About Ken Tumin

Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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Survey of the Best CD Rates for September 16, 2011


Survey of the Best CD Rates for September 16, 2011

CD rates continued to trend down this week. There's now only one nationally available CD with a 3% APY. Apple Federal Credit Union reduced its 10-year CD APY from 3.20% to 2.80%. That leaves Discover Bank's 10-year CD as the only 3 percent CD. A 10-year term is long, but as I described in my latest long-term CD comparison, the reasonable early withdrawal penalty helps make this a better deal.

I'm glad to report Ally Bank's 5-year CD rate held this week. The APY remains at 2.11%. In previous weeks it had been falling a few basis points every few days. Not all of Ally's CD rates held this week. Rate cuts occurred on Ally's 11-month no-penalty CD (1.06% to 1.03%) and on the 4-year Raise Your Rate CD (1.80% to 1.75%).

Another disappointment this week was at airbanking, the new internet bank from MainStreet Bank. It had the best bank rates for terms from 2 to 5 years. The most competitive one was its 4-year CD which had a 2.40% APY. All of its rates were slashed this week. The 4-year CD APY had the biggest fall. It's now 2.00%, but it turns out this 2.00% APY is still a top rate for banks so I kept it on the 4-year list.

The all-access credit unions like Alliant, Velocity and Melrose currently have CD rates much higher than what any of the internet banks offer. For banks, the highest nationally available 5-year CD rate is 2.42% APY at Urban Partnership Bank (see my review). For credit unions, Melrose Credit Union has the top spot with a 2.68% APY.

There are still a few credit unions with local fields of membership that offer 3 percent CDs. If you're looking for long-term CDs in Texas, you're fortunate. You can find 3 percent CDs in Houston, San Antonio, Austin and El Paso. I added one Houston credit union today that's offering 3.05% APY for a 5-year CD. Outside of Texas, the only other places on my lists with 3 percent CDs are Colorado and Pennsylvania. You can find 3 percent CDs in other states if you use our CD rate tables, but many are in low populated regions or at credit unions with narrow fields of membership in which few people will be eligible to join.

Note About the CD Survey

As I described in my rate table overview, you can use our CD rate tables to find the best rates for both nationally available CDs and local CDs. The Friday blog posts are intended to highlight nationwide CD deals that may not be apparent in the tables. For example, I'll include the post-penalty yields of a few long-term CDs.

The Friday blog posts are also intended to highlight the local CD deals that are available in large metro areas. There are many high CD rates, but many of these are at small banks in rural areas or at small credit unions with very narrow fields of membership. In these local CD surveys, my focus is on local CD deals that are in big cities or that are available in large areas of a state.

Yields Accurate as of Sep 16, 2011

Under 1-Year CD Rates

  • Noteworthy Local Deals

1-Year CD Rates

  • Noteworthy Local Deals

18-month CD Rates

  • Noteworthy Local Deals
  • Focus Bank - 1.61% 19-month CD (online application for MO, AR, KY, TN & parts of IL)
  • First Choice Bank - 1.60% ($50K) 1.50% ($2.5K) 541-day CD (Los Angeles & Orange County, CA)
  • Alaska USA Federal Credit Union - 1.60% ($100K) 1.40% ($10K) 18-month CD (San Bernardino County, CA; parts of WA & AK)
  • Signature Bank - 1.51% 18-month CD (NYC Metro)
  • Industrial Credit Union - 1.25% 18-month CD (Boston metro area)

2-Year CD Rates

  • Noteworthy Local Deals

3-Year CD Rates

  • Noteworthy Local Deals

4-Year CD Rates

  • Noteworthy Local Deals

5-Year CD Rates

  • Noteworthy Local Deals

Over 5-Year CD Rates

  • Noteworthy Local Deals

Note: All rates listed above are Annual Percentage Yields (APY) which factor in compounding.

Related Pages: CD rates

cdbuyer   |     |   Comment #2
Why have you removed Wright-Patt Credit Union from the list of CD rates?  It still pays 2.75 APY on 6 year CDs of 100k or more, and 2.65 APY on smaller CDs.  Yet you have removed it from the list.  Why?
KenBDG   |     |   Comment #3
Wright-Patt Credit Union is currently listed in our CD tables. Make sure you use the filter to select Ohio. Sometimes rates from an institution temporarily fall of our tables if there is some uncertainties on the rates. You can see if this is the case by looking up your institution at our bank rates page.