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Survey of the Best CD Rates for July 14, 2014

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Survey of the Best CD Rates for July 14, 2014

CD rate cuts became more prevalent last week. In my survey of top CD rates, there were noteworthy cuts at GE Capital Bank, Northern Bank & Trust Company, Doral Bank NY and First Republic Bank.

There were just a couple of bright spots. One of those is the 15-month CD special at Synchrony Bank. The rate went up by 5 basis points to 1.20% APY.

The second bright spot was at Wright-Patt Credit Union in Ohio. Its Jumbo 6-year CD rate went up 10 basis points to 2.39% APY.

CDs from two credit unions were added to the tables. Firelands Federal Credit Union in Ohio is offering competitive 5-year (2.25% APY) and 4-year (1.75% APY) CDs, and Icon Credit Union is offering a special 1-year CD (1.25% APY). Membership in Icon is open to residents of parts of Idaho and Oregon.

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. One note about these types of deals at small credit unions is that there’s always a risk that the CD features may not hold up through the entire term. I did this post a couple of weeks ago on what happened at another credit union.

An alternative to short-term CDs is long-term CDs that have mild early withdrawal penalties. Two banks with top 5-year CD rates and a mild early withdrawal penalty are Synchrony Bank and Barclays. Both have very competitive 5-year CDs with an early withdrawal penalty of only 6 months of interest. I included the effective yields of these CDs when closed early in the tables below. 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 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 July 14, 2014

Under 1-Year CD Rates

InstitutionRatesNotes
EverBank1.40% checking/MMA intro 6-month rate ($100K/$50K max)account review
Americas Credit Union1.00% 5-month CDw/relationship
Connexus Credit Union1.00% 6-month CDw/active chk
Doral Direct0.91% 9-month CDaccount review
Quorum Federal Credit Union0.90% 9-month CD
Doral Direct0.87% 6-month CDaccount review
Ally Bank0.87% 11-month No-Penalty CDsee account review

Noteworthy Local Deals - Under 1-Year CDs

InstitutionRatesRegion
Libertad Bank1.31% MMA with rate guaranteed to 12/31/14Texas
Flagstar Bank1.15% savings account w/12-mo rate guaranteeMichigan
Gulf Coast Federal Credit Union1.00% 6-month CDCorpus Christi, TX metro
NavyArmy Community Credit Union0.95% ($100K) 0.85% ($1K) 6-month CDCorpus Christi, TX metro
Doral Bank NY0.90% 6-month CDNYC

1-Year CD Rates

InstitutionRatesNotes
Melrose Credit Union1.15% 1-year CD
Synchrony Bank1.15% (2.30% 5-year CD closed after 1 year)see review & risks
EverBank1.10% 1-year CD
Synchrony Bank1.10% ($25K min) 1-year CDFormerly MetLife
GE Capital Bank1.05% 1-year CD
Connexus Credit Union1.10% 1-year CDw/active chk
VirtualBank1.07% 1-year CD
CIT Bank1.05% ($25K min) 1-year CDadd-on & bump-up 1-year CD

Noteworthy Local Deals - 1-Year CDs

InstitutionRatesRegion
NavyArmy Community Credit Union1.45% ($100K) 1.15% ($1K) 1-year CDCorpus Christi, TX metro
Los Angeles Federal Credit Union1.30% ($25K max) 13-month CD specialSoCal
Gulf Coast Federal Credit Union1.30% 12-month CDCorpus Christi, TX metro
Icon Credit Union1.25% 1-year special CDparts of ID and OR
LOMTO Federal Credit Union1.25% 1-year CDparts of New York City
Doral Bank NY1.15% 1-year CDNYC
South Florida Federal Credit Union1.06% 1-year CDSouth Florida

18-month CD Rates

InstitutionRatesNotes
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
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

InstitutionRatesRegion
Gulf Coast Federal Credit Union1.45% 18-month CDCorpus Christi, TX metro
Doral Bank NY1.20% 18-month CDNYC
South Jersey Federal Credit Union1.26% 18-month CDparts of New Jersey

