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 July 19, 2013


Survey of the Best CD Rates for July 19, 2013

This was another week with a decline in Treasury yields, but Treasury yields are still much higher than they were before June. There were more signs this week that these higher Treasury yields are carrying over into long-term CD rates.

We had another internet bank come out with a 2% 5-year CD. This week it was iGObanking.com which started offering a 2.05% APY for a 5-year CD. Last week it was Salem Five Direct with a 2.00% APY 5-year CD.

State Bank of India - New York also raised its 5-year CD yield to 2.00% this week. So now we have three banks with nationally available 5-year CDs with yields of at least 2.00%.

They didn’t reach 2%, but the 5-year CD rates at both EverBank and Intervest National Bank had big jumps this week. At EverBank, the 5-year CD yield increased from 1.67% to 1.86%. At Intervest National Bank, the 5-year CD yield increased from 1.60% to 1.85%.

There were also some rate increases on CD terms over 5 years. Apple Federal Credit Union increased its 10-year and 7-year CD rates by 25 bps. The 10-year CD now has a 2.25% APY.

Intervest National Bank is offering a 10-year Jumbo CD with a 2.00% APY.

If you want higher rates than these, you have two options. Both have 10-year terms. First is a brokered CD. Fidelity was offering non-callable brokered CDs today with rates up to 2.95%. Second is a new special custodial CD with a 2.68% rate. Unlike a brokered CD, this custodial CD has a fixed early withdrawal penalty (see review).

Local CD Deals

There were only a few local CD rate changes this week, and unlike the nationally available CDs, there were some rate cuts.

The most noteworthy rate cuts were at First Republic Bank. Its 5-year CD yield without a checking relationship fell from 2.00% to 1.75%. The 6-year CD yield fell from 2.25% to 2.15%.

One noteworthy rate increase was at Randolph-Brooks Federal Credit Union, the large Central Texas credit union. Its 7-year and 6-year CD yields increased by 10 bps. The 7-year CD yield is now just shy of 2.00%.

Finally, I added one new bank. Lincoln Park Savings Bank in northern New Jersey if offering a special 7-month CD with a 1.10% APY, and it also has a 5-year CD with a 2.00% APY.

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 July 19, 2013

Under 1-Year CD Rates

  • Noteworthy Local Deals

1-Year CD Rates

  • Noteworthy Local Deals
  • Gulf Coast Federal Credit Union - 1.50% 12-month CD (Corpus Christi, TX metro)
  • City County Credit Union - 1.31% 1-year IRA-only CD (many FL counties)
  • LOMTO Federal Credit Union - 1.20% 1-year CD (parts of New York City)
  • Doral Bank NY - 1.20% 1-year CD (NYC)
  • HAB Bank - 1.15% 1-year CD (Southern California)
  • Beal Bank - 1.11% 1-year CD (Southeast FL)
  • General Electric Credit Union - 1.02% ($100K) 1-year CD (Cincinnati OH metro)
  • Your Community Credit Union - 1.00% ($100K) 1-year CD (Dallas-Fort Worth and Houston, TX)

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
Raymond James Bank FSB offers a 5-year CD @ 2.00%
KenBDG   |     |   Comment #2
Thanks Anonymous #1. It's nice to see Raymond James Bank offering competitive CDs again. I last did a review of them in December 2011. At that time they did accept deposits nationwide by mail.