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Survey of the Best CD Rates for June 15, 2014


Survey of the Best CD Rates for June 15, 2014

There weren’t too many CD rate changes last week. EverBank made big changes on its 1-year and 2-year CD rates. Its 1-year CD rate had been close to a rate leader with a 1.10% APY. That rate was slashed to 0.61% which is too low for this survey. The opposite happened on the 2-year CD. Its yield increased from 0.81% to 1.26% APY. EverBank’s 5-year CD yield remains tied as a rate leader with a 2.30% APY. The other banks with this yield include CIT Bank and Synchrony Bank.

Third Federal came out with another nice CD special. It’s a 49-month CD with a 2.00% APY. The best CD deal for terms around 48 months continues to be the 49-month CD special with a 2.25% APY at NASA Federal Credit Union.

The best long-term CD deal continues to be the 3.04% APY 7-year add-on CD at Tobyhanna Federal Credit Union. Many readers have shared their experiences and opinions on this CD in the comments of my Tobyhanna CD review post.

For those who prefer short-term CDs, Connexus Credit Union has a special 9-month CD with a 1.01% APY. Unlike its regular CDs, this special CD does not require a checking account to qualify for this rate.

The best short-term deal is the money market special at Libertad Bank. I put this special in my CD survey since the bank is guaranteeing a 1.31% APY through the year. So this money market has a rate lock of a 6-month CD. Unfortunately, it’s a local deal that’s only available to Texas residents.

The best CD deals are currently available at Greater Nevada Credit Union which recently improved its CD specials. Its best deal is a 4-year CD with a 3.00% APY. There are also a 18-month CD with a 1.50% APY and a 2-year CD with a 2.00% APY. This is a local deal that’s available in northern parts of Nevada.

An alternative to short-term CDs is long-term CDs that have mild early withdrawal penalties. If you want to compare the effective yields of 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 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.

Yields Accurate as of June 15, 2014

Under 1-Year CD Rates

EverBank1.40% checking/MMA intro 6-month rate ($100K/$50K max)account review
Connexus Credit Union1.01% 9-month CD specialaccount review
Connexus Credit Union1.00% 6-month CDw/active chk
Doral Direct0.91% 9-month CDaccount review
Doral Direct0.87% 6-month CDaccount review
Ally Bank0.87% 11-month No-Penalty CDsee account review

Noteworthy Local Deals - Under 1-Year CDs

Libertad Bank1.31% MMA with rate guaranteed to 12/31/14Texas
NavyArmy Community Credit Union1.20% ($100K) 1.10% ($1K) 6-month CDCorpus Christi, TX metro
Flagstar Bank1.15% savings account w/12-mo rate guaranteeMichigan
Gulf Coast Federal Credit Union1.00% 6-month CDCorpus Christi, TX metro
Doral Bank NY1.00% 6-month CDNYC

1-Year CD Rates

Melrose Credit Union1.15% 1-year CD
Synchrony Bank1.15% (2.30% 5-year CD closed after 1 year)see review & risks
Synchrony Bank1.10% ($25K min) 1-year CDFormerly MetLife
GE Capital Bank1.10% 1-year CD
Connexus Credit Union1.10% 1-year CDw/active chk
VirtualBank1.07% 1-year CD
CIT Bank1.05% ($25K min)add-on & bump-up 1-year CD

Noteworthy Local Deals - 1-Year CDs

NavyArmy Community Credit Union1.45% ($100K) 1.15% ($1K) 1-year CDCorpus Christi, TX metro
Gulf Coast Federal Credit Union1.30% 12-month CDCorpus Christi, TX metro
South Florida Federal Credit Union1.26% 1-year CDSouth Florida
LOMTO Federal Credit Union1.25% 1-year CDparts of New York City
Doral Bank NY1.25% 1-year CDNYC
HAB Bank1.15% 1-year CDSouthern California

18-month CD Rates

Synchrony Bank1.53% (2.30% 5-year CD closed after 18 months)see review & risks
Xceed Financial Credit Union1.50% 17-month CD
Barclays1.50% (2.25% 5-year CD closed after 18 months)see review & risks
NASA Federal Credit Union1.25% 15-month CD special
BBVA Compass1.25% (w/relationship checking) 1.15% (w/o relation) 18-month CDnow nationally available
Northern Bank & Trust Company1.25% 20-month CD
EverBank1.17% 18-month CD
VirtualBank1.17% 18-month CD
Ally Bank1.16% (1.60% 5-year CD closed after 18 months w/new ewp)see review & risks
Synchrony Bank1.15% 15-month CD specialFormerly MetLife

