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CD Rates Summary

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The aggressive Fed rate hikes are driving up short-term CD rates. Long-term CD rates, on the other hand, have been impacted less. It’s not as bad as Treasury yields in which 6-month Treasury yield is now above the 10-year yield. I expect short-term CD rates will continue to get closer to the long-term CD rates as the Fed keeps hiking rates while the markets worry about rising rates causing a recession.

If the economy has a slowdown or a recession and inflation does subside, interest rates will surely drop. We may not see a repeat of the long zero rate period of 2008-2015, but a low rate period may last for multiple years. Locking in long-term CDs before rates fall is ideal, but it’s difficult to know exactly when to lock.

One strategy is to stay liquid with top-rate online savings or money market accounts. When great CD deals do come along, you can quickly take advantage of them with funds in these liquid accounts. The downside is the possibility that you may miss those CD deals. As interest rates fall, those online savings account rates will also fall.

If you jump too quickly into a CD, the risk is that you’ll miss out on higher CD rates. Choosing CDs with mild early withdrawal penalties (EWPs) can help with this risk. Also, look for EWPs that don’t eat into principal if you close the CD early into the term. This seems to be more common at credit unions. Both PenFed and Navy Federal EWPs have this feature.

Another useful feature for CD investors is the add-on deposit capability. I know several DA readers have successfully used add-on CDs during this recent zero rate period. When rates fall, an add-on CD allows you to make additional deposits into a CD that had been opened before rates fell. The add-on deposits will earn the old CD rate, which is likely much higher than anything available in the new low-rate environment. If rates don’t fall and you can find higher rates at other banks, you don’t make add-on deposits. If the add-on CD has a small balance, the additional interest that you could have earned in a higher-rate CD is minimal. An add-on CD is like an insurance policy for future low rates.

Two credit unions that are now offering add-on CDs with competitive rates and low minimum deposits are Navy Federal and Mountain America.

Navy Federal has a Special 33-month add-on CD with a minimum deposit of only $1k. It also has a very competitive yield (3.30% APY). There’s very little downside with opening this CD with the $1k minimum deposit. If it turns out that top CD rates don’t rise above 3.30%, you can always add more into this CD. If higher CD rates do become available, you avoid making add-on deposits. The only negative with this 33-month CD is that it has a maximum balance of $100k.

Mountain America Credit Union has add-on CDs that it calls Growth CDs. The minimum initial deposit is only $5, but it requires a minimum $10 automatic monthly deposit. Additional deposits are allowed throughout the term. The primary downside, like Navy Federal, is a $100k maximum balance. This month the Growth CDs with terms from 2 to 5 years had substantial rate increases that raised the yields to 2.75%. For add-on CDs, the longer terms provide the best insurance for extended periods of low rates. Thus, the 5-year Growth CD is the best deal.

Long-term CD rates don’t seem to have peaked yet, but their rate increases have been slowing down. This can be seen in the average online CD rates. In July, the 1-year online CD yield average increased 43.4 bps to 2.331%. The 5-year online CD yield average had a smaller increase in July, rising only 21.4 bps to 3.100%. This is similar to what we saw in June.

These averages are based on the 5-year Online CD Index and 1-year Online CD Index which are the average yields of ten online CD accounts from well-established online banks. Note, the charts haven’t yet been updated for August.

Noteworthy CD rate changes from the last two weeks are included below (All percentages are APYs).

I’ve separated them into three groups: 1) the popular banks, 2) the less well known banks that have been rate leaders, and 3) the credit unions with easy membership requirements.

Popular Online Banks:

  • Synchrony Bank (5y 3.10% → 3.25%, 1y 2.00% → 2.30%)
  • Marcus by Goldman Sachs (5y 2.90% → 3.20%, 1y 1.90% → 2.30%, 13m NP 1.25% → 1.55%)
  • Capital One (5y 2.90% → 3.20%, 1y 1.90% → 2.25%)
  • Sallie Mae Bank (5y 2.80% → 3.05%, 2y 2.50% → 3.00%, 1y 2.00% → 2.50%)
  • Discover Bank (5y 2.90% → 3.00%, 1y 1.90% → 2.00%)
  • Patriot Bank via SaveBetter (New 13m 2.75%, New 17m NP 2.55%)
  • Live Oak Bank (5y 3.00% → 2.70%, 2.20% → 2.50%)
  • Ally Bank (5y 20m Sel 2.40% → 2.50%, 13m Sel 2.00% → 2.25%)
  • Sallie Mae Bank via SaveBetter (14m NP 2.20% → 2.50%, 10m NP 1.85% → 2.00%)
  • Citi (18m 0.10% → 2.35%, 1y 0.10% → 2.00%)
  • CIT Bank (13m 0.30% → 2.10%, 11m NP 1.85% → 2.00%)

Less well known banks that have been rate leaders in the past:

  • Bread Financial (5y 3.35% → 3.65%, 2y 3.00% → 3.50%, 1y 2.50% → 3.00%)
  • CFG Bank (5y 3.37% → 3.50% → 3.65%, 1y 2.04% → 2.55% → 2.75% → 3.05%)
  • My eBanc (3y 2.74% → 3.51%, 2y 2.43% → 3.20%, 1y 2.02% → 2.79%)
  • INSBANK Online (3y 2.05% → 3.50%)
  • Credit One Bank NA (5y 3.20% → 3.30% → 3.35%, 13m New 2.75%)
  • Citizens Access (5y 3.00% → 3.25%, 1y 1.90% → 2.25%)
  • CD Bank (5y 2.87% → 3.15%, 2y 2.54% → 3.00%, 1y 2.06% → 2.55%)
  • Popular Direct (4y 3.05% → 3.15%, 1y 2.25% → 2.35% → 2.60%)
  • Luana Savings Bank (42m SU 3.05% → 3.10%, 1y 2.48% → 2.53% → 2.58%, 6m Spc 2.12% → 2.28% → 2.43%)
  • State Bank of India (IL) (2y SC 2.89% → 3.04%, 1y 2.38% → 2.64%)
  • First Internet Bank (4y 2.94% → 3.04%, 18m 2.38% → 2.63%, 1y 2.07% → 2.58%)
  • ConnectOne Bank (23m 1.90% → 3.00%, 13m 2.25% → 2.65%)
  • NexBank (5y 2.25% → 3.00%, 1y promo Jbo 2.20% → 2.85%)
  • Bank5 Connect (21m 1.50% → 2.95%)
  • mph.bank via SaveBetter (18m 2.50% → 2.85%, 1y 2.10% → 2.65%, 10m 1.90% → 2.55%)
  • State Bank of Texas (1y 2.50% → 2.75%)
  • Merrick Bank (3y 3.00% → 2.75%, 2y 2.95% → 3.00%, 18m 2.65% → 2.75% → 2.90%)
  • BankUnitedDirect (2y 2.05% → 2.75%, 1y 1.90% → 2.50%)
  • Banesco USA (1y 2.15% → 2.70%, 6m 1.75% → 2.25%)
  • Paramount Bank (25m Spc 1.40% → 2.70%, 19m Spc 1.00% → 2.55%, 13m Spc 0.70% → 2.00%)
  • Rising Bank (18m Rsg 2.25% → 2.50%, 1y 2.15% → 2.30% → 2.50%, 15m NP 1.75% → 2.00%)
  • Quontic Bank (5y 3.30% → 2.20%, 1y 2.55% → 1.76%)
  • Rising Bank (1y 2.00% → 2.15%)
  • HSBC (1y 1.90% → 2.00%)

