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Short Term Rates Higher Than EmigrantDirect


I've put together a list of CDs and other short term deposit accounts that have rates significantly higher than EmigrantDirect's 4.0% savings account. EmigrantDirect is kind of the benchmark to judge short term deposit accounts. My definition of short term is a CD of around 6 months or less. My definition of "significantly higher" is at least 4.25%. As you get lower than this, the financial advantage of opening a new account over leaving it in Emigrant is likely not worth your time (unless you have significant money). In addition to CDs there are also some high-rate deposit accounts that have special conditions. These conditions make them less flexible than EmigrantDirect's savings account, but they are no more restrictive than a 6-month CD.

In addition to the usual high-rate short term CDs like those from Corus Bank and Virtual Bank, I've added in some recent CDs and accounts that I've come across in the last week. Also, I've found some specials at three different credit unions. One nice thing about these credit unions is that their accounts have lower minimum required deposits than the banks.

As is the case for most credit unions, these have a fairly restrictive field of membership (FOM). One is the Catholic Federal Credit Union. Membership eligibility includes members of Catholic parishes in several Michigan counties. I wonder if anyone ever joined a religion just so they could get a good deal on a CD...

All rates listed below are in APY.
  • 5.0% - New member special. Initial deposit will be placed in a no penalty CD. Money may be withdrawn at any time. Boeing Helicopter Credit Union, Ridley Park, Pennsylvania, (FOM)
  • 4.65% - $10K min, 5 month CD. Non-advertised. (See post) World Savings Bank (also has 4.16% 4-month CD which is advertised)
  • 4.50% - $25K min, Money Market, $15 fee if closed before 6 months. (See post) Superior Savings of New England
  • 4.50% - No min, Checking, New member special for 3 months. EverBank
  • 4.30% - $10K min, 6 month CD, Corus Bank
  • 4.28% - $1K min, 6 month CD, Catholic Federal Credit Union, Saginaw, Michigan (also has 4.23% 4 month CD)
  • 4.25% - $10K min, 6 month CD, VirtualBank
  • 4.25% - $500 min, 7 month CD, Advance Financial Federal Credit Union, Lake County, Indiana (FOM) (also has 4.50% 11-month CD and 5.25% 60-month CD)
  • 4.25% - $500 min, 3 month CD, (see post) State Farm Bank (4.35% with $100K min)

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