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Survey of the Best CD Rates for July 21, 2014


Survey of the Best CD Rates for July 21, 2014

Last week was another week with more rate cuts than rate hikes in my survey of top CD rates. Two internet banks cut their rates on 1-year and 18-month CDs. Both were close to the rate leaders. EverBank reduced its 1-year CD rate by 9 basis points to 1.01% APY and its 18-month CD rate by 12 basis points to 1.05% APY. VirtualBank reduced its 1-year CD rate by 6 basis points to 1.01% APY and its 18-month CD rate by 9 basis points to 1.08% APY.

EverBank’s 5-year CD rate held steady at 2.30% APY, and this remains tied with Synchrony Bank and CIT Bank for the highest 5-year CD rate that’s nationally available. Synchrony Bank also has a good short-term CD deal with 1.20% APY for a special 15-month term.

I added one new internet bank to the tables. Silvergate Bank is offering a competitive 1-year CD with a 1.08% APY. It also has a 2-year CD. Its yield isn’t quite as competitive (1.16% APY).

For the local CDs, there were rate cuts at both Doral Bank NY and First Republic Bank. This is the second straight week of rate cuts at both of these banks.

On the bright side, I added a few new local deals to the tables. Some noteworthy ones include a 1-year CD at CFG Community Bank (1.35% APY) and a 27-month bump-up CD at MidWestOne Bank (2.00% APY). Both of these require a checking relationship.

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 21, 2014

Under 1-Year CD Rates

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
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
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 NY0.80% 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
Connexus Credit Union1.10% 1-year CDw/active chk
Silvergate Bank1.08% ($25K min) 1-year CDOpen and fund online
GE Capital Bank1.05% 1-year CD
CIT Bank1.05% ($25K min) 1-year CDadd-on & bump-up 1-year CD
EverBank1.01% 1-year CD
VirtualBank1.01% 1-year CD

Noteworthy Local Deals - 1-Year CDs

CFG Community Bank1.35% 1-year CD relationshipMD
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
University of Iowa Community Credit Union1.25 15-month CD SpecialMD
NavyArmy Community Credit Union1.20% ($100K) 1.00% ($1K) 1-year CDCorpus Christi, TX metro
Cooper State Bank1.10% 12-35 month CDNYC
South Florida Federal Credit Union1.06% 1-year CDSouth Florida
Doral Bank NY1.05% 1-year CDNYC

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
Synchrony Bank1.20% 15-month CD specialFormerly MetLife
Ally Bank1.16% (1.60% 5-year CD closed after 18 months w/new ewp)see review & risks
VirtualBank1.08% 18-month CD
EverBank1.05% 18-month CD

Noteworthy Local Deals - 18-Month CDs

Gulf Coast Federal Credit Union1.45% 18-month CDCorpus Christi, TX metro
South Jersey Federal Credit Union1.26% 18-month CDparts of New Jersey
Doral Bank NY1.10% 18-month CDNYC

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
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
EverBank1.26% 2-year CD
Northrop Grumman Federal Credit Union1.25% ($40K) 1.10% ($2.5K) 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
Silvergate Bank1.16% 2-year ($25K min) CDOpen and fund online

Noteworthy Local Deals - 2-Year CDs

MidWestOne Bank2.00% 27-month CD Bump Up Specialrelationship
University of Iowa Community Credit Union1.75% 25-month CD special
Gulf Coast Federal Credit Union1.55% 2-year CDCorpus Christi, TX metro
NavyArmy Community Credit Union1.50% ($100K) 1.30% ($1K) 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
People's Alliance Federal Credit Union1.35% 28-month CDNYC and Miami
Doral Bank NY1.30% 2-year CDNYC
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
America's Credit Union1.50% 3-year CDpromotional
CIT Bank1.50% ($100K) 1.35% ($1K) 3-year CD
EverBank1.45% 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

Everett Co-operative Bank2.30% 33-month CD special w/chkBoston metro
Gulf Coast Federal Credit Union2.02% 3-year CDCorpus Christi, TX metro
NavyArmy Community Credit Union2.00% ($100K) 1.75% ($1K) 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
Cooper State Bank1.60% 3-year Step Up CDNYC
Doral Bank NY1.45% 3-year CDNYC
First Republic Bank1.20% 3-year CDparts of CA, OR, MA, CT, FL and NY

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
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

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
Firelands Federal Credit Union1.75% 4-year CDparts of Ohio
MidFirst Direct1.75% 4-year CDAR, AZ, CA, FL, MO, NH, NV, NY, OK, TX, and WY
First Republic Bank1.60% 4-year CDparts of CA, OR, MA, CT, FL and NY
Doral Bank NY1.55% 4-year CDNYC
People's Alliance Federal Credit Union1.54% 4-year CDNYC and Miami
Fifth Third Bank1.50% 44-month 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
Nationwide Bank2.00% ($100K) 5-year CD
Discover Bank1.95% 5-year CD