Credit unions that have easy membership requirements:

  • Navy FCU (33m Spc w/add-on 2.60% → 3.30%, 1y 1.65% → 2.15%)
  • USALLIANCE Financial (3y 2.25% → 3.25%, 2y 2.50% → 3.25%)
  • Alliant CU (5y 3.05% → 3.25%, 1y 2.10% → 2.40%)
  • AgFed CU (3y 2.70% → 3.25%, 6m 0.75% → 1.50%)
  • PenFed CU (5y 3.00% → 3.20%, 2y 2.50% → 3.00%, 1y 2.00% → 2.30%)
  • Hughes FCU (3y Jbo 2.22% → 3.15%, 1y 1.26% → 1.61%)
  • NASA FCU (49m Spc 3.00% → 3.15%, 15m Spc 2.75% → 3.00%, 9m 2.50% → 2.80%)
  • Service CU (2y 2.05% → 3.00%, 18m 1.80% → 2.25%)
  • Department of Commerce FCU (5y 2.40% → 2.83%, 6m 2.22% → 1.97%)
  • Abound CU (26m Spc 2.75% → 3.00%)
  • Andrews FCU (5y Jbo 2.15% → 2.90%, 1y Jbo 1.85% → 2.05%)
  • Mountain America CU (5y AO 1.75% → 2.75%, 2y AO 1.00% → 2.75%)
  • CommunityWide FCU (5y 2.60% → 2.70%, 1y 2.00% → 2.20%, 6m 1.60% → 2.00%)

Brokered CD Rates

For non-callable brokered CDs, most of the rate gains for the top CDs were the shorter durations of two years and under. For terms of three years and over, there were some rate declines. In addition, there were fewer non-callable CDs listed. In the case of Vanguard, there were no non-callable, new-issue 4-year CDs listed. This was also the case for 3-year CDs in the morning, but a non-callable 3-year CD did become available in the afternoon. At Fidelity, two banks, State Bank of India and First Financial Bank USA, were the only ones listing CDs for 5-, 4- and 3-year terms.

Brokered CDs now only have the advantage over direct CDs for terms under 12 months. For terms of 12 months and longer, top direct CD rates either match or are higher than top non-callable brokered CD rates.

For terms over five years, there were again no non-callable CDs at both brokerage firms.

The callable feature gives the bank the right to redeem a CD early. That can save the bank money when interest rates fall. However, the CD holder loses out if rates fall and the CD is called early. The lack of non-callable long-term CDs suggests that banks think that rates may be lower over the long run. Thus, they only offer callable long-term CDs that they can choose to call before maturity if rates do in fact fall.

Direct CD Rates and Deals

For direct CDs, Bread Financial’s recent rate hikes have moved them into rate leader status for several terms. They’re either the highest rate or tied for the highest rate for 2-, 3-, 4- and 5-year terms. For 1-year CDs, they’re the first ones to reach 3% APY, and for 2-year CDs, they’re the first to reach 3.50% APY. They had been the rate leader for 1-year CDs until this evening. I checked the rates at CFG Bank and noticed that they increased their 1-year CD rate from 2.75% to 3.05% APY. Below are the full list of APYs and early withdrawal penalties (EWPs) for all five CDs at Bread Financial:

  • 1-year: 3.00% APY, EWP = 180 days
  • 2-year: 3.50% APY, EWP = 180 days
  • 3-year: 3.55% APY, EWP = 180 days
  • 4-year: 3.60% APY, EWP = 365 days
  • 5-year: 3.65% APY, EWP = 365 days

CFG Bank is now the rate leader for both the 1-year and 18-month CD. Their 3-year and 5-year CD rates are tied with Bread Financial’s. Below are the full list of APYs and early withdrawal penalties (EWPs) for all four CDs at CFG Bank:

  • 1-year: 3.05% APY, EWP = 180 days
  • 18-month: 3.20% APY, EWP = 180 days
  • 3-year: 3.55% APY, EWP = 180 days
  • 5-year: 3.65% APY, EWP = 180 days

For terms under one year, NASA Federal Credit Union’s 9-month CD Special has the highest rate (2.80% APY). The EWP is 182 days of interest.

For a 6-month term, Barksdale Federal Credit Union is the rate leader. This 6-month CD has a 2.78% APY and an EWP of 90 days’ dividends. It’s available nationwide, but for most people, a military relationship is required to qualify for credit union membership.

Also noteworthy for a short-term CD deal are the new no-penalty CDs that are available through the SaveBetter.com platform. Sallie Mae Bank is now offering two no-penalty CDs at SaveBetter: a 14-month (2.50% APY) and a 10-month (2.00% APY). And just this week, Patriot Bank has started offering an even more competitive no-penalty CD (2.55% APY 17-month). These no-penalty CDs are patterned after Ally Bank’s 11-month no-penalty CD. A full withdrawal/closure can be done anytime after six days from account funding. All accrued interest will be paid out along with the full principal at the time of closure. With these no-penalty CDs, a longer term is always better. You can essentially make the CD have any term you want from 7 days to the default maturity date. Thus, these no-penalty CDs are included in the “under one year” category even though they have terms over one year.

It should be noted that SaveBetter is not a bank. It just acts as a middleman between you and the bank. This arrangement has some drawbacks as I described in my review of SaveBetter.

