Survey of the Best Local CD Rates in San Bernardino, Jacksonville, Little Rock and Other Cities

Most of the CD rates held up well since last week. Two exceptions were two New York City credit unions (Montauk and Bay Ridge). Montauk's 3-year and 7-year CD rates fell by 25 basis points, and Bay Ridge's 5-year CD rate also fell by 25 basis points. Even with these rate cuts, both are still offering a 5-year CD rate of 3.00% APY. One reader reported that he was able to join Montauk by mail. However, this might be a "your miles may vary (YMMV)" circumstance. The credit union lists in bold on its applications page that "new member accounts must be opened in person."

Another rate cut was at Premier Community Credit Union in Stockton, California which lowered its 5-year CD rate to 2.65% APY.

I replaced Premier with Alaska USA Federal Credit Union which is offering 2.75% APY for a 5-year Jumbo CD in addition to very competitive rates for 18-month and 24-month terms. It's available to all residents of San Bernardino County, Calfornia in addition to parts of Washington State and Alaska (see review). For some California residents, Alaska FCU is an alternative to State Bank of India (California) which continues to offer a 2.75% APY 5-year CD and a special 1.50% APY 15-month CD.

I also added the 5-year CDs from Coastline Federal Credit Union in Jacksonville, Florida and TruService Community Credit Union in Little Rock, Arkansas. Neither of these 5-year CD rates are hot deals, but they're on par with the best nationally available 5-year CD rates. TruService's rate actually exceeded this when I first posted on it early in the week, but the rate has already fallen since then.

Finally, I added First Federal Savings and Loan to the "over 5-year CD rates" list. Its 8-year CD rate is 3.75% APY ($100K min) which is the best rate in the nation for terms around 7 years. Unfortunately, it's a local deal. The bank only accepts deposits from its market area which is in Southeast Mississippi. I was told this does include Biloxi (see review).

Best Nationwide CD Rates

So you can see how the local rates compare, I'm including the best CD rates that are available nationwide. These are often from credit unions which anyone can join via an association. I'm also including more than one CD for each category. For example, Connexus Credit Union has 3 best CD rates, but these require an active checking account. Since many don't want to worry about maintaining another checking account, I'm including another CD without any checking requirement. And I'm including Ally Bank's 5-year CD for many of the short-term CDs. As I described many times, these can be better deals than short-term CDs due to the 60-day early withdrawal penalty. I've included a link to a discussion of this strategy that describes the potential risks.

Using the Rate Tables to Find the Best Local CD Rates

As I described in my rate table overview, you can use our rate tables to find the best local CD rates. One thing that complicates looking for local rates is that it can be hard to know the areas served by small banks and credit unions. So in my list below, I primarily focus on banks and credit unions that serve large regions or large metro areas. My criteria is that they offer rates higher than the nationwide equivalent CD. If the rate is high enough, I'll also mention a bank or credit union even if it's not in a large populated area. These aren't hard rules. They're just general rules to keep the list manageable and useful.

Rates Accurate as of 5/27/2011

Under 1-Year CD Rates

• Ally Bank - 1.59% (2.39% 5-year CD closed after 6 months, see review & risks)
• Connexus Credit Union - 1.50% 6-month CD with active checking account
• Salem Five Direct - 1.25% savings account with rate guaranteed until 4/1/2012
• Ally Bank - 1.10% 11-month No-Penalty CD

• Noteworthy Local Deals

• Visions Federal Credit Union - 5.00% 5-month CD (max $100K) (Rochester, NY only) (see note)
• Capital One Bank - 1.50% checking with rate guaranteed for 12 months (Austin metro area)
• Industrial Credit Union - 1.40% 6-month CD (Boston metro area)
• Alma Bank - 1.35% 12-month Liquid CD (New York City)
• Washington Federal Bank for Savings - 1.15% 9-month CD (Chicago)

1-Year CD Rates

• Ally Bank - 1.99% (2.40% 5-year CD closed after 1 year, see review & risks)
• Connexus Credit Union - 1.75% 12-month CD with active checking account
• Melrose Credit Union - 1.41% APY 12-month CD

• Noteworthy Local Deals

• Island Federal Credit Union - 2.00% 11-month CD (Suffolk & Nassau Counties, NY)
• Royal Asian Bank - 1.75% 1-year CD (Northern NJ & Philadelphia) (see note)
• Industrial Credit Union - 1.60% 12-month CD (Boston metro area)
• Credit Union of Atlanta - 1.53% 12-month CD (parts of Atlanta, Georgia)
• Capital One Bank - 1.50% checking with rate guaranteed for 12 months (Austin metro area)
• State Bank of India (California) - 1.50% 15-month CD (Several cities in California & in Washington DC)
• South Florida Federal Credit Union - 1.50% 12-month CD (limited membership in Miami)
• Alma Bank - 1.35% 12-month Liquid CD (New York City)

18-month CD Rates

• Ally Bank - 2.12% (2.39% 5-year CD closed after 18 months, see review & risks)
• Alliant Credit Union - 1.55% ($25K min) 18-month CD

