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.

Featured Savings Rates

Popular Posts

Featured Accounts

Survey of the Best CD Rates for April 12, 2013


Survey of the Best CD Rates for April 12, 2013

This was a quiet week for CD rate changes. There were just two noteworthy rate changes for the nationally available CDs. The first was actually a rate hike. Ally Bank raised its 5-year CD yield from 1.54% to 1.59%. It was almost a month ago when Ally first cut the 5-year CD yield from 1.59% to 1.54%. If you had just opened this CD, don't forget that you should get the higher rate due to Ally's Ten Day Best Rate Guarantee. Also, for future CDs, don't forget Ally's Loyalty Rewards Program for CD Renewals. I was able to use this to get an extra 25 bps on my Ally 5-year CD.

The second bank to change rates this week was Salem Five Direct. Its 18-month eCD yield fell from 1.05% to 1.00%. Since there are several better 18-month CD deals, I've removed this eCD from my list.

I continue to have only three credit unions with 2% 5-year CDs. Two of these (Stanford and Connexus) have checking requirements to qualify for the 2%. The only one that doesn't have a checking requirement is Mountain America Credit Union. It kept its 5-year CD and IRA CD at 2.00% APY for April.

Local CD Deals

This was also a quiet week for local CD rate changes. There were just two noteworthy rate cuts. Both were 7-year CDs. San Antonio Federal Credit Union (SACU) cut its 7-year Jumbo CD yield from 2.05% to 2.00%. Its 10-year Jumbo CD yield remains at 2.40%.

The second cut was at Columbia Bank in New Jersey. Its 7-year CD yield fell from 2.10% to 2.00%.

I just added one CD to the list this week. Eastbank, N.A. in New York City is offering a 18-month CD with a 1.25% APY. If you're a CD shopper in NYC, you are fortunate. In addition to Eastbank, there's also Doral Bank NY which has several top CD rates including a 1.20% APY 1-year CD and a 1.45% APY 2-year CD. There's also LOMTO Federal Credit Union with several top rates including a 2.00% APY 5-year CD.

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.

If you want to compare the effective yields of other CDs after the early withdrawal penalties, please refer to our CD early withdrawal penalty calculator.

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 April 12, 2013

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
cumulus   |     |   Comment #1
Ally 5 year CD APY back down (from 1.59%) to 1.54% today.