Dedicated to Deposits: Deals, Data, and Discussion

Survey of the Best CD Rates for June 8, 2014

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By popular demand, I’m bringing back the long format of the CD survey. I’m going back to publishing two weekly recap posts. This one will focus on CD rates and the other one will focus on liquid accounts (savings, money market and checking accounts). I’ll be publishing this CD survey on the weekend and the liquid account post early Monday.

I hope you’ll find these posts useful. The intent is to supplement our rate tables by highlighting deals that may not be apparent in the rate tables. For example, I’m including some long-term CDs in the short-term CD tables to show how these long-term CDs compare with short-term CDs when the long-term CDs are closed early. 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.

One noteworthy rate change last week was at EverBank which raised its 5-year CD yield from 2.23% to 2.30%. This is now tied with Synchrony Bank and CIT Bank for the highest 5-year CD rate that’s nationally available.

VirtualBank used to be near the top for 5-year CDs, but that changed last week. The yield fell from 2.28% to 2.01%.

We also lost some CD specials at all-access credit unions. USAlliance FCU’s 13-month CD special ended on Friday. Quorum FCU has replaced its 13-month CD special with a 25-month CD special. Like the last special, this new one is very competitive. The new 25-month CD has a 1.50% APY.

Flagstar Bank has also changed its special. It’s a savings account special, but since the rate is guaranteed for a period of time, I’m including it in this CD survey. The new special guarantees a 1.15% APY for the first 12 months. There’s no maximum deposit. Unfortunately, it’s limited to Michigan residents.

The best CD deal continues to be the 7-year add-on CD at Tobyhanna Federal Credit Union. Many readers have shared their experiences and opinions on this CD in the comments of my Tobyhanna CD review post.

Finally, it might appear I added a new bank. However, it’s just a name change. GE Capital Retail Bank is now known as Synchrony Bank. I have more details about this change in this blog post. This internet bank currently has several good CD deals and mild early withdrawal penalties.

Yields Accurate as of June 7, 2014

Under 1-Year CD Rates

InstitutionRatesNotes
EverBank1.40% 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

Noteworthy Local Deals - Under 1-Year CDs

InstitutionRatesRegion
NavyArmy Community Credit Union1.20% ($100K) 1.10% ($1K) 6-month CDCorpus Christi, TX metro
Flagstar Bank1.15% savings account w/12-mo rate guaranteeMichigan
Gulf Coast Federal Credit Union1.00% 6-month CDCorpus Christi, TX metro
Doral Bank NY1.00% 6-month CDNYC

1-Year CD Rates

InstitutionRatesNotes
Melrose Credit Union1.15% 1-year CD
Synchrony Bank1.15% (2.30% 5-year CD closed after 1 year)see review & risks
Synchrony Bank1.10% ($25K min) 1-year CDFormerly MetLife
GE Capital Bank1.10% 1-year CD
EverBank1.10% 1-year CD
Connexus Credit Union1.10% 1-year CDw/active chk
VirtualBank1.07% 1-year CD
CIT Bank1.05% ($25K min)add-on & bump-up 1-year CD

Noteworthy Local Deals - 1-Year CDs

InstitutionRatesRegion
NavyArmy Community Credit Union1.45% ($100K) 1.15% ($1K) 1-year CDCorpus Christi, TX metro
Gulf Coast Federal Credit Union1.30% 12-month CDCorpus Christi, TX metro
South Florida Federal Credit Union1.26% 1-year CDSouth Florida
LOMTO Federal Credit Union1.25% 1-year CDparts of New York City
Doral Bank NY1.20% 1-year CDNYC
HAB Bank1.15% 1-year CDSouthern California

18-month CD Rates

InstitutionRatesNotes
Synchrony Bank1.53% (2.30% 5-year CD closed after 18 months)see review & risks
Xceed Financial Credit Union1.50% 17-month CD
Barclays1.50% (2.25% 5-year CD closed after 18 months)see review & risks
NASA Federal Credit Union1.25% 15-month CD special
BBVA Compass1.25% (w/relationship checking) 1.15% (w/o relation) 18-month CDnow nationally available
Northern Bank & Trust Company1.25% 20-month CD
EverBank1.17% 18-month CD
VirtualBank1.17% 18-month CD
Ally Bank1.16% (1.60% 5-year CD closed after 18 months w/new ewp)see review & risks
Synchrony Bank1.15% 15-month CD specialFormerly MetLife