New Category - Nationally Available Add-On CDs

In August 2021, a new category for nationally available add-on CDs was added near the bottom of the tables. These are CDs in which you can make one or more additional deposits during the term. Add-on CDs are most valuable when rates are falling or when rates may fall in the future.

As I mentioned above, the new higher rates of Navy Federal’s 33-month CD Special (3.30% APY) and Mountain America’s Growth CDs for terms of 24 to 60 months (2.75% APY) are currently the best add-on CD deals. Both have small minimum initial deposits and allow an unlimited number of add-on deposits. The primary downside with both is a maximum balance of $100k.

The best add-on CDs have long terms, small minimum deposits, and allow add-on deposits with no limits on the number of deposits or the size of deposits. These types of add-on CDs can be a great hedge against a long low-rate environment in which rates stay low or fall even lower. Deposit the minimum, and use the add-on CD as a back-up CD when your other CDs mature. If you can’t find a higher rate when the CD matures, you can always deposit the funds into the add-on CD.

Note, add-on CDs do have a risk that the institution could refuse to allow add-on deposits or may limit the amount of add-on deposits in contradiction to the original CD disclosure. A few credit unions in the past have failed to honor their add-on terms. I described one example in this 2014 blog post.

Savings and Money Market Accounts

In the last couple of weeks, several online banks have raised their savings or money market rates above 2%. The current rate leader is CFG Bank with a money market account that earns 2.30% APY.

For more details about these three accounts, please refer to my latest liquid account summary.

Federal Reserve and Interest Rate Summary

The Fed and economy review is now split off on a separate blog post. My weekly summaries will now be focused entirely on deposit rates and deals. Please keep all discussion about the Fed, the economy and politics to my Fed/Economy review blog post.

Here's the link to last week's savings/checking account summary. You can always get the latest rates for savings/checking accounts and CDs by using our rate tables, available via the navigational menu on top.

Yields Accurate as of August 3, 2022

Under 1-Year CD Rates

InstitutionRatesNotes
Fidelity Brokered CD2.90% (APR) 9-month non-callable CDIssued by CSPA, WFB*
The Vanguard Group Brokered CD2.85% (APR) 7-9 month non-callable CDIssued by BMOH, PWB*
NASA Federal Credit Union2.80% ($10k) 9-month Share Certificate SpecialEasy membership Account review
Barksdale Federal Credit Union2.78% ($1k) 6-month Certificate (**NTS)Military relationship See review
Fidelity Brokered CD2.75% (APR) 6-month non-callable CDIssued by MRB, PKWBT, WAB*
The Vanguard Group Brokered CD2.70% (APR) 4-6 month non-callable CDIssued by BHAP, BUN, WEB*
Patiot Bank2.55% ($1) 17-month No Penalty CD via SaveBetter Internet bank
Sallie Mae Bank2.50% ($1) 14-month No Penalty CD via SaveBetter Internet bank See review
Luana Savings Bank2.43% ($100k), 2.33% ($1k) 6-month Certificate SpecialAccount review
Fidelity Brokered CD2.40% (APR) 3-month non-callable CDIssued by MRB*
Merrick Bank2.35% ($25k) 6-month CDAccount review
The Vanguard Group Brokered CD2.35% (APR) 1-3 month non-callable CDIssued by ALLY, BotW, 1stCOM, MCBTN, PKWBT*
Banesco USA2.25% ($1.5k) 6-month CD (**NTS)Account review
Interior Federal Credit Union2.13% ($100k), 2.03% ($500) 6-month Jumbo Share Certificate Easy membership See review
Lafayette Federal Credit Union2.12% ($500) 7-month Fixed CD Easy membership See review
Department of Commerce Federal Credit Union2.07% ($25k), 1.97% ($500) 6-11 month CD Easy membership See review
TAB Bank2.05% ($1k) 9-month CD Account review
Sallie Mae Bank2.00% ($1) 10-month No Penalty CD via SaveBetter Internet bank See review
Rising Bank2.00% ($1k) 15-month No Penalty CDAccount review
Sallie Mae Bank2.00% ($2.5k) 9-month CD Internet bank See review
Bellco Credit Union1.65% ($2.5k) 36-month Smart Move CDEasy membership - one partial withdrawal allowed, $1k min must be maintained See review
Western Vista Federal Credit Union1.60% ($500) 9-month CD Special Easy membership See review

Noteworthy Local Deals - Under 1-Year CDs

Home Bank of California2.53% ($10k) 9-11 month CD (**NTS)San Diego metro area See review
Gain Federal Credit Union2.50% ($50k), 2.00% ($25k), 1.50% ($1k) 9-month Summer Certificate Special (**NTS)Easy membership in Southern California See review
Woodlands National Bank2.48% ($50k) 9-month CD SpecialMinneapolis metro area See review
General Electric Credit Union2.25% ($500) 9-month Share Certificate (**NTS)21 Ohio, 9 Kentucky, and 5 Indiana counties See review
Mobility Credit Union2.02% ($500) 9-month CD Easy membership in Texas See review

1-Year CD Rates

CFG Bank3.05% ($500) 12-month CD (**NTS) Account review
The Vanguard Group Brokered CD3.05% (APR) 10-12 month non-callable CDIssued by SAFB*
Bread Financial3.00% ($1.5k) 1-year Bread Savings CD Account review
Fidelity Brokered CD3.00% (APR) 1-year non-callable CDIssued by AMEX NB, BMOH, TMBLM*
Barksdale Federal Credit Union2.99% ($1k) 12-month Certificate (**NTS)Military relationship See review
Patiot Bank2.75% ($1) 13-month No High Yield CD via SaveBetter Internet bank
State Bank of Texas (SBT)2.75% ($25k) 12-month CD Account review
Credit One Bank, N.A.2.75% ($100k) 13-month Jumbo CD(**NTS) Account review
Banesco USA2.70% ($1.5k) 12-month CD (**NTS)Account review
Latino Credit Union2.65% ($200k), 1.50% ($100k) 12-month Jumbo CDEasy membership See review
Interior Federal Credit Union2.54% ($100k), 2.44% ($1k) 12-month Jumbo CD Easy membership See review
Quorum Federal Credit Union2.50% ($1k) 13-month Term Savings CD (**NTS)Easy membership See review
Consumers Credit Union2.45% ($200k) 11-month Super Jumbo CD Special Easy membership See review
Veridian Credit Union2.40% ($100k) 12-month Jumbo CD Special Easy membership See review