• Noteworthy Local Deals

• Community Bank of Tri-County - 2.05% 18-month CD (Maryland)
• Alaska USA Federal Credit Union - 1.60% ($100K) 5-year CD (San Bernardino County, CA; parts of WA & AK)
• Industrial Credit Union - 1.60% 18-month CD (Boston metro area)
• Sovereign Bank (TX) - 1.51% 17-month CD special (Dallas/Fort Worth Metro) (see note)

2-Year CD Rates

• Ally Bank - 2.19% (2.39% 5-year CD closed after 2 years, see review & risks)
• Self-Help Credit Union - 1.77% 2-year CD

• Noteworthy Local Deals

• Royal Asian Bank - 2.50% 2-year CD (Northern NJ & Philadelphia) (see note)
• University of Iowa Community Credit Union - 2.25% ($100K) 2.10% ($1K) 25-month CD (several parts of Iowa)
• Sovereign Bank (TX) - 2.02% 27-month CD special (Dallas/Fort Worth Metro) (see note)
• Wings Financial Credit Union - 1.81% 2-year CD (Seattle & Minneapolis Metro areas)
• Montauk Credit Union - 1.75% 2-year CD (New York City)
• Eastbank - 1.75% 2-year CD (New York City)
• Alaska USA Federal Credit Union - 1.75% ($100K) 5-year CD (San Bernardino County, CA; parts of WA & AK)

3-Year CD Rates

• Ally Bank - 2.26% (2.39% 5-year CD closed after 3 years, see review & risks)
• Velocity Credit Union - 2.27% 3-year CD special

• Noteworthy Local Deals

• Visions Federal Credit Union - 3.50% 35-month CD (max $100K) (Rochester, NY only) (see note)
• University of Iowa Community Credit Union - 3.30% ($100K) 3.15% ($1K) 37-month (several parts of Iowa)
• Sovereign Bank (TX) - 2.53% 37-month CD special (Dallas/Fort Worth Metro) (see note)
• Credit Union of Atlanta - 2.52% 3-year CD (parts of Atlanta, Georgia)
• Security Service Federal Credit Union - 2.50% ($100K) 3-year CD (parts of Texas & Colorado)
• Montauk Credit Union - 2.25% 3-year CD (New York City)
• Atlas Bank - 2.33% 3-year CD (New York City)
• EBSB Direct - 2.25% 3-year CD (New England and New York State)

4-Year CD Rates

• Alliant Credit Union - 2.45% ($25K min) 4-year CD

• Noteworthy Local Deals

• University of Iowa Community Credit Union - 3.30% ($100K) 3.15% ($1K) 4-year CD (several parts of Iowa)
• Bayer Heritage Federal Credit Union - 3.17% 4-year CD (parts of WV, OH & SC)
• Montauk Credit Union - 2.75% 4-year CD (New York City)
• John Marshall Bank - 2.48% 4-year CD (Washington DC Metro)
• PEF Federal Credit Union - 2.47% 4-year CD (parts of the Cleveland metro area)

5-Year CD Rates

• Connexus Credit Union - 3.00% 5-year CD with active checking account
• Melrose Credit Union - 2.93% 5-year CD

• Noteworthy Local Deals

• Bayer Heritage Federal Credit Union - 3.43% 5-year CD (parts of WV, OH & SC)
• Androscoggin Bank - 3.05% 5-year rising-rate CD (Portland & other cities in Maine)
• Bay Ridge Federal Credit Union - 3.00% ($20K) 5-year CD (limited membership in New York City)
• Montauk Credit Union - 3.00% 5-year CD (New York City)
• Security Service Federal Credit Union - 3.00% ($100K) 5-year CD (parts of Texas & Colorado)
• John Marshall Bank - 2.94% 5-year CD (Washington DC Metro)
• TruService Community Credit Union - 2.93% 5-year CD (Little Rock metro area of AR)
• PEF Federal Credit Union - 2.93% 5-year CD (parts of the Cleveland metro area)
• State Bank of India (California) - 2.75% 5-year CD (Several cities in California & in Washington DC)
• Coastline Federal Credit Union - 2.75% ($100K) 5-year CD (Jacksonville Florida)
• Alaska USA Federal Credit Union - 2.75% ($100K) 5-year CD (San Bernardino County, CA; parts of WA & AK)

Over 5-Year CD Rates

• Navy Federal Credit Union - 3.40% ($20K) 7-year CD (membership restrictions)
• Dime Savings Bank - 3.10% 7-year CD

• Noteworthy Local Deals

• First Federal - 3.75% ($100K) 8-year CD (Southeast MS)
• Security Service Federal Credit Union - 3.50% ($100K) 7-year CD (parts of Texas & Colorado)
• Montauk Credit Union - 3.25% 7-year CD (New York City)
• BOK Financial Banks - 2.85% ($100K w/chk) 2.70% ($1K w/o chk) 7-year CD (in AZ, rates vary slightly in CO, KS, MO, NM, OK & TX)

Note: CD rates marked with "see note" are not listed at banks' websites and have not been verified with the bank since 5/20/2011. Please call bank to verify rates.