the nation to apply online for its CDs. Previously, only people in BBVA’s market areas could apply.

The other two new CD specials came from all-access credit unions. The first is America’s Credit Union in Washington State. It’s offering two promotional CDs: 3-years at 1.50% APY and 4-years at 1.80% APY. The second is Quorum Federal Credit Union based in New York. It’s offering a 13-month CD with a 1.25% APY.

Local CD Deals

For the local CD rate changes on the CDs that I track below, there were a couple of rate cuts and a few CD specials that ended.

On the positive side, I added two new local deals.

The first is a savings account promotion at Flagstar Bank in Michigan. The reason why I included this in the CD table is due to it guaranteeing a 1.05% rate for the first 6 months. This makes it a better deal than the vast majority of 6-month CDs.

The second new local deal is a 6-year CD at First Republic Bank which has a 2.25% APY. This bank has branches in several major cities in the states of CA, OR, MA, CT, FL and NY.

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 5, 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
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
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
CapitalSource Bank1.05% ($10K) 11-month 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

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
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
Gesa Credit Union1.14% 14-month CDWashington State
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
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
Barclays1.69% (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 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
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
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 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
Keesler Federal Credit Union1.65% ($100K) 1.55% ($1K) 3-year bump-up CDMississippi
Gesa Credit Union1.64% 30-month CDWashington State
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
GE Capital Retail Bank1.75% ($25K) 1.70% ($2K) 4-year CDFormerly MetLife
EverBank1.74% 4-year CD
Nationwide Bank1.72% ($100K) 1.67% ($500) 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
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
Barclays2.25% 5-year CD
EverBank2.24% 5-year CD
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
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
Fidelity New Issue Brokered CD1.95% 5-year non-callable CDissued by GE Capital Retail Bk

Noteworthy Local Deals - 5-Year CDs

InstitutionRatesNotes
Everett Co-operative Bank3.00% 63-month CD w/checkingMassachusetts
ABNB Federal Credit Union2.60% ($100K) 63-month CDNorfolk/Virginia Beach metro
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
MidFirst Direct2.15% 5-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
Gesa Credit Union2.14% 5-year CDWashington State
Dime Savings Bank2.10% 5-year CDNew York
Department of Commerce FCU2.10% 5-year CDWashington DC
Northwest Community Bank2.05% 5-year CDparts of Connecticut

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
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

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
Dollar Bank3.00% 10-year CDPittsburgh and Cleveland
SACU2.90% ($90K) 2.85% ($10K) 10-year CDSan Antonio, TX
MidFirst Direct2.75% 7-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
Doral Bank NY2.70% 10-year CDNYC
Wright-Patt Credit Union2.52% ($100K) 2.42% ($500) 6-year CDUS gov military and civilian personnel, Parts of OH
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
Gesa Credit Union2.34% 7-year CDWashington State
Columbia Bank2.30% 7-year IRA CDNew Jersey
Doral Bank NY2.30% 7-year CDNYC
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

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Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
RE:  "The Labor Department reported 192K new jobs in March which was below the expected 200K. That increases the chance of a longer wait before the Fed hikes rates"

This may be a true statement, but I'm really getting discussed with the FED keeping rates low based on this Jobs report.
There are many able body lazy unemployed people living off our tax dollars due to government programs that support them while they collect more from us than they can from working.  The jobs are out there.
It's about time our so-called leaders put these people to work!

9
Comment #2 by Anonymous posted on
Anonymous
Rates are raised to combat inflation, not reward savers. If the economy was booming new jobs would be created, lots of people would be hired, wages would increase, inflation would become problematic and rates would rise. Lazy citizens have little affect on the decision makers at the Fed.

11
Comment #3 by Anonymous posted on
Anonymous
I disagree.  If the lazy freeloaders were working the jobs numbers would increase.  Banks are using our money to generate billions of dollars in   profits at zero cost to them!

9
Comment #5 by Anonymous posted on
Anonymous
The Fed is not responsible for long-term unemployment benefits, never-ending handouts or job killing legislation and executive orders. The latest jobs report shows just how bad this recover is yet people cheer the number. A real recovery roars and this one doesn't utter a murmur.

You are correct about bank recoveries. The Fed bailed out banks (the primary purpose of QE) by buying lousy paper and loaning money at near 0%. It was never about the little guy.

I know people want to see 5% returns on their local bank CD's but that's not going to happen this year or next. If and when rates do return to 5%-7% expect corresponding inflation to rise accordingly. Ten-year CD's pay 3.3%...for a reason.

6
Comment #7 by Anonymous posted on
Anonymous
When will we see rates rise?

1
Comment #4 by Anonymous posted on
Anonymous
Bottom Line Number 1 is that the employment situation remains poor with real unemployment at 12 percent and not the political cooked-booked unemployment rate the media faithfully and lazily gobbles up because most of the media rarely does a really good job of analysis or investigation. Bottom Line Number 2 is that regardless of the reason that some people drop out of the labor force, there isn't going to be much of an increase in interest rates for some time given the real unemployment picture. 

1
Comment #6 by Anonymous posted on
Anonymous
Ken,




Which rates did GE Capital Retail Bank cut?  I believe their 5 year rate has stayed at 2.25% for a long time.  Thanks.

1
Comment #8 by Ken Tumin posted on
Ken Tumin
Their 5yr rates did stay the same. Their 4yr Jumbo yield fell from 1.80% to 1.75%.

5
Comment #9 by Anonymous posted on
Anonymous
Thanks, Ken.

4