Dedicated to Deposits: Deals, Data, and Discussion

Survey of the Best CD Rates for July 28, 2014

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The Fed will be meeting on Tuesday and Wednesday of this week. Little change is expected when the Fed releases its statement on Wednesday. Hopefully, we’ll see some hints of a future rate hike. I’ll have more about the meeting and future interest rates tomorrow.

The trend that I mentioned last week continues: there have been more rate cuts than rate hikes in my survey of top CD rates. In particular, we saw rate cuts last week on long-term CDs from Doral Direct, Franklin Federal Savings Bank, Third Federal and First Republic Bank. I wonder if this is due to the banks quickly meeting their deposit quotas, or are the banks reconsidering their predictions of higher interest rates in the future?

Fortunately, we haven’t seen too many rate cuts at the big internet banks. EverBank did cut its 12-month and 18-month CD rates last week, but its 5-year CD rate remains a rate leader (2.30% APY). EverBank’s 12-month and 18-month CDs had been rate leaders for just a little bit of time. After this latest cut, they’re not even close to the leaders. Thus, I’ve removed them from this CD survey.

I added several new CD deals to the survey. Unfortunately, they’re all local deals. Hopefully, you’ll be able to take advantage of at least one of them.

One of the new noteworthy CD deals is a special 17-month CD at Charter Oak Credit Union in Connecticut. It has a 2.00% APY. Unfortunately, this special does have a checking relationship requirement, and a maximum deposit limit of $75K.

Another new noteworthy CD deal is a special 37-month CD at Frankenmuth Credit Union in Michigan. It has a 2.00% APY with no relationship requirements or maximum deposit.

The best long-term CD deal continues to be the 3.04% APY 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. One note about these types of deals at small credit unions is that there’s always a risk that the CD features may not hold up through the entire term. I did this post a couple of weeks ago on what happened at another credit union.

An alternative to short-term CDs is long-term CDs that have mild early withdrawal penalties. Two banks with top 5-year CD rates and a mild early withdrawal penalty are Synchrony Bank and Barclays. Both have very competitive 5-year CDs with an early withdrawal penalty of only 6 months of interest. I included the effective yields of these CDs when closed early in the tables below. 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.

Yields Accurate as of July 28, 2014

Under 1-Year CD Rates

InstitutionRatesNotes
EverBank1.40% checking/MMA intro 6-month rate ($100K/$50K max)account review
Americas Credit Union1.00% 5-month CDw/relationship
Connexus Credit Union1.00% 6-month CDw/active chk
Charter Oak Credit Union1.00% 8-month GO CD Special ($75K max)Connecticut
Doral Direct0.91% 9-month CDaccount review
Quorum Federal Credit Union0.90% 9-month CD
Ally Bank0.87% 11-month No-Penalty CDsee account review

Noteworthy Local Deals - Under 1-Year CDs

InstitutionRatesRegion
Libertad Bank1.31% MMA with rate guaranteed to 12/31/14Texas
Security First Credit Union1.16% 9-month CD SpecialTexas
Flagstar Bank1.15% savings account w/12-mo rate guaranteeMichigan
Gulf Coast Federal Credit Union1.00% 6-month CDCorpus Christi, TX metro
NavyArmy Community Credit Union0.95% ($100K) 0.85% ($1K) 6-month CDCorpus Christi, TX metro
Doral Bank NY0.80% 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
East River Bank1.10% 14-month Fixed Rate CD Special
Synchrony Bank1.10% ($25K min) 1-year CDFormerly MetLife
Connexus Credit Union1.10% 1-year CDw/active chk
Silvergate Bank1.08% ($25K min) 1-year CDOpen and fund online
GE Capital Bank1.05% 1-year CD
CIT Bank1.05% ($25K min) 1-year CDadd-on & bump-up 1-year CD
VirtualBank1.01% 1-year CD

Noteworthy Local Deals - 1-Year CDs

InstitutionRatesRegion
Belmont Savings Bank (OH)1.46% 18-month Jumbo CD ($98K) Southeast Ohio
CFG Community Bank1.35% 1-year CD relationshipMD
Los Angeles Federal Credit Union1.30% ($25K max) 13-month CD specialSoCal
Gulf Coast Federal Credit Union1.30% 12-month CDCorpus Christi, TX metro
Idaho Central Credit Union1.25% 13-month CD PromoIdaho
Icon Credit Union1.25% 1-year special CDparts of ID and OR
LOMTO Federal Credit Union1.25% 1-year CDparts of New York City
University of Iowa Community Credit Union1.25 15-month CD SpecialMD
Belmont Savings Bank (OH)1.21% 1 year CDSoutheast Ohio
Nuvo Bank & Trust Company1.21% 13-month CD ($250K max)
NavyArmy Community Credit Union1.20% ($100K) 1.00% ($1K) 1-year CDCorpus Christi, TX metro
Cooper State Bank1.10% 12-35 month CDNYC
South Florida Federal Credit Union1.06% 1-year CDSouth Florida
Doral Bank NY1.05% 1-year CDNYC

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
Synchrony Bank1.20% 15-month CD specialFormerly MetLife
Ally Bank1.16% (1.60% 5-year CD closed after 18 months w/new ewp)see review & risks
VirtualBank1.08% 18-month CD

Noteworthy Local Deals - 18-Month CDs

Idaho Central Credit Union
InstitutionRatesRegion
Charter Oak Credit Union2.00% 17-month GO CD Special ($75K max)Connecticut
Belmont Savings Bank (OH)1.56% 18-month Jumbo CD ($98K) Southeast Ohio
1.50% 21-month CD PromoIdaho
Gulf Coast Federal Credit Union1.45% 18-month CDCorpus Christi, TX metro
Belmont Savings Bank (OH)1.31% 18-month CDSoutheast Ohio
South Jersey Federal Credit Union1.26% 18- month CDparts of New Jersey
Doral Bank NY1.10% 18-month CDNYC

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 Federal1.35% 29-month CDpromotional
Melrose Credit Union1.41% 2-year CD
Security First Credit Union1.39% ($50K) 1.36% ($1K) 2-Year CD SpecialTexas
BBVA Compass1.35% (w/relationship checking) 1.25% (w/o relation) 29-month CDnow nationally available
CIT Bank1.30% ($100K min) 2-year CD
Connexus Credit Union1.30% 2-year CDw/active chk
Ally Bank1.27% (1.60% 5-year CD closed after 2 years w/new ewp)see review & risks
EverBank1.26% 2-year CD
Northrop Grumman Federal Credit Union1.24% ($40K) 1.09% ($2.5K) 2-year CD
Salem Five Direct1.25% 2-year CD
CIT Bank1.25% ($25K min) 2-year CDadd-on & bump-up options
Bank5 Connect1.20% add-on 2-year CDnot available to MA & RI residents
Silvergate Bank1.16% 2-year ($25K min) CDOpen and fund online

Noteworthy Local Deals - 2-Year CDs

InstitutionRatesRegion
MidWestOne Bank2.00% 27-month CD Bump Up Specialrelationship
University of Iowa Community Credit Union1.75% 25-month CD special
Gulf Coast Federal Credit Union1.55% 2-year CDCorpus Christi, TX metro
Frankenmuth Credit Union1.51% 21-month CD SpecialMichigan
NavyArmy Community Credit Union1.50% ($100K) 1.30% ($1K) 2-year CDCorpus Christi, TX metro
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
Doral Bank NY1.30% 2-year CDNYC
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
America's Credit Union1.50% 3-year CDpromotional
EverBank1.45% 3-year CD
Sallie Mae Bank1.45% 3-year CD
Northern Bank & Trust Company1.40% 3-year CD
Navy Federal Credit Union1.40% ($100K) 1.35% ($20K) 3-year CDlimited membership
CIT Bank1.50% ($100K) 1.35% ($1K) 3-year CD

Noteworthy Local Deals - 3-Year CDs

InstitutionRatesRegion
Gulf Coast Federal Credit Union2.02% 3-year CDCorpus Christi, TX metro
NavyArmy Community Credit Union2.00% ($100K) 1.75% ($1K) 3-year CDCorpus Christi, TX metro
Frankenmuth Credit Union2.00% 37-month CD SpecialMichigan
Firstmark Credit Union1.80% 40-month Regular CD PromotionGreater San Antonio
Keesler Federal Credit Union1.70% ($100K) 1.60% ($1K) 3-year CDMississippi
Keesler Federal Credit Union1.65% ($100K) 1.55% ($1K) 3-year bump-up CDMississippi
LOMTO Federal Credit Union1.65% 3-year CDparts of New York City
Progressive Credit Union1.61% 3-year CD (NYC with unique FOM) account review
Cooper State Bank1.60% 3-year Step Up CDNYC
Doral Bank NY1.45% 3-year CDNYC
First Republic Bank1.20% 3-year CDparts of CA, OR, MA, CT, FL and NY