Noteworthy Local Deals - 1-Year CDs

Tioga-Franklin Savings Bank3.04% ($5k) 1-year CD Pennsylvania, New Jersey, and DelawareSee review
General Electric Credit Union3.00% ($250k), 2.75% ($100k), 2.50% ($500) 1-year Jumbo Plus Share Certificate (**NTS)21 Ohio, 9 Kentucky, and 5 Indiana counties See review
Guardian Credit Union2.53% ($10k) 12-month CD Special (**NTS)13 Alabama counties See review
Home Bank of California2.53% ($10k) 12-17 month CD (**NTS)San Diego metro area See review
Communications Federal Credit Union2.50% ($1k) 13-month Share Certificate Special (**NTS)Easy membership in Kansas and Oklahoma See review

18-month CD Rates

CFG Bank3.20% ($500) 18-month CD Account review
The Vanguard Group Brokered CD3.20% (APR) 13-18 month non-callable CDIssued by UBS*
Fidelity Brokered CD3.15% (APR) 18-month non-callable CDIssued by DIS, PWB*
NASA Federal Credit Union3.00% ($10k) 15-month Share Certificate Special Easy membership Account review
mph.bank2.85% ($1) 18-month High-Yield CD via SaveBetter Account review
Interior Federal Credit Union2.78% ($100k), 2.68% ($1k) 20-month Bump Up Jumbo Share Certificate Easy membership See review
mph.bank2.75% ($1) 15-month High-Yield CD via SaveBetter Account review
ConnectOne Bank2.75% ($500) 18-month CD (**NTS)Account review
Sallie Mae Bank2.75% ($2.5k) 18-month CD (**NTS)Internet bank See review
Latino Credit Union2.70% ($200k), 1.60% ($100k) 18-month Jumbo CDEasy membership See review
PenFed Credit Union2.60% ($1k) 18-month Money Market Certificate (**NTS)Easy membership See review
Alliant Credit Union2.60% ($1k) 18-23 month Share CD (**NTS)Easy membership See review

Noteworthy Local Deals - 18-Month CDs

Frontwave Credit Union3.25% ($1k) 18-month Certificate Special (**NTS)3 Southern California counties See review
CoastLife Credit Union3.09% ($1k) 15-month CD Promo (**NTS)5 Texas counties (Corpus Christi area) See review
BCU3.00% ($250k) 18-month Jumbo CD (**NTS)5 Illinois and 1 Wisconsin counties See review
Farmers State Bank2.85% ($5k) 17-month CD Special All Iowa counties See review
American Eagle Bank2.75% ($1k) 18-month CD Special Chicago metro area See review

2-Year CD Rates

Bread Financial3.50% ($1.5k) 2-year Bread Savings CD Account review
Fidelity Brokered CD3.35% (APR) 2-year non-callable CDIssued by UBS*
The Vanguard Group Brokered CD3.35% (APR) 2-year non-callable CDIssued by AMEX NB, SBoIIL, UBS*
USALLIANCE Financial3.25% ($500) 24-month Certificate Special (**NTS) Easy membership Account review
Barksdale Federal Credit Union3.04% ($1k) 24-month Certificate (**NTS)Military relationship See review
ConnectOne Bank3.00% ($500) 23-month CD (**NTS)Account review
PenFed Credit Union3.00% ($1k) 2-year Money Market Certificate (**NTS)Easy membership See review
Sallie Mae Bank3.00% ($2.5k) 24-month CD (**NTS)Internet bank See review
Merrick Bank3.00% ($25k) 24-month CD Account review
Consumers Credit Union3.00% ($250k) 22-month Super Jumbo CD Special Easy membership See review
State Bank of India (IL)2.89% ($2.5k) 24-month Senior Citizen CD See review
Interior Federal Credit Union2.89% ($100k), 2.79% ($1k) 23-month Jumbo Share Certificate Easy membership See review
Lafayette Federal Credit Union2.88% ($500) 2-year Fixed CD Easy membership See review

Noteworthy Local Deals - 2-Year CDs

General Electric Credit Union3.25% ($250k), 3.00% ($100k), 2.75% ($500) 2-year Jumbo Plus Share Certificate (**NTS)21 Ohio, 9 Kentucky, and 5 Indiana counties See review
ValleyStar Credit Union3.04% ($10k) 2-year CD Special (**NTS)25 Virginia and 4 North Carolina counties See review
Listerhill Credit Union3.03% ($500) 24-month Promotional CD Easy membership in Alabama, Florida, Georgia, Mississippi, and Tennessee See review
Metro Credit Union3.00% ($500) 24-month CD Special 11 Massachusetts and 3 Rhode Island counties See review
Advia Credit Union3.00% ($500) 22-month Promo Rate CD Michigan's Lower Peninsula, 9 Wisconsin and 7 Illinois counties See review

3-Year CD Rates

CFG Bank3.55% ($500) 36-month CD Account review
Bread Financial3.55% ($1.5k) 3-year Bread Savings CD Account review
INSBANK Online3.50% ($2.5k) 3-year CD (**NTS)Account review
Interior Federal Credit Union3.35% ($100k), 3.25% ($1k) 36-month Jumbo Share Certificate Easy membership See review
The Vanguard Group Brokered CD3.35% (APR) 3-year non-callable CDIssued by COBNA ,COBUSA, SMB *
Navy Federal Credit Union3.30% ($1k/$100k) 33-month Certificate Special (**NTS)Easy membership See review
PenFed Credit Union3.25% ($1k) 3-year Money Market CertificateEasy membership See review
Langley Federal Credit Union3.25% ($500) 33-month CD Special Easy membership See review
AgFed Credit Union3.25% ($250) 36-month Certificate (**NTS)Easy membership See review
USALLIANCE Financial3.25% ($500) 36-month Certificate Special (**NTS) Easy membership Account review
State Bank of India3.19% ($25k) 3-year Senior Citizen CD See review
Fidelity Brokered CD3.10% (APR) 3-year non-callable CDIssued by 1stFB*