Noteworthy Local Deals - 18-Month CDs

InstitutionRatesRegion
Gulf Coast Federal Credit Union1.45% 18-month CDCorpus Christi, TX metro
Doral Bank NY1.30% 18-month CDNYC
South Jersey Federal Credit Union1.26% 18-month CDparts of New Jersey
Greater Nevada Credit Union1.20% 17-month CDNorth Nevada

2-Year CD Rates

InstitutionRatesNotes
Synchrony Bank1.72% (2.30% 5-year CD closed after 2 years)see review & risks
Barclays1.69% (2.25% 5-year CD closed after 2 years)see review & risks
Quorum Federal Credit Union1.50% 25-month CD special
Third Federal1.50% 29-month CDpromotional
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
Salem Five Direct1.25% 2-year CD
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
Institution For Savings2.00% 2-year CDparts of MA
Greater Nevada Credit Union1.70% 27-month CDNorth Nevada
NavyArmy Community Credit Union1.70% ($100K) 1.40% ($1K) 2-year CDCorpus Christi, TX metro
Gulf Coast Federal Credit Union1.55% 2-year CDCorpus Christi, TX metro
Doral Bank NY1.50% 2-year CDNYC
Keesler Federal Credit Union1.50% ($100K) 1.40% ($1K) 2-year CDMississippi
LOMTO Federal Credit Union1.45% 2-year CDparts of New York City
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
Synchrony Bank1.92% (2.30% 5-year CD closed after 3 years)see review & risks
Barclays1.88% (2.25% 5-year CD closed after 3 years)see review & risks
Connexus Credit Union1.75% 3-year CD w/active chk
USAlliance Federal Credit Union1.71% 35-month CD
Melrose Credit Union1.66% 3-year CD
Northern Bank & Trust Company1.60% 3-year CD
America's Credit Union1.50% 3-year CDpromotional
Sallie Mae Bank1.45% 3-year CD
CIT Bank1.45% ($100K) 1.30% ($1K) 3-year CD
Navy Federal Credit Union1.40% ($100K) 1.35% ($20K) 3-year CDlimited membership

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
Keesler Federal Credit Union1.70% ($100K) 1.60% ($1K) 3-year CDMississippi
LOMTO Federal Credit Union1.65% 3-year CDparts of New York City
Doral Bank NY1.60% 3-year CDNYC

4-Year CD Rates

InstitutionRatesNotes
NASA Federal Credit Union2.25% 49-month CD special
Melrose Credit Union2.02% 4-year CD
Synchrony Bank2.01% (2.30% 5-year CD closed after 4 years)see review & risks
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
Nationwide Bank1.84% ($100K) 1.79% ($500) 4-year CD
America's Credit Union1.80% 4-year CDpromotional
CIT Bank1.80% ($100K) 1.65% ($1K) 4-year CD
VirtualBank1.79% 4-year CD
EverBank1.78% 4-year CD
Synchrony Bank1.75% ($25K) 1.70% ($2K) 4-year CDFormerly MetLife
Barclays1.70% 4-year CD
Navy Federal Credit Union1.65% ($100K) 1.60% ($20K) 4-year CDlimited membership
Ally Bank1.30% Raise-Your-Rate 4-year CD

Noteworthy Local Deals - 4-Year CDs

InstitutionRatesRegion
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
LOMTO Federal Credit Union1.85% 4-year CDparts of New York City
MidFirst Direct1.75% 4-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
Fifth Third Bank1.50% 4-year CD specialseveral eastern and midwestern states

5-Year CD Rates

InstitutionRatesNotes
Synchrony Bank2.30% ($25K) 2.25% ($2K) 5-year CDFormerly MetLife
CIT Bank2.30% ($100K) 2.25% ($1K) 5-year CD
EverBank2.30% 5-year CD
Melrose Credit Union2.27% 5-year CD
GE Capital Bank2.25% 5-year CD
Barclays2.25% 5-year CD
Navy Federal Credit Union2.15% ($100K) 2.10% ($20K) 5-year CDlimited membership
Sallie Mae Bank2.10% 5-year CD
BBVA Compass2.10% (w/relationship checking) 2.00% (w/o relation) 5-year CDnow nationally available
Fidelity New Issue Brokered CD2.00% 5-year non-callable CDissued by Synchrony Bank
Discover Bank1.95% 5-year CD

Noteworthy Local Deals - 5-Year CDs

InstitutionRatesNotes
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
LOMTO Federal Credit Union2.15% 5-year CDparts of New York City