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
Third Federal1.85% 49-month CDpromotional
Nationwide Bank1.84% ($100K) 1.79% ($500) 4-year CD
America's Credit Union1.80% 4-year CDpromotional
CIT Bank1.80% ($100K) 1.70% ($50K) 1.65% ($1K) 4-year CD
VirtualBank1.79% 4-year CD
EverBank1.79% 4-year CD
Synchrony Bank1.75% ($25K) 1.70% ($2K) 4-year CDFormerly MetLife
Barclays1.70% 4-year CD
Fort Knox Federal Credit Union1.65% 46-month CDConsumer-unfriendly history, see review
Navy Federal Credit Union1.65% ($100K) 1.60% ($20K) 1.55% ($1K) 4-year CDlimited membership
Ally Bank1.30% Raise-Your-Rate 4-year CD

Noteworthy Local Deals - 4-Year CDs

InstitutionRatesRegion
Institution for Savings2.50% ($250K) 4-year Money Market CD (also req $250K in MMA) parts of MA
Bayer Heritage Federal Credit Union2.27% 4-year CDparts of WV, OH & SC
Idaho Central Credit Union2.00% 4-year CD PromoIdaho
Kemba Federal Credit Union2.10% 4-year CDGreater Cincinnati
Keesler Federal Credit Union2.00% ($100K) 1.90% ($1K) 4-year CDMississippi
LOMTO Federal Credit Union1.85% 4-year CDparts of New York City
Firelands Federal Credit Union1.75% 4-year CDparts of Ohio
MidFirst Direct1.75% 4-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
Doral Bank NY1.55% 4-year CDNYC
People's Alliance Federal Credit Union1.54% 4-year CDNYC and Miami
Fifth Third Bank1.50% 44-month CD specialseveral eastern and midwestern states
First Republic Bank1.50% 4-year CDparts of CA, OR, MA, CT, FL and NY

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 CD2.05% 5-year non-callable CDissued by Synchrony Bank
Nationwide Bank2.00% ($100K) 5-year CD
Discover Bank1.95% 5-year CD

Noteworthy Local Deals - 5-Year CDs

InstitutionRatesNotes
Bayer Heritage Federal Credit Union2.53% 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
Firelands Credit Federal Union2.25% 5-year CDparts of Ohio
LOMTO Federal Credit Union2.15% 5-year CDparts of New York City
First Republic Bank1.90% 5-year CDparts of CA, OR, MA, CT, FL and NY

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
Special Custodial CD2.53% ($100K) 10-yearaccount review
Doral Direct2.30% 10-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% 7- year CDaccount review
Apple Federal Credit Union2.20% 7-year CD
Discover Bank2.05% 7-year CD
Franklin Federal Savings Bank2.02% 6-year CDaccount review
Doral Direct1.95% 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
Frick Tri-County Federal Credit Union3.00% 10-year CDparts of Western PA
MidFirst Bank2.90% 10-year CDAZ and OK
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
Dollar Bank2.65% 10-year CDPittsburgh and Cleveland
Doral Bank NY2.50% 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
SACU2.45% ($100K) 2.40% ($10K) 7-yearSan Antonio, TX
MidFirst Bank2.40% 7-year CDAZ and OK
Wright-Patt Credit Union2.39% ($100K) 2.29% ($500) 6-year CDUS gov military and civilian personnel, Parts of OH
Financial Center Federal Credit Union2.25% 7-year CDparts of Indiana
Doral Bank NY2.10% 7-year CDNYC
First Republic Bank2.00% 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
Comment #1 by Anonymous posted on
Anonymous
Looks like no new nationally available CD deals this week.  The only good nationally available CD deals currently available are the Tobyhanna 7 year, and the Synchrony and Barclays 5 years.  Is anyone aware of any other good CD deals that are available nationally or in Nevada?

1
Comment #2 by Anonymous posted on
Anonymous
Including Toby, there are not any good cd deals currently available. 

4