Noteworthy Local Deals - 3-Year CDs

General Electric Credit Union3.50% ($500) 3-year Share Certificate 21 Ohio, 9 Kentucky, and 5 Indiana counties See review
Sidney Federal Credit Union3.21% ($500) 32-month CD Special (**NTS)14 Central New York counties See review
National Bank of New York City3.15% ($2.5k) 42-47 month CD NYC Tri-state area See review
Old Missouri Bank3.09% ($1k) 37-month CD Special Springfield (MO) Metropolitan Statistical Area See review
Visions Federal Credit Union3.05% ($500) 36-month Double Bump CD (**NTS)14 NY, 5 NJ, and 4 PA counties See review

4-Year CD Rates

Bread Financial3.60% ($1.5k) 4-year Bread Savings CD Account review
Interior Federal Credit Union3.40% ($100k), 3.30% ($1k) 48-month Jumbo Share Certificate Easy membership See review
Lafayette Federal Credit Union3.39% ($500) 4-year Fixed CD Easy membership See review
State Bank of India3.24% ($25k) 4-year Senior Citizen CD See review
Fidelity Brokered CD3.20% (APR) 4-year non-callable CDIssued by 1stFB*
NASA Federal Credit Union3.15% ($10k) 49-month Share Certificate Special Easy membership Account review
Popular Direct3.15% ($10k) 48-month Popular Direct CD (**NTS)Easy membership See review
TAB Bank3.10% ($1k) 48-month CD (**NTS)Account review
Luana Savings Bank3.10% ($100k), 2.99% ($1k) 42-month Step-Up CD Special (**NTS)Account review
Latino Credit Union3.05% ($200k), 2.25% ($100k) 48-month Jumbo CDEasy membership See review
Alliant Credit Union2.90% ($1k) 48-month Share CD (**NTS)Easy membership See review

Noteworthy Local Deals - 4-Year CDs

National Bank of New York City3.25% ($2.5k) 54-59 month CDNYC Tri-state area See review
National Bank of New York City3.20% ($2.5k) 48-53 month CDNYC Tri-state area See review
First Financial Credit Union (IL)3.05% ($1k) 48-month Certificate Chicagoland See review
Encompass Credit Union3.05% ($1k) 48-59 month CD (**NTS)Clinton, Howard, and Tipton Counties, Indiana See review
Franklin Mint Federal Credit Union3.00% ($500) 48-month CD Easy membership in SE Pennsylvania and northern Delaware See review

5-Year CD Rates

CFG Bank3.65% ($500) 60-month CD Account review
Bread Financial3.65% ($1.5k) 5-year Bread Savings CD Account review
Lafayette Federal Credit Union3.64% ($500) 5-year Fixed CD Easy membership See review
The Vanguard Group Brokered CD3.55% (APR) 5-year non-callable CDIssued by SBoI*
Fidelity Brokered CD3.55% (APR) 5-year non-callable CDIssued by SBoI*
Interior Federal Credit Union3.52% ($100k), 3.41% ($1k) 60-month Jumbo Share Certificate Easy membership See review
Credit One Bank, N.A.3.35% ($100k) 60-month Jumbo CD (**NTS)Account review
State Bank of India3.34% ($25k) 5-year Senior Citizen CD See review
M.Y. Safra Bank3.26% ($500) 60-month MYSB Direct Online CD (**NTS)Account review
Alliant Credit Union3.25% ($1k) 60-month Share CD Easy membership See review
PenFed Credit Union3.20% ($1k) 5-year Money Market Certificate (**NTS)Easy membership See review
Latino Credit Union3.10% ($200k), 2.35% ($100k) 60-month Jumbo CDEasy membership See review

Noteworthy Local Deals - 5-Year CDs

General Electric Credit Union3.50% ($500) 5-year Share Certificate 21 Ohio, 9 Kentucky, and 5 Indiana counties See review
National Bank of New York City3.35% ($2.5k) 60-month CDNYC Tri-state area See review
Asian Bank3.25% ($1k) 60-month CD SE Pennsylvania Account review
Patriot Federal Credit Union3.15% ($250k), 3.10% ($100k), 3.05% ($25k), 3.00% ($10k), 2.90% ($1k) 60-month CD 1 Pennsylvania, 2 Maryland, and 3 West Virginia counties See review
Members Choice Credit Union3.05% ($500) 60-month Share Certificate (**NTS)33 eastern Kentucky counties

Over 5-Year CD Rates

First National Bank of America3.35% ($1k) 84-month CD Account review
First National Bank of America3.30% ($1k) 72-month CD Account review
Marcus by Goldman Sachs3.20% ($500) High-Yield 6 Year CD Account review
PenFed Credit Union3.20% ($1k) 7-year Money Market CertificateEasy membership See review
Discover Bank3.00% ($2.5k) 10-year CD Account review
Navy Federal Credit Union3.15% ($100k min) 7-year CertificateAccount review
Affinity Plus Federal Credit Union3.00% ($500) 66-month CD Promo Easy membership See review
AFFCU2.85% ($1k) 7-year Share Certificate Easy membership See review
Credit Human2.80% ($1k) 120-month CDEasy membership See review
KS StateBank2.65% ($500) 7-year CDAccount review

Noteworthy Local Deals - Over 5-year CDs

iTHINK Financial3.56% ($1k) 84-month Certificate 11 Florida and 12 Georgia counties See review
Citadel3.30% ($75k), 3.25% ($500) 84-month Bonus CD 6 SE Pennsylvania counties See review
Security Service Federal Credit Union3.25% ($50k), 3.20% ($25k), 3.15% ($500) 7-year CD Easy membership in Colorado, Texas, and Utah See review
Lebanon Credit Union3.15% ($500) 66-month CD Special (**NTS)Lebanon County, Pennsylvania See review
Manasquan Bank3.00% ($500) 7-year CD New Jersey See review
Campus Federal3.00% ($1k) 72-month CD Easy membership in Louisiana See review

*1stCOM (First Commercial Bank USA), 1stFB (1st Financial Bank USA SD), ALLY (Ally Bank), AMEX NB (American Express National Bank), BHAP (Bank Hapoalim), BMOH (BMO Harris), BotW (Bank of the West), BUN (BankUnited), COBNA (Capital One Bank NA), COBUSA (Capital One Bank USA), CSPA (Customers Bank PA), DIS (Discover Bank), MCBTN (Mountain Commerce Bank TN), MRB (Merchants Bank) PKWBT (Parkway B&T IL), PWB (Pacific Western Bank), SAFB (Safra Bank), SBoI (State Bank of India), SBoIIL (State Bank of India IL), SMB (Sallie Mae Bank), TMBLM (The Mercantile Bank of Louisiana, Missouri), UBS (UBS Bank USA), WAB (Western Alliance Bank), WEB (WEB Bank), WFB (Wells Fargo Bank)

