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Retirement Savings: How Much Should I Save Each Month?Searching for Those 5% CDs
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POSTED
ON BY Ken Tumin
As short term rates slowly rise, long term rates are pretty much staying put. It's easy now to find money market rates over 3.50%. However, trying to find CD rates over 5% is very tough. But I have found a few. No major online bank is offering these so there's no easy signup process.
The best deal is a 5% APY 16-month CD at Digital Credit Union. I had a post about this last week. Since it's a credit union, there's an extra step that's required before you can join.
The second best deal is a 36 month CD with a 5.11% APY at First Community Bank of Ohio. However, to get this rate, you must live in the Columbus Ohio area. Otherwise, the rate will be only 4.85% APY. There's an online application that must be printed and sent by mail. A check to fund the CD must be sent with the application.
The only way to find a 5% CD is to extend the term to 5 years. And even a 5yr CD paying 5% APY is very rare.
The Tennessee Commerce Bank is offering a 5yr, 5% APY CD. To start an account you'll have to complete an online application and then mail the bank copies of two forms of ID along with your check.
Finally, you can get 5.01% APY CD with only a $1K deposit at Randolph-Brooks Federal Credit Union. The rate can be as high as 5.17% APY for deposits over 75K. And they even have a 7yr CD that offers 5.27% APY with a 75K deposit. Since it's a credit union, there are membership restrictions. This is most appropriate for those who live in Central Texas.
The best deal is a 5% APY 16-month CD at Digital Credit Union. I had a post about this last week. Since it's a credit union, there's an extra step that's required before you can join.
The second best deal is a 36 month CD with a 5.11% APY at First Community Bank of Ohio. However, to get this rate, you must live in the Columbus Ohio area. Otherwise, the rate will be only 4.85% APY. There's an online application that must be printed and sent by mail. A check to fund the CD must be sent with the application.
The only way to find a 5% CD is to extend the term to 5 years. And even a 5yr CD paying 5% APY is very rare.
The Tennessee Commerce Bank is offering a 5yr, 5% APY CD. To start an account you'll have to complete an online application and then mail the bank copies of two forms of ID along with your check.
Finally, you can get 5.01% APY CD with only a $1K deposit at Randolph-Brooks Federal Credit Union. The rate can be as high as 5.17% APY for deposits over 75K. And they even have a 7yr CD that offers 5.27% APY with a 75K deposit. Since it's a credit union, there are membership restrictions. This is most appropriate for those who live in Central Texas.