Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.
Three weeks after the last Fed rate cut, banks and credit unions continue to respond by making further cuts to their CD rates. There appears to be some slowdown of CD rate cuts from two weeks ago. I would expect CD rate cuts to continue to slow down if the Fed starts a long pause period.
In the last two weeks, noteworthy cuts have occurred at the following banks. I’ve separated them into two groups. The first includes the popular banks. All percentages are APYs.
Last week’s Congressional testimony by Fed Chair Jerome Powell adds support for the Fed to remain on hold for the foreseeable future. After three straight Fed rate cuts, I think it’s safe to say that Fed rate cuts are over for 2019. That may not be the case for 2020. The Fed’s decision in 2020 will depend on what happens to the economy. If the economy remains on its present path, the Fed is likely to hold steady. If there’s a downturn, another rate cut is likely.
UPDATE 11/18/19: Even though the special CD rates ended on Nov. 9th, PSECU members who call by 11/30/19 may be given these prior special CD rates. This may not apply to all members. Please refer to the comment thread that starts at comment #138 for details.
UPDATE 11/11/19: The special CD rates ended on Nov. 9th. Lower rates are now in effect for the 2-year, 3-year and 5-year terms.
The following was originally posted on 11/5/19.
I don’t have anything new to report on PSECU, but I thought a quick mention...
Availability: Residents of Riverside and San Bernardino Counties, California.
Alta Vista Credit Union’s (Alta Vista) 60-month Share Certificate has been earning 3.00% since the beginning of the year. (CSR stated he hadn’t heard of any upcoming rate drops for the 60-month Share Certificate.) The minimum opening deposit is $1k, with no stated balance cap.
The 60-month Share Certificate is also offered as an IRA (Traditional or Roth), earning the same APY, but...
Availability: Residents of Frederick and Montgomery Counties, Maryland
In September, Nymeo introduced a 13-month Share Certificate Special (SCS) earning 2.40% APY. At the time, 2.40% APY wasn’t very impressive; two months later, it’s the top rate for 1-year CDs offered by Maryland banks and credit unions. The 13-month SCS can be opened with a minimum of...
Availability: Nationwide through online application.
Although TAB Bank’s 12-month CD APY dropped by 44 bps in three rate decreases in the past year, its current 2.25% APY is quite competitive. In fact, it's now the highest rate that's available from an online bank. The minimum opening deposit is $1k, with no stated balance cap.
As stated in the Truth in Savings document, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of 12 months or less:...
Deal Summary: 15-month CD Special, 3.00% APY, $500 min/$10k max deposit, blended APYs on deposits greater than $10k, limited-time special, limit of one per member.
Availability: Easy membership requirement for residents of Texas; residents of Bastrop, Caldwell, Hays, Travis, or Williamson Counties, Texas.
Amplify Credit Union (Amplify) recently sent an email to its members announcing “an early holiday gift” – a 15-month CD Special that earns 3.00% APY on deposits between $500 and $10k. There is a limit of one CD Special per...
POSTED ON THURSDAY, NOVEMBER 14, 2019 BY KEN TUMIN
Deal Summary: 84-month Share Certificate Special, 3.05% APY, $1k min/$250k max deposit, limit of one certificate per member.
Availability: Easy membership requirement
The 84-month Share Certificate Special (SCS) offered by Andrews Federal Credit Union (Andrews Federal) is nearing its one-year anniversary. Although its rate dropped in August from its initial 3.45% APY to 3.05% APY, the 84-month SCS is still a rate leader and is one of the few nationally available 3%+ CDs. The minimum opening deposit is $1k, with a balance cap of $250k. There’s...
POSTED ON THURSDAY, NOVEMBER 14, 2019 BY KEN TUMIN
Deal Summary: 13-month CD Special (2.50% APY), $200 min deposit, new money. 36-month CD (2.80% APY) and 60-month CD (3.00% APY), $200 min deposit.
Availability: Michigan residents
One of the “New To Summary” CDs included in last week’s CD Rates Summary was Diversified Members Credit Union’s (DMCU) 13-month CD Special (2.50% APY). The minimum opening deposit is $200 of new money, with no stated balance cap. The 13-month is also available as an IRA (Traditional and Roth), earning the same 2.50% APY with the same...
POSTED ON WEDNESDAY, NOVEMBER 13, 2019 BY KEN TUMIN
Deal Summary: 5-month Share Certificate Special, 5.00% APY, $1k min/$25k max deposit, new money.
Availability: Residents of three Southern California counties; possible easy membership requirement for California residents.
DA readers may remember the 5-month CD Special (5.00% APY) offered by Credit Union of South California in October. While that offer has expired, California Credit Union (California CU) has taken up the mantle by offering a 5-month Share Certificate Special (5.00% APY). The minimum opening deposit is $1k, with a $25k balance cap. New money is required...
Rate cuts on savings and money market accounts have been widespread since the October Fed rate cut. Online banks have generally been responding to each Fed rate cut with two to three small rate cuts over a period of one to two months after the Fed rate cut. So we will likely see more cuts in the next two months. If the Fed holds rates steady in December, we may finally see the end of widespread rate cuts by January.
Below are the noteworthy savings and money market account rate changes...
Signs still point to a Fed that will be on the sidelines for the rest of this year and through next year. These signs first came from the October Fed meeting and the post-meeting press conference when the Fed signaled that further rate cuts in the near term are unlikely as long as the economic data doesn’t deteriorate. Unfortunately for savers, the Fed Chair Jerome Powell signaled that the bar for the Fed returning to rate hikes is high. In the press conference, the Fed Chair said:
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