Noteworthy Local Deals - 5-Year CDs

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

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

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 NY2.50% 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 NY2.10% 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
Anonymous   |     |   Comment #1
Is Everbank's 5 year CD a good deal?
Ken Tumin
Ken Tumin   |     |   Comment #4
EverBank's early withdrawal penalty is larger than average. I have more details in my EverBank CD review.
Anonymous   |     |   Comment #6
Thanks, Ken.  I think, based on EverBank's early withdrawal    penalty,  their 5 year CD is not a very good deal.
Anonymous   |     |   Comment #2
I'm 46 years old and I am now so brainwashed and convinced by the Fed that I will never ever see higher rates again for the rest of my life.  The era of the sub 3% 5-year CD is here for the rest of our lives.  Time to accept it and deal with it.
paoli2   |     |   Comment #3
I have to deal with it but I "don't" have to accept it.  I cannot accept this terrible future for our children who will just give up on saving at these low rates.
Anonymous   |     |   Comment #5
Better to accept it than to let it torment you.  And it's no reason or excuse for your children to give up on savings.  Savings, no matter how low the interest rates, is in their best interest for their financial well-being.
Anonymous   |     |   Comment #7
that is sad, if you were in your 60's I could see you say that, but you got many years ahead, I am early 40's, I figure on decent rates 5-10 years from now.  Then again I would have been able to retire today, if we had rates of 5-6%, and my crystal ball 10 years ago, didn't foresee this pathatic rates, so i guess I will re-evaluate in my 50's.
Anonymous   |     |   Comment #9
For those who can't or won't accept these low rates, or for those looking to diversify their fixed income allocation, consider municipal bonds.  It's been a long time since I've seen any meaningful discussion on muni bonds.  I buy both primary and secondary issues, and it has helped fine tune my fixed income portfolio.
hoho   |     |   Comment #16
I keep a pulse on muni's and own 10 separate bonds.  I buy when the rates are up.  Not much pickings now.  I have a few that I about a few years back that are paying over 5% tax free and I live in NY.  Be careful if you look at muni funds.  Many have Puerto Rico bonds that are risky.  You have to be aware of secondary pricing and commissions.
Anonymous   |     |   Comment #17
I agree, not much pickings now but if you look hard enough you can find some good issues.  Also agree that secondary issues are not for everyone - need to know what to look for, and also need to somewhat enjoy looking for good issues, as it can be time consuming.
hoho   |     |   Comment #46
Also, most bonds have long maturity dates and can be called (Most bonds are callable at par I had 2 that had to pay me above par to call).  I had a 3  bonds called a few years back but after earning a nice interest rate for several years
Anonymous   |     |   Comment #8
The low rates are consequence of Wasgington politics, just most of you do not see it and constantly vote for the democrats, now deal with it. The national debt doubled under the democrats control and this is now a permanent downfall of USA. In few more years, the payments to the USA creditors will equal 50% of the national yearly budget, your savings will become irrelevant because the dollar will be debased down and your wealth will disappear.
Anonymous   |     |   Comment #10
If you're not wealthy Now, forget it. The wealthy guarantee their future by BUYING things. Spend your money now tight-wads. Get the I can see it, I can feel it, stuff
Anonymous   |     |   Comment #11
#10 real estate was 50% underwater until recently, gold lost 30% in past two years, cars depreciate faster than the speed limit, most consumer goods lose 60% of value walking out of the store, etc etc. I say a penny saved is a penny earned!
Anonymous   |     |   Comment #12
As I posted earlier, I see three good CDs at the present: The Synchrony Bank 5 year, the Barclays 5 year and the Tobyhanna 7 year.  Are there any other good CD deals available now? 
Anonymous   |     |   Comment #13
Your three listed plus all others.  None of them are any good CD deals.
Anonymous   |     |   Comment #14
None are really GOOD.  But given the horrible interest rate environment we are in, these appear to be the three best.  I'm looking for opinions on the next best ones in order of how good they are.
hoho   |     |   Comment #15
They are the best CD's out  there.  You can go with 5 years and they have low EWP's.  Ken has charts that show what your rate is if you close the CD early and after the penalty is applied.  Also,  any penalties you pay are tax deductible.  Be careful in the deposit agreement that they can't change terms.
Anonymous   |     |   Comment #25
I opened today a 1year CD at Connect One Bank in northern New Jersey and getting 1.25% yield. No direct deposit or anything else necessary to do.
Anonymous   |     |   Comment #26
This looks very good.  What are the field of membership requirements?
Anonymous   |     |   Comment #27
Has to be new money from a different bank, and $1000 or more.
Anonymous   |     |   Comment #30
sorry, don't know, I live in NJ so never had to ask.
Anonymous   |     |   Comment #31
This looks promising.
Anonymous   |     |   Comment #32
You think so?
Anonymous   |     |   Comment #33
The 1.25% rate does look promising.  Earning this significant rate for a long enough period of time and your investment will doubled in value in a little over 57-1/2 more years. 
Anonymous   |     |   Comment #34
Assuming it can be renewed...Oh, BTW and the alternative is?
Anonymous   |     |   Comment #35
3.3% 10 yr.  and laddering is your best option you got going for cd's and that is not great.  As cd's mature on a regular basis, you reinvest in the longer term highest rate available. 
Anonymous   |     |   Comment #40
I put some cash in 10yr/3.3% CD's in my Schwab account last year. I wonder how many others did the same.
hoho   |     |   Comment #39
5 year at 2.30% that will still pay a higher rate even with the EWP after a couple of years.
paoli2   |     |   Comment #41
Has it ever occurred to all you "seniors" on here that you may not have 10 years left to live when you are socking all your money into those 10 year CDs?  I purchase only CDs I think I will still be around when they mature.  So I stick with 5 year CDs at this time in my left.  Just a personal thing with me and am not recommending my way to anyone.
Anonymous   |     |   Comment #42
And, in all cases one is only looking at the delta in rates!
James Barnes
James Barnes   |     |   Comment #47
Please explain what "the delta in rates" means.
Anonymous   |     |   Comment #48
In this context delta = change
Anonymous   |     |   Comment #43
If you go on that assumption, did it ever occur to you that any one of us, irregardless of what age we are, may not be around tomorrow?  That's the reason for naming beneficiaries to inherit what we no longer need.
Anonymous   |     |   Comment #44
Won't be my problem!
Anonymous   |     |   Comment #45
I plan on living forever...so far, so good.