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Survey of the Best CD Rates for August 4, 2014

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Survey of the Best CD Rates for August 4, 2014

Last week’s Fed meeting had little impact on the expectations for the timing of rate hikes. The first rate hike is likely to be sometime in 2015. If that expectation continues, we should see more CD rate hikes. We saw a few rate hikes last week and a few new CD specials, but there were also a few rate cuts.

There were a few CD rate hikes at two internet banks. CIT Bank raised all of its 4-year CD rates. Its Jumbo 4-year CD rate went up by 15 basis points to 1.95% APY. The other internet bank is Colorado Federal Savings Bank. It increased rates on its 1-year, 2-year and 3-year CDs. The best deal is now its 1-year CD which has a 1.10% APY.

The best deal for 4-year CDs continues to be at credit unions. Alliant Credit Union finally increased CD rates. Its long-term CDs with maturities from 48 to 60 months had the largest rate increase. The rate went up 55 basis points to 2.10% APY, but the best deal continues to be the 49-month CD special at NASA Federal Credit Union which has a 2.25% APY. Both Alliant and NASA are easy to join by people in any state.

Not all of the best deals are at credit unions. Sometimes there will be a surprise from a small bank. Two small banks have recently come out with great CD deals, and both banks are currently offering these CDs nationwide. The first is Darien Rowayton Bank. It’s offering three CD specials. The most attractive one is a 17-month CD with a 1.50% APY. The second one is Grand Rivers Community Bank. It’s offering two CD specials, and both are very attractive: a 1.35% APY 1-year CD and a 2.00% APY 3-year CD. Please note that small banks often change the availability of their CDs. Make sure to call the bank for the latest account opening information.

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 August 4, 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
Charter Oak Credit Union1.00% 8-month GO CD Special ($75K max)Connecticut
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

InstitutionRatesRegion
Libertad Bank1.31% MMA with rate guaranteed to 12/31/14Texas
Security First Credit Union1.16% 9-month CD SpecialTexas
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

InstitutionRatesNotes
Grand Rivers Community Bank1.35% 1-year CD
Melrose Credit Union1.15% 1-year CD
Synchrony Bank1.15% (2.30% 5-year CD closed after 1 year)see review & risks
Colorado Federal Savings Bank1.10% 1-year CD
East River Bank1.10% 14-month Fixed Rate CD Special
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
VirtualBank1.01% 1-year CD

Noteworthy Local Deals - 1-Year CDs

InstitutionRatesRegion
CFG Community Bank1.35% 1-year CD relationshipMD
Gulf Coast Federal Credit Union1.30% 12-month CDCorpus Christi, TX metro
Idaho Central Credit Union1.25% 13-month CD PromoIdaho
Icon Credit Union1.25% 1-year special CDparts of ID and OR
LOMTO Federal Credit Union1.25% 1-year CDparts of New York City
Belmont Savings Bank (OH)1.21% 1 year CDOhio
Nuvo Bank & Trust Company1.21% 13-month CD ($250K max)Massachusetts
NavyArmy Community Credit Union1.20% ($100K) 1.00% ($1K) 1-year CDCorpus Christi, TX metro
Cooper State Bank1.10% 12-35 month CDOhio
South Florida Federal Credit Union1.06% 1-year CDSouth Florida
Doral Bank NY1.05% 1-year CDNYC

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
Darien Rowayton Bank1.50% 17-month CD
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

Noteworthy Local Deals - 18-Month CDs

InstitutionRatesRegion
Charter Oak Credit Union2.00% 17-month GO CD Special ($75K max)Connecticut
Idaho Central Credit Union1.50% 21-month CD PromoIdaho
Gulf Coast Federal Credit Union1.45% 18-month CDCorpus Christi, TX metro
Belmont Savings Bank (OH)1.31% 18-month CDSoutheast Ohio
Asian Bank1.28% 18-month CD SpecialPhiladelphia metro area
South Jersey Federal Credit Union1.26% 18-month CDparts of New Jersey
Doral Bank NY1.10% 18-month CDNYC

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
Melrose Credit Union1.41% 2-year CD
Security First Credit Union1.39% ($50K) 1.36% ($1K) 2-Year CD SpecialTexas
Third Federal1.35% 29-month CDpromotional
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
USAlliance Credit Union1.26% 25-month CDNew members, new money
Colorado Federal Savings Bank1.25% 2-year CD
EverBank1.25% 2-year CD
Salem Five Direct1.25% 2-year CD
CIT Bank1.25% ($25K min) 2-year CDadd-on & bump-up options
Northrop Grumman Federal Credit Union1.24% ($40K) 1.09% ($2.5K) 2-year CD
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

InstitutionRatesRegion
Midwestone Bank2.00% 27-month CD Bump Up Specialrelationship
University of Iowa Community Credit Union1.75% 23-month CD Special
Gulf Coast Federal Credit Union1.55% 2-year CDCorpus Christi, TX metro
Florida Credit Union1.51% 25-month Special CDFlorida
Frankenmuth Credit Union1.51% 21-month CD SpecialMichigan
Idaho Central Credit Union1.50% 21-month CD PromoIdaho
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
Idaho Central Credit Union1.31% 2-year Online CD Idaho
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