2-Year CD Rates

InstitutionRatesNotes
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
CIT Bank1.30% ($100K min) 2-year CD
Connexus Credit Union1.30% 2-year CDw/active chk
Ally Bank1.27% (1.60% 5-year CD closed after 2 years w/new ewp)see review & risks
Northrop Grumman Federal Credit Union1.26% ($40K) 1.16% ($2.5K) 2-year CD
EverBank1.26% 2-year CD
Salem Five Direct1.25% 2-year CD
CIT Bank1.25% ($25K min) 2-year CDadd-on & bump-up options
Bank5 Connect1.20% add-on 2-year CDnot available to MA & RI residents

Noteworthy Local Deals - 2-Year CDs

InstitutionRatesRegion
University of Iowa Community Credit Union2.00% 25-month CD special
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
Keesler Federal Credit Union1.50% ($100K) 1.40% ($1K) 2-year CDMississippi
LOMTO Federal Credit Union1.45% 2-year CDparts of New York City
Doral Bank NY1.40% 2-year CDNYC
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

InstitutionRatesNotes
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
America's Credit Union1.50% 3-year CDpromotional
CIT Bank1.50% ($100K) 1.35% ($1K) 3-year CD
Sallie Mae Bank1.45% 3-year CD
Northern Bank & Trust Company1.40% 3-year CD
Navy Federal Credit Union1.40% ($100K) 1.35% ($20K) 3-year CDlimited membership

Noteworthy Local Deals - 3-Year CDs

InstitutionRatesRegion
Everett Co-operative Bank2.30% 33-month CD special w/chkBoston metro
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
Kemba Credit Union2.00% 42-month CD specialGreater Cincinnati
Keesler Federal Credit Union1.70% ($100K) 1.60% ($1K) 3-year CDMississippi
Keesler Federal Credit Union1.65% ($100K) 1.55% ($1K) 3-year bump-up CDMississippi
LOMTO Federal Credit Union1.65% 3-year CDparts of New York City
Progressive Credit Union1.61% 3-year CD (NYC with unique FOM)account review
Doral Bank NY1.55% 3-year CDNYC
First Republic Bank1.30% 3-year CDparts of CA, OR, MA, CT, FL and NY

4-Year CD Rates

InstitutionRatesNotes
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
Nationwide Bank1.84% ($100K) 1.79% ($500) 4-year CD
America's Credit Union1.80% 4-year CDpromotional
CIT Bank1.80% ($100K) 1.70% ($50K) 1.65% ($1K) 4-year CD
VirtualBank1.79% 4-year CD
EverBank1.79% 4-year CD
Synchrony Bank1.75% ($25K) 1.70% ($2K) 4-year CDFormerly MetLife
Barclays1.70% 4-year CD
Fort Knox Federal Credit Union1.65% 46-month CDConsumer-unfriendly history, see review
Navy Federal Credit Union1.65% ($100K) 1.60% ($20K) 1.55% ($1K) 4-year CDlimited membership
Ally Bank1.30% Raise-Your-Rate 4-year CD

Noteworthy Local Deals - 4-Year CDs

InstitutionRatesRegion
Institution for Savings2.50% ($250K) 4-year Money Market CD (also req $250K in MMA)parts of MA
Bayer Heritage Federal Credit Union2.27% 4-year CDparts of WV, OH & SC
Keesler Federal Credit Union2.00% ($100K) 1.90% ($1K) 4-year CDMississippi
LOMTO Federal Credit Union1.85% 4-year CDparts of New York City
First Republic Bank1.80% 4-year CDparts of CA, OR, MA, CT, FL and NY
Firelands Credit Federal Union1.75% 4-year CDparts of Ohio
MidFirst Direct1.75% 4-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
Doral Bank NY1.65% 4-year CDNYC
Fifth Third Bank1.50% 44-month CD specialseveral eastern and midwestern states

5-Year CD Rates

InstitutionRatesNotes
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
Nationwide Bank2.00% ($100K) 5-year CD
Discover Bank1.95% 5-year CD

Noteworthy Local Deals - 5-Year CDs

InstitutionRatesNotes
Bayer Heritage Federal Credit Union2.53% 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
Firelands Credit Federal Union2.25% 5-year CDparts of Ohio
LOMTO Federal Credit Union2.15% 5-year CDparts of New York City
First Republic Bank2.00% 5-year CDparts of CA, OR, MA, CT, FL and NY

Over 5-Year CD Rates

InstitutionRatesRegion
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
Special Custodial CD2.53% ($100K) 10-yearaccount review
Doral Direct2.40% 10-year CDaccount review
Franklin Federal Savings Bank2.32% 7-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
Apple Federal Credit Union2.20% 7-year CD
Franklin Federal Savings Bank2.12% 6-year CDaccount review
Discover Bank2.05% 7-year CD
Doral Direct2.00% 7-year CDaccount review

Noteworthy Local Deals - Over 5-year CDs

InstitutionRatesRegion
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
Frick Tri-County Federal Credit Union3.00% 10-year CDparts of Western PA
MidFirst Bank2.90% 10-year CDAZ and OK
SACU2.90% ($90K) 2.85% ($10K) 10-year CDSan Antonio, TX
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
Dollar Bank2.65% 10-year CDPittsburgh and Cleveland
Doral Bank NY2.60% 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 Union2.39% ($100K) 2.29% ($500) 6-year CDUS gov military and civilian personnel, Parts of OH
Financial Center Federal Credit Union2.25% 7-year CDparts of Indiana
Doral Bank NY2.20% 7-year CDNYC
First Republic Bank2.05% 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.

Related Pages: CD rates
Comments
Anonymous
Anonymous   |     |   Comment #1
Is the Tobyhanna 7-year listed on its website?
Anonymous
Anonymous   |     |   Comment #3
Still listed, why I haven't opened a CD there yet is because I have e-mailed them asking them questions about how low the rate can go and how high it can go and how the interest is compounded but they won't answer the e-mail... they tell me to call.... that bothers me.
Anonymous
Anonymous   |     |   Comment #2
Ken, could you post the links for all the CD maturities, like you did in past weeks?
QED
QED   |     |   Comment #4
Gosh it appears as if 3% is the new 7%!  Welcome to America 2014!  Ain't this great.  And just imagine, back in 2012 Americans voted for this!  WABOA 
Anonymous
Anonymous   |     |   Comment #6
I agree, but don't forget, all this started years before when Allen Greenspan was head of the Federal Reserve.  Lots of blame to go around for both political parties.  The voting majority got  what they wanted.  Apparently we are in the minority and have no choice but to live with the consequences.
Vance
Vance (anonymous)   |     |   Comment #5
Idaho Central Credit Union is beating all these rates with the exception of some of the 5 Year.  membership is open to Idaho residents and friends fo Idahoans
James Barnes
James Barnes   |     |   Comment #7
I don't see this  I looked at their rates and I do not see them beating everyone.  Please explain.
Anonymous
Anonymous   |     |   Comment #8
The best deals currently seem to be the Synchrony 5 year, the Barclays 5 year and the Tobyhanna 7 year. Are there any other deals that look good?
Hoody
Hoody   |     |   Comment #9
nothing looks "good" its pretty much a crap shoot now, besides water-boarding myself, I beat my left thumb with a ball pin hammer to get me to go with the NFCU 7 yr 3%er :)
lou
lou   |     |   Comment #10
LOL, thanks Hoody for the entertaining post.
Anonymous
Anonymous   |     |   Comment #11
The same with me.  It was a very hard decision, but I finally went with the Toby 7 year.
Anonymous
Anonymous   |     |   Comment #12
What's a "ball pin" hammer?
Anonymous
Anonymous   |     |   Comment #13
It is a hammer that you use to hit your thumb with to force you to accept an ultra low long term cd rate.  I remember it called a ball peen hammer though.  It has a standard hammer head and then opposite end it has a ball shaped head. 
Anonymous
Anonymous   |     |   Comment #14
I knew what a ball peen hammer is.  I've used many of them during my employment years.  Never heard of a ball pin hammer though.