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This Year’s CD Deals We Can Be Thankful For


I want to wish everyone a happy and healthy Thanksgiving. 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. As you might expect, I’m going to have to keep this post short.

Last year I started off by saying that it was a disappointing year for interest rates. I’m afraid this year has been much worse.

Before the pandemic struck in March, there were a few long-term 3% CD deals. Anyone who jumped on those deals should be thankful.

One of the last 3% CDs was at Andrews Federal Credit Union. Early this year it was offering a 7-year CD with a 3.05% APY. This ended in early March. DA reader calman wrote in the DA Forum that he applied for this CD on March 4th, and on the 6th (the same day the CD rate dropped), funds were pulled from his source bank account for the initial deposit. I was happy to read that he received the 3.05% APY. Rates have now fallen at Andrews FCU to very low levels. The 7-year CD now has a rate of only 0.30% (less than one tenth the early 2020 rate).

Other credit unions that were offering 3% CDs early this year haven’t cut rates as much as Andrews.

In early January, Financial Partners Credit Union was offering a 5-year Jumbo CD with a 3.00% APY. That ended in mid January. Rates have fallen, but they have remained competitive, and their CD rates are still higher than what online banks are offering. Currently, Financial Partners’ 5-year Jumbo CD has a 1.30% APY.

Also in early January, Affinity Plus Federal Credit Union was offering a 5-year CD with a 3.00% APY. This rate fell on January 20th. Rates continued to fall, but like Financial Partners, the rates have remained competitive. The current 5-year CD has a 1.25% APY. The credit union also has other competitive deposit products. Its Superior Money Market account has a 1.50% APY on balances up to $25k. The rate falls to 0.70% on balances over $25k. These rates require that you maintain a monthly direct deposit of at least $500.

Thankful and Hopeful

Ultra low deposit rates were just one of many of the consequences of the pandemic. Let’s hope that a vaccine will end the pandemic next year, and we’ll see a strong recovery of both the economy and deposit rates.

Related Pages: 5-year CD rates, nationwide deals
  |     |   Comment #1
A happy and safe Thanksgiving to you also Ken. Thanks for all you do.
  |     |   Comment #2
Happy Thanksgiving Ken! Thank you for all of your excellent hard work.
  |     |   Comment #3
Happy Thanksgiving Ken. As a saver your website has been invaluable to me....I locked in several of
those 3% rates
  |     |   Comment #4
A very happy and safe Thanksgiving to you and your family, Ken! The invaluable add-on CDs from last year continue to give me a nice saving platform in 2020. Very thankful that the family is safe and well; hope that goes the same for all fellow DA readers.
  |     |   Comment #5
Happy Thanksgiving Ken and thank you for everything you do. I have been a grateful follower for many years.
  |     |   Comment #6
Thanks to Ken for this great website, and in particular for the great add-on CDs he found last year.
  |     |   Comment #7
Yes, thank you Ken for providing this valuable info . . . helped me lock in a significant sum till 2024. Hopefully, it won't take that long to make savers rejoice again ;-)
--Happy Thanksgiving
  |     |   Comment #8
I also have used your invaluable information for many years. You have saved us all a lot of money as well as giving us a lot of good information and tips. Hope you have a wonderful and safe day.
  |     |   Comment #9
DA is my go-to site for all savings needs & inquiries, a comprehensive and authoritative clearinghouse that I unreservedly recommend to all seeking state-of-the art personal finance resources. I'm grateful for the research, insight and advice you have consistently shared with us over the years, Ken, as well as for the supportive and helpful community of savers that has grown around you. Wishing a Happy Thanksgiving to all, with better days ahead!
  |     |   Comment #10
I am most thankful for your ability to not allow this horrendous rate environment, that dilutes the availability of news to post, from discouraging you from reporting what you can. I am certain it is a daunting task to perform but you do so day in and day out. Be assured I still come each day and while I am obviously disappointed with the news, I am never disappointed with the reporter. Please keep striving and know that your site continues to matter.
  |     |   Comment #11
Hope you enjoy Turkey Day and you and your loved ones are all healthy, that's the most important thing. I am isolating alone and being able to access this site has been more valuable then ever. Thank you again Ken for another year and I hope you realize how many people your information helps.
  |     |   Comment #12
Ken wanted to add my message of thanks. The internet is vast. Yet you alone provide the quality service upon which we all rely. You have no equal. Thank you.

As for special CD deals, my list is incredibly short. My best CD bets remain my add-on certificates, without which I would be in a world of hurt.

Now if you will allow mention of liquid money deals over this last year, I am most thankful for the Keesler HIMMA Plus deal. It was an amazing deal and, remarkably, still remains available even right now, today, paying a ridiculous 1.35% APY on liquid funds minimum locked for six months . . . . more than that if you can open for a larger amount. How Keesler is doing this I have no clue.
  |     |   Comment #13
Me too re Keesler! I somehow was able to join when their FOM wasn’t so strict. It’s been a highlight this year as has Barksdale. Thank you Ken!!
  |     |   Comment #14
Ken Thank you for all the additional income you have made for my family. The numerous credit unions you post that pay the highest intrest rates on deposits have allowed me to keep most of my funds deposited in the 3 to 4% range. PSECU, Mountain America and Connexus have been great additions to my portfolio thanks to your blog.

Maybe for next year you could expand posts regarding bonuses involving checking and savings accounts that are not Kanassa accounts. I've taken advantage of Chase, Citibank and Keybank bonuses that will pay me $1200 in the next 60 days. These bonuses are helpful in this low rate environment.
  |     |   Comment #15
I can't say enough of how this website and ol course Ken has made me make some important cd deals..Thank's Ken for all you do and Happy Thanksgiving to you and your family
  |     |   Comment #16
Thank you, Ken. I learn a lot from your works on this website. I Had 7 yrs 3.0% interest rate with Andrew Federal Credit Union and I feel lucky that knew this website. I really don't know when are we going to see the 3.0% again within a year from now. Like you said we are thankful and hopeful the recovery will come to us sooner than expected.
  |     |   Comment #17
Ken: Thank you for your excellent work. Deposit Accounts does much more than just provide relevant and timely savings information: You have created a forum where through your contributions; and through the wisdom shared by other savers on this site, we are able to make wiser and more informed decisions that benefit our financial futures.
  |     |   Comment #18
Thanks Ken for your hard work even during this rate drought as it does not go unnoticed. Many thanks for the great Add-On CD's you have brought to our attention the past couple of years many of which continue to pay dividends. Without your site would never had known about most of those deals.

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