**New To Summary, as of August 3, 2022

Nationally Available Add-On CD Rates

InstitutionRatesNotes
Navy Federal Credit Union3.30% ($1k/$100k) 33-month Certificate Special (**NTS)Unlimited deposits throughout term Account review
Navy Federal Credit Union3.00% ($50 min/$3k max) 12-month Special Easy Start CDUnlimited deposits throughout term, checking relationship, direct deposit Account review
Rising Bank2.80% ($25k min) 36-month Rising CDTwo additional deposits during term Account review
Mountain America Credit Union2.75% ($5 min/$100k max) 36-month Growth CDUnlimited deposits throughout term, min $10 automatic monthly deposit See review
Mountain America Credit Union2.75% ($5 min/$100k max) 48-month Growth CDUnlimited deposits throughout term, min $10 automatic monthly deposit See review
Mountain America Credit Union2.75% ($5 min/$100k max) 60-month Growth CDUnlimited deposits throughout term, min $10 automatic monthly deposit See review
My Banking Direct2.50% ($500) 12-month CDUnlimited additional deposits See review
Rising Bank2.50% ($5k min) 18-month Rising CDOne additional deposit during term Account review
Achieva Credit Union2.40% ($75k), 2.30 ($500) 42-month Promotional CDUnlimited additional deposits See review
AgFed Credit Union2.30% ($25) 24-month Asset Builder CertificateUnlimited additional deposits of any amount See review
AgFed Credit Union2.05% ($25) 18-month Asset Builder CertificateUnlimited additional deposits of any amount See review
Navy Federal Credit Union2.05% ($100 min) 18-month Easy Start CDUnlimited deposits throughout term Account review
Navy Federal Credit Union2.05% ($100 min) 12-month Easy Start CDUnlimited deposits throughout term Account review
Navy Federal Credit Union2.05% ($100 min) 24-month Easy Start CDUnlimited deposits throughout term Account review
AgFed Credit Union1.90% ($25) 12-month Asset Builder CertificateUnlimited additional deposits of any amount See review
Michigan State University Federal Credit Union1.85% ($100k) 1-year Add-On Jumbo CDA total of $10k in additional deposits per member Account review
Bellco Credit Union1.65% ($2.5k) 36-month Smart Move CDOne-time additional deposit of $100+, one partial withdrawal allowed, $1k min must be maintained See review
Michigan State University Federal Credit Union1.60% ($50) 1-year Add-On CDA total of $10k in additional deposits per member) Account review
Evansville Teachers Federal Credit Union1.50% ($25) 1-year Save to Win CertificateUnlimited deposits throughout term See review
Credit Human1.40% ($5k) 12-month Liquid CDEasy membership See review
Heartland Credit Union (KS)1.15% ($100k), 1.10% ($25k), 1.05% ($500 min) 30-Month Add-On CDUnlimited deposits ($500 min) throughout term Account review
Blue Federal Credit Union1.14% ($100k), 1.09% ($50k), 1.04% ($2k) 30-month Expandable CDUnlimited deposits throughout term Account review
Vibrant Credit Union0.80% ($100 min) 5-Year Add-On CDUnlimited deposits throughout term Account review
Pen Air Federal Credit Union0.75% ($500 min) 15-month Add-On CDUnlimited deposits throughout term Account review
Bank5 Connect0.50% ($500 min) 24-month Investment CDUnlimited deposits throughout term Account review

CDs Removed Due To Low Rates Or Expired Specials

CDs Removed, No Longer Available

None

OlyFed2.02% ($100k), 1.71% ($10k) 7-month Summer Savings CD Olympia (WA) metro area See review
Belco Community Credit Union2.50% ($1k) 10-month CD Special 7 South Central Pennsylvania counties See review
CFG Bank1.70% ($500) 13-month Penalty Free CDAccount review

CDs Removed, Rate Too Low

M.Y. Safra Bank1.80% ($500) 6-month MYSB Direct Online CD Account review
Quontic Bank1.15% ($500) 6-month CD Account review
Heritage Community Bank2.02% ($1k) 8-month CD Special Franklin, Osage, Warren Counties, Missouri See review
Alma Bank2.00% ($2.k) 9-month CD New York City and northern New Jersey See review
mph.bank2.65% ($1) 12-month High-Yield CD via SaveBetter Account review
Merrick Bank2.60% ($25k) 12-month CDAccount review
mph.bank2.55% ($1) 10-month High-Yield CD via SaveBetter Account review
Lafayette Federal Credit Union2.37% ($500) 1-year Fixed CD Easy membership See review
Quontic Bank1.76% ($500) 1-year CD Account review
Schools Federal Credit Union2.50% APY ($5k min/$50k max; additional deposits throughout term up to $50k max) Special 12-month Relationship CDEmployees and students of Los Angeles Unified School District and Los Angeles Community College District
Trinity Bank2.42% ($1k) 1-year CD Fort Worth, Texas metro area
Infinity Credit Union2.35% ($1k) 10-month CD Special Cumberland and York Counties, Maine
Credit One Bank, N.A.2.75% ($100k) 18-month Jumbo CD Account review
Luana Savings Bank2.74% ($100k), 2.63% ($1k) 18-month CD Account review
Synchrony Bank2.65% (no min) 19-month CD Account review
Merrick Bank2.65% ($25k) 18-month CD Account review
USALLIANCE Financial2.50% ($500) 18-month Certificate Special Easy membership Account review
Veridian Credit Union2.50% ($100k) 18-month Bump-Up Jumbo CD Easy membership See review
FivePoint Credit Union2.68% ($1k) 18-month High Rate CD Special 16 SE Texas counties See review
Hanover Bank2.55% ($500) 18-month CD Greater NYC metro area See review
TruStone Financial Credit Union2.50% ($2.5k) 20-month CD Special 16 Minnesota and 5 Wisconsin counties See review
State Bank of India2.88% ($25k) 2-year Senior Citizen CD See review
Rising Bank2.85% ($100k) 2-year Jumbo CD Account review
GreenState Credit Union2.80% ($1k) 26-month CD Special Easy membership See review
Quontic Bank1.95% ($500) 2-year CD Account review
First Bank of the Lake3.00% ($5k) 26-month CD Special Lake of the Ozarks area See review
Community Bank of the Bay2.84% ($100k), 2.63% ($1k) 24-35 month CD San Francisco Bay area, possible nationally available See review
Lafayette Federal Credit Union3.13% ($500) 3-year Fixed CD Easy membership See review
Veridian Credit Union3.10% ($100k), 3.00% ($1k) 41-month Bump-up Jumbo CD Special Easy membership See review
Quontic Bank2.06% ($500) 3-year CD Account review
M.Y. Safra Bank3.06% ($500) 36-month MYSB Direct Online CD Account review
Main Street Bank (MA)3.04% ($1k) 35-month CD Special Middlesex and Worcester Counties, Massachusetts See review
First Bank of the Lake2.65% ($5k) 36-month CD Lake of the Ozarks area See review
M.Y. Safra Bank3.05% ($1k) 48-month MYSB Direct Online CD Account review
First National Bank of America3.05% ($1k) 48-59 month CD Account review
Luana Savings Bank3.05% ($100k), 2.94% ($1k) 48-month CD Account review
Community Bank of the Bay3.30% ($100k), 3.05% ($1k) 48-59 month CD San Francisco Bay area, possible nationally available See review
First Internet Bank3.25% ($1k) 60-month CD Account review
Genisys Credit Union3.03% ($500) 61-month Share Certificate Special Easy membership Account review
Quontic Bank2.20% ($500) 5-year CD Account review
Community Bank of the Bay3.30% ($100k), 3.05% ($1k) 60+ month CD San Francisco Bay area, possible nationally available See review
Related Pages: 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks
Comments
P_D
  |     |   Comment #1
Nahhh... won't have time to get into this topic so I won't post it.  Maybe another time.