Over 5-Year CD Rates

InstitutionRatesRegion
Fidelity New Issue Brokered CD3.30% 10-year non-callable CDissued by Synchrony Bank
Tobyhanna Federal Credit Union3.04% 7-year add-on CDaccount review
Fidelity New Issue Brokered CD2.65% 7-year non-callable CDissued by Synchrony Bank
Apple Federal Credit Union2.60% 10-year CD
Navy Federal Credit Union2.55% ($100K) 2.50% ($20K) 7-year CDlimited membership
Doral Direct2.45% 10-year CDaccount review
Franklin Federal Savings Bank2.42% 7-year CDaccount review
GE Capital Bank2.30% 6-year CD
Navy Federal Credit Union2.30% ($100K) 2.25% ($20K) 6-year CDlimited membership
Discover Bank2.25% 10-year CD
Franklin Federal Savings Bank2.22% 6-year CDaccount review
Apple Federal Credit Union2.20% 7-year CD
Discover Bank2.05% 7-year CD
Doral Direct2.00% 7-year CDaccount review

Noteworthy Local Deals - Over 5-year CDs

InstitutionRatesRegion
Hutchinson Credit Union3.15% ($250K) 3.10% ($100K) 3.05% ($25K) 10-year CDKansas
MidFirst Direct3.00% 10-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
MidFirst Bank3.00% 10-year CDAZ and OK
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 Bank2.80% 10-year CDPittsburgh and Cleveland
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
SACU2.40% ($100K) 2.36% ($10K) 7-yearSan Antonio, TX
Wright-Patt Credit Union2.31% ($100K) 2.21% ($500) 6-year CDUS gov military and civilian personnel, Parts of OH
Doral Bank NY2.30% 7-year CDNYC
Financial Center Federal Credit Union2.25% 7-year CDparts of Indiana
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
13 Comments.
Comment #1 by Sylvia posted on
Sylvia
Yay, glad to see its return!  Thank you, Ken.

Separately, Quorum has a special 9 month CD at .90% APY, making it among the top under 1 year deals.  I'll post on forum as well.

5
Comment #2 by cumulus posted on
cumulus
> ...I’m bringing back the long format of the CD survey...
>
Know this is more work for you, but greatly appreciated;
seriously, don't know how you do it!  Thanks a lot.

12
Comment #3 by Anonymous posted on
Anonymous
Ken,




Thank you so much for bringing back the long format of the CD survey.  This is GREATLY appreciated!!

6
Comment #4 by Anonymous posted on
Anonymous
Regarding the Toby add-on 7 year CD,  is it best to go in for the maximum now, or is it better to open a $1,000 CD now and  wait to see what happens with interest rates before deciding whether to fund the CD with additional funds?

1
Comment #6 by me1004 posted on
me1004
If you don't mind that your money is locked up for a full seven years, then it is best to put all in now. But that's a long time. My guess is that the greatest benefit will be in the first few years. After that, you might still be getting a competitive rate, but that might be all you're getting, which means you could potentially get that elsewhere in a few years. But what the rates will be down the line is just guessing, so maybe rates will stay low and you will have a long and good ride with this CD.

4
Comment #8 by Anonymous posted on
Anonymous
I'm thinking of watching rates for a few weeks and seeing what happens.  Which do you think is better, Toby for 7 years at 3.04% or the Greater Nevada for 37 months at 2.20%?

1
Comment #7 by Anonymous posted on
Anonymous
Hey #4 - Just go with the Synchrony 5 year and be done with it. Actually though, I don't have a clue as to what to do with Toby but was just wondering if I could type 'Synchrony"  without having to laugh. :-)  Cheers 

2
Comment #5 by me1004 posted on
me1004
Oh, how nice this has returned. Thank you Ken. I know it is plenty of  work for you.

6
Comment #9 by Anonymous posted on
Anonymous
I wanted to note for all the bank of internet customers In July it is changing their way they determine their 1.25 rate.  You now don't have to do bill pays however you must accumulate 15 debit card transactions of at least 3 dollars.   

1
Comment #10 by Oldtimer (anonymous) posted on
Oldtimer
Ken,

Thank you, thank you, thank you, thank you ......

4
Comment #11 by Anonymous (anonymous) posted on
Anonymous
THANK YOU!

3
Comment #12 by Anonymous posted on
Anonymous
Glad to see you have brought back the long format.  I have been using your info for years and it is my most valuable resource for CD rates.

2
Comment #13 by Anonymous posted on
Anonymous
TCF Bank is offering a 1.20% 19 month promotional CD at their Illinois and Indiana branches

www.tcfbank.com

1