Noteworthy Local Deals - 18-Month CDs

Greater Nevada Credit Union1.50% 18-month CDNorth Nevada
Gulf Coast Federal Credit Union1.45% 18-month CDCorpus Christi, TX metro
Doral Bank NY1.30% 18-month CDNYC
South Jersey Federal Credit Union1.26% 18-month CDparts of New Jersey

2-Year CD Rates

Synchrony Bank1.72% (2.30% 5-year CD closed after 2 years)see review & risks
Barclays1.69% (2.25% 5-year CD closed after 2 years)see review & risks
Quorum Federal Credit Union1.50% 25-month CD special
Third Federal1.50% 29-month CDpromotional
Melrose Credit Union1.41% 2-year CD
BBVA Compass1.35% (w/relationship checking) 1.25% (w/o relation) 29-month CDnow nationally available
Northrop Grumman Federal Credit Union1.31% ($40K) 1.16% ($2.5K) 2-year CD
Ally Bank1.27% (1.60% 5-year CD closed after 2 years w/new ewp)see review & risks
Connexus Credit Union1.30% 2-year CDw/active chk
EverBank1.26% 2-year CD
Salem Five Direct1.25% 2-year CD
Bank5 Connect1.20% add-on 2-year CDnot available to MA & RI residents
CIT Bank1.20% ($25K min) add-on & bump-up 2-year CD

Noteworthy Local Deals - 2-Year CDs

Greater Nevada Credit Union2.00% 2-year CDNorth Nevada
NavyArmy Community Credit Union1.70% ($100K) 1.40% ($1K) 2-year CDCorpus Christi, TX metro
Gulf Coast Federal Credit Union1.55% 2-year CDCorpus Christi, TX metro
Doral Bank NY1.50% 2-year CDNYC
Keesler Federal Credit Union1.50% ($100K) 1.40% ($1K) 2-year CDMississippi
LOMTO Federal Credit Union1.45% 2-year CDparts of New York City
People's Alliance Federal Credit Union1.35% 28-month CDNYC and Miami
BrightStar Credit Union1.25% 23-month CD (+0.25% w/chk relationship)parts of Southeast FL

3-Year CD Rates

Wilshire State Bank2.28% 3-year installment savings account w/auto xfers, $100K maxaccount review
Synchrony Bank1.92% (2.30% 5-year CD closed after 3 years)see review & risks
Barclays1.88% (2.25% 5-year CD closed after 3 years)see review & risks
Connexus Credit Union1.75% 3-year CD w/active chk
USAlliance Federal Credit Union1.71% 35-month CD
Melrose Credit Union1.66% 3-year CD
Northern Bank & Trust Company1.60% 3-year CD
America's Credit Union1.50% 3-year CDpromotional
Sallie Mae Bank1.45% 3-year CD
CIT Bank1.45% ($100K) 1.30% ($1K) 3-year CD
Navy Federal Credit Union1.40% ($100K) 1.35% ($20K) 3-year CDlimited membership

Noteworthy Local Deals - 3-Year CDs

Greater Nevada Credit Union2.50% 3-year CDNorth Nevada
NavyArmy Community Credit Union2.05% ($100K) 1.75% ($1K) 3-year CDCorpus Christi, TX metro
Gulf Coast Federal Credit Union2.02% 3-year CDCorpus Christi, TX metro
Keesler Federal Credit Union1.70% ($100K) 1.60% ($1K) 3-year CDMississippi
Doral Bank NY1.67% 3-year CDNYC
LOMTO Federal Credit Union1.65% 3-year CDparts of New York City

4-Year CD Rates

NASA Federal Credit Union2.25% 49-month CD special
Melrose Credit Union2.02% 4-year CD
Synchrony Bank2.01% (2.30% 5-year CD closed after 4 years)see review & risks
Third Federal2.00% 49-month CDpromotional
Barclays1.97% (2.25% 5-year CD closed after 4 years)see review & risks
Fort Knox Federal Credit Union1.85% 46-month CDConsumer-unfriendly history, see review
Nationwide Bank1.84% ($100K) 1.79% ($500) 4-year CD
America's Credit Union1.80% 4-year CDpromotional
CIT Bank1.80% ($100K) 1.65% ($1K) 4-year CD
VirtualBank1.79% 4-year CD
EverBank1.78% 4-year CD
Synchrony Bank1.75% ($25K) 1.70% ($2K) 4-year CDFormerly MetLife
Barclays1.70% 4-year CD
Navy Federal Credit Union1.65% ($100K) 1.60% ($20K) 4-year CDlimited membership
Ally Bank1.30% Raise-Your-Rate 4-year CD