Hope to post an experience I had with an FI this week as a warning, but I am still waiting on them to resolve the issue.  TERRIBLE service!
deplorable_1
  |     |   Comment #2
I would be interested in a comparison of the differences. Just keep it as simple as possible though just look how crazy this site gets when discussing APR vs. APY or CD's with odd month terms or terms under 12 months ; )
P_D
  |     |   Comment #3
Sorry dp1, had to cancel that offer. I am massively busy right now and don't have time to do that topic nicely. I'll try to do it another time.

Only thing I want to say here is that it is probably not a good idea to buy brokered CDs unless you know what you are doing. It's very easy to make a serious mistake. It's a very different animal and more complex than a direct CD. And it may not end up giving you the return you expected.

However, (and this is a completely different topic) if the FI I had the problem with this week doesn't get it resolved by tomorrow, and also doesn't follow up on their promise to contact me, I will be very tempted to report my experience here.  And it is juicy.
fred_b
  |     |   Comment #7
P_D I'd certainly like to hear what you learned about potential pitfalls of buying brokered CDs. I've bought a few and now you have me wondering if I messed up.
Thanks.
P_D
  |     |   Comment #9
fred_b

I don't want to overstate it. You are probably fine. But a CD is essentially a bond and it can get complicated especially if you're buying it on a secondary market.

The main point I started writing about and then decided to wait until I had more time was that you cannot directly compare the yields listed on brokered CDs with the yields you see listed on direct CDs. Just because one shows a higher percentage than the other does not necessarily mean it will yield a higher return.

There are other things too, like potentially different tax treatment.

So again, I don't want to overstate it. What I was going to say was intended to be instructive and not really a warning.

It really is unrelated to the warning I was talking about. That is about a specific FI and something they did that's completely unrelated to this.

I had been waiting for them to resolve the issue before I talk about what happened here. But I'm losing my patience with them and might not wait that long.
LLH193
  |     |   Comment #24
I have, and continue to, purchase brokered CD's. These seem to be the differences: New bank CD's show the APY interest rate. New brokered CD's show the APR interest rate. Bank CD's usually provide some options on how you want to receive the interest. Brokered CD interest payment schedule is fixed by the issuer.
Redeeming a bank CD before maturity will cost you the EWP and maybe up to an additional month of interest. Redeeming a brokered CD before maturity requires selling it on the secondary market, at the market price, which may be more or less than you originally paid. If you hold either type to maturity, there is no difference. At maturity, bank CD's will automatically renew unless you take action. Brokered CD's do not renew. Interest on both are taxed annually. (Please correct me if I have any errors or omissions.)
RichardW
  |     |   Comment #27
fred_b…
P_D is correct, it can get complicated if you are purchasing secondary market brokered CDs. When you purchase secondary market brokered CDs you have to deal with the additional complexities of: discount amount, premium amount, accrued interest, mark-up fees, utilizing the de minimis tax rule to determine if a secondary market CD purchased at discount is taxed at the ordinary income tax rate or at the capital gains tax rate, including the premium amount in the tax basis of the CD, or electing to amortize the premium amount over the term of the CD. It may be preferable to just simplify life and only buy new-issue, brokered CDs instead. In that situation the CDs are purchased at par and you don’t have to deal with the added tax intricacies of brokered CDs purchased in the secondary market.
deplorable_1
  |     |   Comment #34
Oh that's fine PD it sounds like a complicated topic. I just buy bank CD's myself but I have seen some good brokered CD rates and was wondering if I may be missing out on something. Another complicated topic is MYGA annuities. Many pitfalls with those as well.
P_D
  |     |   Comment #41
I think RichardW enumerated most of the factors well.

This is a huge topic that could fill a book. Fixed income securities are an entire species unto themselves and a specialty that could consume an entire career (and does for many people in the business).

I just wanted to touch on one particular quantitative point, and that is that there is a difference between a brokered CDs YTM and a direct CDs APY. Except for some specific cases, the two do not produce the same measure of the yield of the CD.

The formula for YTM is different than the formula for APY. In technical terms, YTM represents the discounted internal rate of return that equates the expected net cash flows of the CD to the purchase price. It is neither equivalent to an APY nor an APR. All three are different.

What people here generally are interested in when comparing CDs of similar terms and risk profiles is determining which one will have the most total cash in the pot at maturity. So I will focus on that to keep it simple and not get into trading or closing the CD before maturity. I’ll use an example of a direct CD that compounds monthly and has an APY of 3.00% and a brokered CD that pays out interest monthly has a YTM of 3.00%.

So given this example, which one will generate more total cash by the maturity date?

The answer is I don’t know.

