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 June 14, 2013


Survey of the Best CD Rates for June 14, 2013

This was a quiet week for CD rate changes. The few rate cuts were small. For example, Ally Bank had another rate cut on its 5-year CD, but it was only 1 basis point with the yield falling from 1.51% to 1.50%.

Stanford Federal Credit Union increased its CD rates. Its premium Jumbo 5-year CD yield increased from 2.02% to 2.07%. This and Connexus Credit Union’s 2.00% APY 5-year CD remain the only nationally available CDs with a yield of at least 2.00%. Both require an active checking account.

I added EverBank’s 4-year and 5-year CDs to the list. Its 5-year CD now has a 1.76% APY which puts it just ahead of CIT Bank, Barclays and GE Capital Retail Bank which all have 5-year CD yields of 1.75%. That 1.76% APY is the highest nationally available 5-year CD at a bank. The all-access credit unions still have the highest rates. The highest without a checking account requirement is Andrews Federal Credit Union with a 1.91% APY.

Local CD Deals

One notable addition to the local CD deals is the CDs from Montauk Credit Union. This small credit union has long offered top CD rates. However, it stopped accepting new deposits in 2011. The good news is that it’s again accepting new deposits. Hat tip to the reader who reported this in the comments. I called the credit union this afternoon and confirmed members can open CDs, and according to the CSR, those CD rates listed on its rates page are up-to-date. Those rates haven’t changed since 2011, and they are very competitive. Its 7-year, 5-year and 4-year CD rates are new rate leaders on my list. This credit union allows anyone to join, BUT you have to come into the branch to join. It’s a small credit union with one office in New York City. I have more info in my 2011 blog post.

Another bit of good news is another rate hike at San Antonio Federal Credit Union (SACU). Its 7-year CD yield went up from 2.00% to 2.05%, and its 10-year CD yield went up from 2.40% to 2.55%. This would be the rate leader if it weren’t for Montauk’s 7-year CD.

There were also some rate cuts. Most notable was at Department of Commerce FCU which cut its 3-year CD yield from 1.60% to 1.50% and cut its 4-year CD yield from 1.80% to 1.75%. Its 5-year CD yield remained unchanged at 2.05%.

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 June 14, 2013

Under 1-Year CD Rates

  • Noteworthy Local Deals
  • Homebanc, N.A. - 1.30% (max $75K) 4-month CD special (Central Florida)
  • Quabbin Online Credit Union - 1.25% (max $100K) 6-month CD (parts of MA)
  • PacTrust Bank - 1.25% ($250K) 1.00% ($100K) Savings Account intro rate until 12/31/13, account review (SoCal)
  • Gulf Coast Federal Credit Union - 1.10% 6-month CD (Corpus Christi, TX metro)
  • Prairieland Federal Credit Union - 1.06% ($100K) 6-month special CD (Central IL)
  • Oritani Bank - 1.02% checking intro rate until 1/2/14 (Northeast NJ)
  • Doral Bank NY - 1.00% 6-month CD (NYC)
  • Your Community Credit Union - 1.00% ($100K) 6-month CD (Dallas-Fort Worth and Houston, TX)
  • Flagstar Bank - 1.00% 6-mo intro rate savings account (Michigan)

1-Year CD Rates

  • Noteworthy Local Deals
  • City County Credit Union - 1.51% 1-year IRA-only CD (many FL counties)
  • Gulf Coast Federal Credit Union - 1.50% 12-month CD (Corpus Christi, TX metro)
  • LOMTO Federal Credit Union - 1.20% 1-year CD (parts of New York City)
  • Doral Bank NY - 1.20% 1-year CD (NYC)
  • Beal Bank - 1.11% 1-year CD (Southeast FL)
  • General Electric Credit Union - 1.02% ($100K) 1-year CD (Cincinnati OH metro)
  • Health One Credit Union - 1.00% ($100K) 0.80% ($10K) 1-year CD (parts of MI)
  • Your Community Credit Union - 1.00% ($100K) 1-year CD (Dallas-Fort Worth and Houston, TX)
  • Capital One Bank - 1.00% 12-mo Checking intro rate up to $100K (parts of TX, DE, MD, DC, NJ, NY and VA)

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
Anonymous   |     |   Comment #1
"This was a quiet week for CD rate changes. The few rate cuts were small..." I think we've finally hit bottom. Its up from here, albeit slowly. Compare todays Survey with the next few months' and you'll see the uptrend, but no fireworks, just a ho-hum ascent. 
Anonymous   |     |   Comment #5
#1 wrote "...it's up from here...." and a day later Barclays lowers their 5-year another 10bps.  LOL.  Anyone who thinks rates are going "up" anytime in our remaining LIFETIME is in denial.
Anonymous   |     |   Comment #2
I'll be glad to take a boring, ho hum or any type of increase as long as it can stay or get above 2% for my 5 year CDs.   Boring will be a joy if it just goes "up".
Anonymous   |     |   Comment #4
Sad day for me though 

1) The Berkshire Bank which I had 1.2% on my checking w no requirements now states rate is 1.18% BUT 10 debits per month w at least $750 per debit -> Adios

2) My East River Bank checking dropped rate to 0.91%

I DONT play the monthly debit requirement game. Its ridiculous for you to jump through those kind of hoops every month just to get a good rate on your own money