This Year’s CD Deals We Can Be Thankful For

I want to wish everyone a Happy Thanksgiving. May you enjoy the feast and the company of your family and friends. Thanks for all of your support this year.

It’s sort of my blog tradition for Thanksgiving to look back at some of the bank deals this year that we can be thankful for.

Even though this was a disappointing year for interest rates, there were still several good CD deals. Just like previous years, most of the best CD deals this year have come from credit unions. I listed four credit unions in my Tuesday summary that are still offering nationally available CDs with yields of at least 3%. One of the best of these (at PSECU) will be ending soon.

Most credit union CD deals aren’t nationally available. To qualify for these local deals, you typically have to be lucky in where you live.

One of these local deals is the 30-month Step CD from Keesler Federal Credit Union. Since July, Keesler Federal has been offering two great rates on this 30-month Step CD: 3.10% APY for a $1k minimum and 3.20% APY for a $100k minimum. I have more details in my review of these Keesler Step CDs.

A new local CD deal just started at GPO Federal Credit Union. This New York credit union is offering a special 7-month and 14-month CD, both with a 3.00% APY. Please refer to my review of these CD specials for more details.

Now let’s review a few of the good 2019 deals that have ended.

Navy Federal Credit Union had several great CD deals this year. In January, Navy Federal came out with a 17-month Share Certificate Special with a 3.25% APY. Add-on deposits were allowed up to a maximum deposit of $50k.

Navy Federal did another surprise in July when many institutions were cutting rates. It came out with a 5-year Share Certificate with a 3.50% APY. This lasted for over a month before it was reduced to 3.25% APY. Further rate reductions occurred, and now the top-tier rate is 2.50% APY for deposits of at least $100k.

Navy Federal also had some recent short-term CD deals. The best one was an 18-month Share Certificate with a 3.00% APY. This lasted from late July to late September. The top-tier rate is now 2.25% APY for deposits of at least $100k.

Occasionally, NASA Federal Credit Union offers very competitive special Certificates. The best deal this year was in February when it offered a 15-month Share Certificate Special with a 3.20% APY. While not as competitive as February, NASA Federal is offering 2.50% APY on its 15-month Share Certificate Special in November.

In the first part of the year, Mountain America Credit Union (MACU) offered three competitive CDs: a 2-year (3.25% APY), 3-year (3.35% APY) and a 5-year (3.51% APY). In addition, MACU offered a partial add-on deposit feature. Its Term Deposit Plus accounts (now called Growth CDs) allow for add-on deposits up to a total $100k maximum balance.

Occasionally, a bank will offer a CD special that will match or top the best CDs from credit unions. One example this year was the 19-month CD special at the Philadelphia-based Hyperion Bank. For a couple of weeks in February and March, Hyperion Bank was offering 3.50% APY on a 19-month CD special. Although the bank didn’t have an online application, people in any state could open this by mail. As is typical with hot CD deals from small institutions, this special CD rate didn’t last long.

Thankful and Hopeful

Falling interest rates this year has been disappointing for savers, but there are signs that rates may soon start to stabilize. We can be thankful that the economy remains strong, and that should put upward pressure on interest rates and entice banks and credit unions to offer new CD specials.

What deposit account deals were you thankful for this year?