InstitutionRatesNotes
Wilshire State Bank2.28% 3-year installment savings account w/auto xfers, $100K maxaccount review
Grand Rivers Community Bank2.00% 3-year CD
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 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
Colorado Federal Savings Bank1.40% 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
Gulf Coast Federal Credit Union2.02% 3-year CDCorpus Christi, TX metro
University of Iowa Community Credit Union2.00% 32-month CD Special
NavyArmy Community Credit Union2.00% ($100K) 1.75% ($1K) 3-year CDCorpus Christi, TX metro
Frankenmuth Credit Union2.00% 37-month CD SpecialMichigan
Firstmark Credit Union1.85% 40-month Regular CD PromotionGreater San Antonio
Lower Valley Credit Union1.81% 3-year CD Washington State
Keesler Federal Credit Union1.70% ($100K) 1.60% ($1K) 3-year CDMississippi
Asian Bank1.68% 30-month CD SpecialPhiladelphia metro area
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 CDOhio
Doral Bank NY1.45% 3-year CDNYC
First Republic Bank1.10% 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
Alliant Credit Union2.10% 48-60 month CD
Melrose Credit Union2.02% 4-year CD
Synchrony Bank2.01% (2.30% 5-year CD closed after 4 years)see review & risks
Barclays1.97% (2.25% 5-year CD closed after 4 years)see review & risks
CIT Bank1.95% ($100K) 1.85% ($50K) 1.80% ($1K) 4-year CD
Third Federal1.85% 49-month CDpromotional
Nationwide Bank1.84% ($100K) 1.79% ($500) 4-year CD
America's Credit Union1.80% 4-year CDpromotional
VirtualBank1.79% 4-year CD
EverBank1.79% 4-year CD
Darien Rowayton Bank1.75% 45-month 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 Union2.15% 4-year CDparts of WV, OH & SC
Idaho Central Credit Union2.00% 4-year CD PromoIdaho
Kemba Federal Credit Union2.10% 4-year CDGreater Cincinnati
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
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
First Republic Bank1.50% 4-year CDparts of CA, OR, MA, CT, FL and NY

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
Velocity Credit Union2.02% 5-year CD
Darien Rowayton Bank2.00% 59-month CD
Nationwide Bank2.00% ($100K) 5-year CD
Discover Bank1.95% 5-year CD

Noteworthy Local Deals - 5-Year CDs

InstitutionRatesNotes
Bayer Heritage Federal Credit Union2.40% 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
Lower Valley Credit Union2.27% 5-year CD Washington State
Firelands Credit Federal Union2.25% 5-year CDparts of Ohio
LOMTO Federal Credit Union2.15% 5-year CDparts of New York City
First Republic Bank1.90% 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 Direct2.30% 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% 7- year CDaccount review
Apple Federal Credit Union2.20% 7-year CD
Discover Bank2.05% 7-year CD
Franklin Federal Savings Bank2.02% 6-year CDaccount review
Doral Direct1.95% 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 NY2.50% 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 Bank2.00% 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
pua
pua   |     |   Comment #1
It's always a good idea to ask a CSR whether there are any promotional rates or loyalty bonuses when renewing a maturing CD.  A CSR at CIT Bank told me they often give such rate boosts.  For example, when rolling over a 2-year CD and adding money to make it a jumbo, they will give 1.38% instead of the advertised 1.30% APY.  The deals change at the start of a new month.  The best way to increase the amount of money in a CD when rolling it over is to open a savings account with the additional money a couple weeks ahead of time (transfer funds by ACH).  That way the old money from the maturing CD and the additional new money in savings can be consolidated at the time the new CD is created.  You can do the consolidation on the phone with a CSR.
Anonymous
Anonymous   |     |   Comment #2
Is the best deal out there now the Grand Rivers 1 year at 1.35%?
Anonymous
Anonymous   |     |   Comment #3
Look at Ken's analysis for it...I noted only $28M in assets!  Very small institution...needs more risk capital from investors!
Anonymous
Anonymous   |     |   Comment #4
Yes, I agree.  But 1.35% for a 1 year seems very good.
Anonymous
Anonymous   |     |   Comment #5
Risk verses reward.  I don't think you will find a better CD with less risk.  But really, what risk when covered by the FDIC or NCUA.
Anonymous
Anonymous   |     |   Comment #6
I agree.  There's virtually no risk with FDIC or NCUA.  And because this is such a short term CD- 1 year- there's very little interest rate risk.  So, a 1.35% return is really quite good.  Outside of the Toby 7 year and the Synchrony 5 year and the Barclays 5 year, I don't think there is a better CD deal out there right now. 
Anonymous
Anonymous   |     |   Comment #7
Toby is only a deal if you open with a near-zero balance and then deposit more later, otherwise a 10-year brokered CD offering 3.3% pays 10% more (or get 3.4-3.5% by buying a CD that others are selling).
Anonymous
Anonymous   |     |   Comment #10
It s not available nationwide -only in Missouri, Illinois and Kentucky.
Anonymous
Anonymous   |     |   Comment #8
Grand Rivers CD rates just changed (for the worse).
Anonymous
Anonymous   |     |   Comment #9
Thanks for the information.  The 1 year rate was too good to last.