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 November 9, 2012


Survey of the Best CD Rates for November 9, 2012

There were a few more CD rate cuts this week. We lost another 2% 5-year CD from an all-access credit union. Pinnacle FCU lowered its 5-year CD yield from 2.00% to 1.75%. That knocked it off my list.

On the plus side, I added one more 2% 5-year CD. It's actually an IRA CD with a 2.07% APY. This is available at the State Department FCU which is another all-access credit union. Its regular CD rates are 10 basis points lower than the IRA rates.

One credit union that was already in the 2% 5-year club became the leader of this club this week. Thanks to a reader's tip, I learned that Pen Air FCU offers an extra 20 basis points on its Jumbo CDs. This results in a Jumbo 5-year CD with a 2.20% APY. Minimum deposit is $100,000.

For the shorter-term CDs, Sandia Laboratory FCU cut its 2-year and 3-year CD rates by 15 basis points. Even with these cuts, its Jumbo CD rates that require $200K and $100K minimums remain very competitive. However, the best 2-year and 3-year CD deals continue to be at Pentagon Federal Credit Union. As I reported last week, PenFed increased several of its CD rates for November. The best deals are its 1.26% APY 1-year CD, 1.36% APY 2-year CD and 1.61% APY 3-year CD.

For the last couple of months, 10-year non-callable brokered CDs were available from Fidelity with a rate of 2.45%. Those weren't available when I checked today. The highest rate I found today with call protection was 1.50% for a 7-year term. The best long-term CD deals are now at credit unions. Air Force Federal Credit Union still has the best deal with a 2.25% APY for a $100K minimum and 2.20% APY for a $2,500 minimum. However, as you can see, the 7-year CD doesn't offer much higher rates than the 5-year CDs.

Local CD Deals

We lost a few more local CD specials this week. South Florida FCU is no longer listing its special 1.25% APY 1-year CD, and Patriot Community Bank in the Boston metro area ended its 1.60% APY 2-year CD special.

There were also some rate cuts. S-Bank in Massachusetts slashed its 5-year and 4-year CD yields from 2% to 1.50%. That knocked S-Bank off my list. Freedom Credit Union in Philadelphia reduced its 5-year CD yield from 2.00% to 1.90%. I kept Freedom on the list due to its add-on deposit feature. I'll keep institutions on the list even if their CD rates are a little low if the CDs have useful features. I'll also be more likely to keep CDs on the list if the CDs are available to large metro areas which don't have many other competitive CD rates.

I only added one new local CD to the list below. East Boston Savings Bank is offering a special 1.27% APY 19-month CD at two of its Boston Metro branches.

BBVA Compass continues to offer competitive CD rates including a 2.00% APY 5-year CD and a 1.25% APY 2-year CD. I learned this week that customers can get an extra 10 basis points on these CDs with an active checking account. These CDs are available in many areas of the country where Compass has branches. These include parts of AZ, CA, CO, NM, AL, FL and TX.

Long-Term CD Break Strategy

For the short-term CDs in my lists, you might notice CDs with the note "5-year CD closed after X years". These take into account the yield after the early withdrawal penalty is applied. Since Ally Bank's 5-year CD only has a 60-day interest penalty, it's still a good deal when closed early even with the recent rate cuts.

The risks of planning for early withdrawals of long-term CDs were recently 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.

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. This CD survey 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 CD survey 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 most 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 November 9, 2012

Under 1-Year CD Rates

  • Noteworthy Local Deals

1-Year CD Rates

  • Noteworthy Local Deals

18-month CD Rates

  • Noteworthy Local Deals

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

KenBDG   |     |   Comment #2
Please note Hal B that your comments are coming very close to violating #3 of our comment policy: "Treat Each Other With Respect - Healthy debates are encouraged but hateful comments and personal attacks will not be tolerated."

When I began the blog in 2005 I have always tried to build a community of savers in which we help each other. I have always appreciated constructive criticism. For the sake of this community, I will not tolerate rude and derisive comments.

About RiverLand CU, I've chosen not to include this credit union in my nationally available list due to the problems readers have reported in trying to join. Please refer to this reader's review to see the problems. Although RiverLand CU may technically be considered nationally available, I don't consider it a good deal due to these issues. If you have information about an easier way to join, please let us know.

About Northwest FCU, I am including its 2-year Jumbo CD with a note about the 25bps bonus. That is a good point about including its 3yr CD, and I'll include it next week. However, even with this extra 25bps, it's not much better than PenFed's 3yr CD.
Anonymous   |     |   Comment #3
HalB:  If you don't like the site, shut up and don't view it.
Anonymous   |     |   Comment #4
Are the Deleters off on the weekends?  HalB's post crosses way over the line of just #3.  I find it offensive that he is allowed to continue to post in such a manner. 
Anonymous   |     |   Comment #5

For the sake of all of us, at least most of us, please keep on keepin' on and do not let any detractors with a personal agenda have any effect on you whatsoever. Thank you for all you do....I appreciate this site tremoundsly.
Maecl   |     |   Comment #6
Hal B:  Just use another site.  Most of us like it here.
Anonymous   |     |   Comment #7
Really apreciate this site as it has helped me considerably.   I don't know how Ken keeps going with things the way they are right now.   But it is nice to know what is going on in regard to banking deals. Thanks a million for all your help.n
Anonymous   |     |   Comment #8
Thanks Ken:  My wife and I are retired and without your site our other income , all cd's would be 35% less.  With your site we are able to seek much higher rates than are availabe locally.  Thanks again
Kaight   |     |   Comment #9

Keep on keepin' on and "Illegitimi non carborundum" as the saying goes.

Remember, thousands of your readers appreciate your tireless efforts.  You will never get everyone, though.  There are always a few rotten apples in any group.  Sadly.  Actually it's sadder for them than for us.  Pray for the miscreants.