CD Rates Summary
Federal Reserve, the Economy and CD Rate Forecast - June 21, 2022
Fed Meeting: First 75-bp Rate Hike in 27 Years! Strategies for SaversThis 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?
You have helped me since I first read about you in the Wall Street Journal at work in the 1980's. It was before they even had dial up internet where I lived. I wasn't even able to use the K-Mart cards for 15 minutes of internet. Your site was the first site I went to when I was finally able to get dial-up internet and have gone to it every day except when I was in the hospital.
I was able to get and fund to the fullest upon maturity for insurance at Achieva last year for my Roth IRA. I believe it was this year that Navy had the 3.7 add on CD that I also have for another Roth. I was able to put my conversion into it this month and also throughout the year add other IRA Roth CD's that have matured. That one matures in 2022.
You cannot imagine how many people you have helped. I tell several people every week about your site about the grocery blogs and also for the drug stores and other major stores in town.
With that said, this is a great financial website. Thank you very much. Best wishes to all, and have a peaceful and happy day. Back to football and Jack Daniels. :)
Since NFCU is the largest credit union in the US, no other credit union could absorb it.
So, the NCUA would have to slice and dice it's assets and liabilities among several credit unions.
And, you can bet that they wouldn't be accepting any of the uninsured deposits.
Which means that the NCUA would be left holding the bag.
And, they'd just point-out to you they have no responsibility to protect deposits of the limits.
Particularly NFCU and PSECU. They have been a life, no, rather a money saver for me this year.
God luck to all you working weenies.
I had two CDs mature in November at PurePoint and CapitalOne, neither of which offers a great rate today. Through DepositAccounts, I learned of a 14-month CD at 3.0% at GPO Federal Credit Union, and a 12-month CD at 2.7% at AmeriCu. Opened accounts at each credit union yesterday.
Thanks again! :thumbsup: