Bank Deals Blog: CD Deals

At the end of 2022, one of the most competitive 5-year CDs in the country was offered by Michigan Schools and Government Credit Union (MSGCU). The 4.75% APY (very competitive in 2022), a low $500 minimum opening deposit, a one-time rate bump option, and a mild Early Withdrawal Penalty (EWP) lasted for five months.

Utah-based Home Savings Bank is currently offering 5.50% APY on its 6-month Internet CD. The minimum opening deposit is $5k, with each individual “limited to “$250,000 in any one or combination of Online Certificate Accounts.”

The 6-month Internet CD is also available as Internet IRA CD (Traditional and Roth), earning the same APY with the same deposit requirements.

The fine print on the Internet Rates page reads, “Additional disclosure applies to accounts opened online.” Some of...

It’s been about ten months since I wrote about the CFG Bank 12-month CD, which had been quite competitive in the first half of 2023. In the past five months, the 12-month CD APY lost 42 bps, with last fall’s short-lived 5.67% APY a distant memory. With two rate increases (15 bps) in the past two weeks ago, the 12-month CD is currently offering a very competitive 5.40% APY....

For a limited time, M1 Bank is offering two CDs with market-leading rates: 10-month (5.75% APY) and 15-month (5.50% APY). The minimum opening deposit is $1k, with no stated balance cap. CSR stated there is no specified end-date and the “CDs will be available until the goal is met."

Early Withdrawal Penalty

Louisiana-based Pelican State Credit Union (Pelican State) boosted the rate on its 60-month CD recently. Following a substantial increase of 88 bps, the 60-month CD offers a competitive 4.70% APY, which places the 60-month CD near the top of the 5-year CD in yesterday’s CD Deal Summary.

The minimum opening deposit is $500, with no stated balance cap. While Jumbo CDs ($10k minimum deposit) are listed separately on the Pelican State...

Minnesota-based Magnifi Financial has restructured its “Pick Your Term” CD Specials, changing the term-lengths and rates. In January, Magnifi Financial offered two CD Specials (17-month, 5.40% APY and 23-month, 5.25% APY); this latest offering includes...

Arizona-based Hughes Federal Credit Union (Hughes FCU) has been offering a 17-month Mini-Jumbo CD Special (5.60% APY) and a 17-month Jumbo CD Special (5.65% APY) since the beginning of the year. Based on the recent trend of falling rates, there is a good possibility these long-lasting rate-leading APYs may be lowered sometime soon. If you are thinking of opening either a Mini-Jumbo CD Special or a Jumbo...

For a limited time, Citizens National Bank of Texas (CNB Texas) is offering a 12-month CD Special with a market-leading 5.64% APY. The 12-month CD Special requires a $10k minimum opening deposit, with no stated balance cap. There is no specified end-date on the CNB Texas website and CSR was not aware of an end-date. It's another case...

Tennessee-based ORNL Federal Credit Union (ORNL FCU) recently increased the rate of its 16-month Promotional CD. Following a substantial increase of 40 bps, the 16-month Promotional CD currently earns 5.35% APY. The minimum opening deposit is $500, with no stated balance cap.

The 16-month Promotional CD is also available as an IRA CD (Traditional and Roth), earning the same 5.35% APY with the same deposit requirements.

Early Withdrawal Penalty

As stated in the Truth-in-Savings...