Noteworthy Local Deals - 4-Year CDs

Greater Nevada Credit Union3.00% 4-year CDNorth Nevada
Bayer Heritage Federal Credit Union2.15% 4-year CDparts of WV, OH & SC
Institution For Savings2.00% 4-year CDparts of MA
Keesler Federal Credit Union2.00% ($100K) 1.90% ($1K) 4-year CDMississippi
LOMTO Federal Credit Union1.85% 4-year CDparts of New York City
MidFirst Direct1.75% 4-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
Fifth Third Bank1.50% 4-year CD specialseveral eastern and midwestern states

5-Year CD Rates

Synchrony Bank2.30% ($25K) 2.25% ($2K) 5-year CDFormerly MetLife
CIT Bank2.30% ($100K) 2.25% ($1K) 5-year CD
EverBank2.30% 5-year CD
Melrose Credit Union2.27% 5-year CD
GE Capital Bank2.25% 5-year CD
Barclays2.25% 5-year CD
Navy Federal Credit Union2.15% ($100K) 2.10% ($20K) 5-year CDlimited membership
Sallie Mae Bank2.10% 5-year CD
BBVA Compass2.10% (w/relationship checking) 2.00% (w/o relation) 5-year CDnow nationally available
Fidelity New Issue Brokered CD2.05% 5-year non-callable CDissued by Synchrony Bank
Discover Bank1.95% 5-year CD

Noteworthy Local Deals - 5-Year CDs

Bayer Heritage Federal Credit Union2.40% 5-year CDparts of WV, OH & SC
Progressive Credit Union2.32% 5-year CD (NYC with unique FOM)account review
Keesler Federal Credit Union2.30% ($100K) 2.20% ($1K) 5-year CDMississippi
First Republic Bank2.15% 5-year CDparts of CA, OR, MA, CT, FL and NY
LOMTO Federal Credit Union2.15% 5-year CDparts of New York City

Over 5-Year CD Rates

Fidelity New Issue Brokered CD3.30% 10-year non-callable CDissued by Synchrony Bank
Tobyhanna Federal Credit Union3.04% 7-year add-on CDaccount review
Fidelity New Issue Brokered CD2.65% 7-year non-callable CDissued by Synchrony Bank
Apple Federal Credit Union2.60% 10-year CD
Navy Federal Credit Union2.55% ($100K) 2.50% ($20K) 7-year CDlimited membership
Franklin Federal Savings Bank2.42% 7-year CDaccount review
Doral Direct2.40% 10-year CDaccount review
GE Capital Bank2.30% 6-year CD
Navy Federal Credit Union2.30% ($100K) 2.25% ($20K) 6-year CDlimited membership
Discover Bank2.25% 10-year CD
Franklin Federal Savings Bank2.22% 6-year CDaccount review
Apple Federal Credit Union2.20% 7-year CD
Discover Bank2.05% 7-year CD
Doral Direct2.00% 7-year CDaccount review

Noteworthy Local Deals - Over 5-year CDs

Hutchinson Credit Union3.15% ($250K) 3.10% ($100K) 3.05% ($25K) 10-year CDKansas
MidFirst Direct3.00% 10-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
MidFirst Bank3.00% 10-year CDAZ and OK
Frick Tri-County Federal Credit Union3.00% 10-year CDparts of Western PA
SACU2.90% ($90K) 2.85% ($10K) 10-year CDSan Antonio, TX
Dollar Bank2.80% 10-year CDPittsburgh and Cleveland
PeoplesChoice Credit Union2.78% 10-year CDYork and Cumberland Counties of Maine
MidFirst Direct2.75% 7-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
Doral Bank NY2.70% 10-year CDNYC
Frick Tri-County Federal Credit Union2.50% 8-year CDparts of Western PA
Hutchinson Credit Union2.50% ($250K) 2.40% ($100K) 2.30% ($25K) 6-year CDKansas
SACU2.45% ($100K) 2.40% ($10K) 7-yearSan Antonio, TX
MidFirst Bank2.40% 7-year CDAZ and OK
Wright-Patt Credit Union2.40% ($100K) 2.30% ($500) 6-year CDUS gov military and civilian personnel, Parts of OH
Doral Bank NY2.30% 7-year CDNYC
Financial Center Federal Credit Union2.25% 7-year CDparts of Indiana
First Republic Bank2.25% 6-year CDparts of CA, OR, MA, CT, FL and NY
Fifth Third Bank2.00% 6-year CD specialseveral eastern and midwestern states

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

Links to All of the CD Rate Tables

Related Pages: CD rates
Anonymous   |     |   Comment #1
Fed meets Wed let's hope things shake up maybe they say rate uptick in early 2015
Anonymous   |     |   Comment #2
That would be great!
Anonymous   |     |   Comment #5
Wishful thinking.....Ask yourself "What has changed since their last meeting that would warrant their doing so?".....In my opinion, nothing of any substance.
Anonymous   |     |   Comment #7
#5, you beat me to it.  My thoughts exactly!  Anyone looking for higher interest rates can dream on.
Anonymous   |     |   Comment #3
Should we go in fully in the Toby 7 year CD now, or open with a small amount now and wait for a year or two and go fully in then? 
Anonymous   |     |   Comment #4
The top ten largest institutions now control almost 80% of consumer deposits grabbed largely from smaller banks. Their strategy for building deposits and retaining customers has lacked subtlety:
  • Reduce customers to digits
  • Give them electronic banking tools
  • Lock them up with sticky accounts
  • Push them into the self-service lane.

  • Anonymous
    Anonymous   |     |   Comment #6
    And the alternative is?
    gregk   |     |   Comment #8
    Credit Unions, and the smaller more local institutions.
    HoHo   |     |   Comment #9
    This site.  I think most people are to lazy and don't look for alternatives. Some people do not like banking via the internet.  If you invest in one of those top ten banks you are probably getting some of the lowest rates.  You can get better rates by using this site.  Also .. Ken's 5 year CD chart that shows the rate if you close the CD early is a strategy you should consider.  I only have my free checking with Chase.  My CD's are with other  banks or Credit Unions  that have the highest rates that are shown on this site.  However ... Getting 2.3% on a 5 year CD is pretty pathetic.  
    paoli2   |     |   Comment #10
    It's not pathetic if it fits one's needs.  Maybe others don't want to go longer term and the only way to even get more than 2.3% is going longer.  I do what fits "my" needs according to my financial needs.
    Anonymous   |     |   Comment #11
    What about the Toby 7 year?
    paoli2   |     |   Comment #12
    If you can convince me I am going to live that long, that would be the way to go.  I have to keep reminding myself I am not a Spring Chicken any more when buying CDs. :)
    Anonymous   |     |   Comment #13
    Who would ever convince you of snything
    Anonymous   |     |   Comment #14
    So, if one expects to live seven years, is the Toby 7 year CD the way to go, for as much as one can afford?
    Anonymous   |     |   Comment #19
    What if you died before the seven year Toby prime cd matured?  Normally on a standard cd, the beneficiary receives the principal plus the earned interest.  Since the interest on the Toby prime cd is not paid until maturity, would the beneficiary only receive the principal and no interest?
    Anonymous   |     |   Comment #15
    This has to be one of the most rediculous discussions ever.....   If you knew how long you were going to live, there are probably a lot of decisions you would make differently.  Honestly, I don't know many who base their CD maturity on life expectancy.

    The Toby CD is just one opportunity, NOT the opportunity to invest.  No one can tell you if you should or should not invest in something.  If it has taken this long for you to decide whether to invest in a Toby CD, you probably shouldn't.  They have been just swamped with folks who have already invested in the 7 year Prime Rate CD because of this site alone.
    Anonymous   |     |   Comment #17
    Are these people fully funding the CD now, or just putting $1,000 in now with the possibility of putting more in later?
    Anonymous   |     |   Comment #18
    It's a personal financial plan decision. 
    gregk   |     |   Comment #20
    #19 Any reputable FI under that circumstance will pay the principal + accumulated interest earned to the beneficiary.  If you have doubts call them and ask.
    gregk   |     |   Comment #21
    #17 With all good humor, "now" keeps getting put off for you while you endlessly repeat the question, - and  I fully expect 3 or 4 years from now you will still be repeating it.  As promised elsewhere, I'll give you the definitive answer after 7.
    Anonymous   |     |   Comment #22
    I'm sorry to keep asking the same question.  I'm just not sure if it appears to be a better idea to fully fund the 7 year Toby now or if its better to wait until later.  I know no one knows the answer to this question, but I'm interested in seeing what everyone's opinion is.
    Anonymous   |     |   Comment #25
    It's a 3.04% 7-year CD. Is that what you want or not.