Why? Because the critical difference between APY and YTM is that YTM makes the assumption that the interest is reinvested until maturity at the internal rate of return when paid out.

But this assumption is more theoretical than practical. In practice most brokered CD buyers will never reinvest the interest payments at exactly the IRR until maturity. It is theoretically possible, but practically nearly impossible. So you could call it a dubious assumption.

On the other hand a direct CD almost always comes with a guarantee that you will have the option to reinvest the interest payments at a rate that will generate exactly the stated yield and end up with an exact amount of money in the pot at maturity that can be known in advance. So generally there is more certainty of return with a direct CD compared to a brokered CD with periodic interest payments before maturity.

So which one is likely to produce the most return? Again the theoretical answer is I don’t know. It depends on the reinvestment rate you actually get on the interest payments on the brokered CD. That rate could be higher or lower than 3.00%. So you could end up with more or less money than you do with the direct CD even though the stated “yields” of the two are equivalent. Again that is because APY and YTM are not the same measure.

Speaking practically now though instead of theoretically. What are the chances that most people here who buy that 3.00% brokered CD will be reinvesting the interest payments from it at a rate that is equal to or higher than 3.00% for the entire term of the CD? I think that most would put the money in a liquid account at least until they consolidate into enough to buy another CD. Is it possible that liquid account rates could reach or exceed 3.00% before the CD matures? Yes, anything is possible and even if the liquid account is lower now it could be higher later offsetting the lower earlier rate. But having considered all of that, my point is that for practical purposes, in general, I think that the brokered CD is likely to produce less money in the pot at maturity than the direct CD and therefore would have to have a higher rate than the direct CD to produce the same total return.

There are pros and cons to both investments, but I think this one point is important to understand. You cannot directly compare APY to YTM AND as a practical matter, you typically may end up with less total return with a brokered CD than with a direct CD of an equivalent rate.
deplorable_1
  |     |   Comment #44
Interesting PD I prefer to time my CD buys to maximize yield and always reinvest all the interest/dividends so I guess I would prefer the APY over the YTM unless as you say the YTM far exceeds the APY. There are a few ways to take the liquid cash and beat the current bank rates however such as purchasing CD's with a 2-3% cash back credit card so this still could be an interesting option if you could get say 4% or better APY.....whoops I mean YTM. ; )
P_D
  |     |   Comment #47
One addendum to comment #41. If the yield curve is inverted, and it's possible it might be soon, the opposite conclusion might be true. But then, you would be less likely to buy a longer-term CD anyway because you could receive more yield in a shorter term CD or a liquid account. So I think the general conclusion in comment #41 is accurate from a practical point of view whether the yield curve is inverted or not.

Also the same concept applies to both new issue brokered CDs and secondary market CDs since they both quote their yields in YTM. Also this concept is generally about CDs with terms longer than one year that pay interest before maturity.
P_D
  |     |   Comment #52
I think this is a good way to summarize my point into an actionable understanding.

Using the example I gave in comment #41:

1. If you buy the CD directly from a bank or credit union, you are guaranteed a 3.00% annualized return to maturity.

2. If you buy the CD from a brokerage, you are not guaranteed a 3.00% annualized return to maturity.

3. In practice, for most retail buyers at least, if you buy the CD from a brokerage you will probably realize an annualized return to maturity of less than 3.00%.

4. I didn't mention this before, but the likelihood is that the difference between the two returns would probably be relatively small in most market environments.  Nevertheless for those who enjoy squeezing out every basis point of yield, this may be good to know.
milty
  |     |   Comment #11
Given this cliffhanger intro, I'm looking forward to finding out which FI. For me, it's currently CFG in that I am unable to get a call through.
P_D
  |     |   Comment #12
It's not an FI that is frequently mentioned here. At least not that I have seen.

The only reason I had an account with them is because they acquired the FI that I previously had an account with.

I may or may not give them another day or two to get this straightened out. At some point I will report what happened. It may not even be an issue for some depositors depending on how their account situation. For me it was one of the most outrageous things I have ever seen an FI do.

Has to do with an invasion of privacy.  So even if the particular thing that happened doesn't apply to some, it is a massive breach of integrity and trust.  Fortunately I have no money in this account and after this happened have crossed them off the list of prospects for a large deposit.
EDIT:

I just got a response and it is even worse!  I am fuming!  About to escalate it to the CEO if necessary.
kcfield
  |     |   Comment #18
Hi PD:
Please do post when you get a chance--always good to know which FI's to avoid.
rockies
  |     |   Comment #4
Since Bread's CD rates are so competitive, I am going to repeat a comment I made earlier today on Ken's Fed summary. (I probably should have held this comment for this CD Summary, anyway.) Sorry for the repeat, but think some may find it helpful.

As noted on the Bread Savings site, "Bread Savings™ is a product of Comenity Capital Bank". Potential investors may want to be aware that the Better Business Bureau "opened an investigation into Comenity Bank on July 12, 2022." Depending on your bank criteria, you may or may not care. FYI. BBB Alert details can be found on the Comenity Bank BBB site here

https://www.bbb.org/us/oh/columbus/profile/credit-cards-and-plans/comenity-bank-0302-6558
P_D
  |     |   Comment #5
Yikes! 1.05 stars out of 5 with 1,135 reviews. That don't look so good.  Good catch.

But what is this with BBB showing an A+ on their review page? What is that all about? If that's an A+, I'd hate to see what an F looks like!
RichardW
  |     |   Comment #6
Ken, in this 8-3-2022 CD Rates Summary for noteworthy CD rate changes from the last two weeks under Popular Online Banks you list: “Discover Bank (5y 2.90% to 3.00%, 1y 1.90% to 2.00%)”. The rate changes you list occurred on 7-22-2022. On 7-28-2022 Discover Bank’s 5-year CD rate increased again from 3.00% to 3.20% and their 1-year CD rate increased again from 2.00% to 2.30%. I guess you must have missed the Discover Bank CD rate changes post I made on 7-28-2022 in the Bank Promotions Forum. ;-)
P__D
  |     |   Comment #8
Bread Savings is a very good FI.
Vernazza
  |     |   Comment #10
Since PenFed had a Memorial day CD special, then a July 4th CD special, I am hoping they follow the same theme and around the week of August 22nd, they will have a Labor Day special and top Bread Financial and Lafayette FCU's 3.65%, 5 year CD rates and have a 3.70% or 3.75% special.
w00d00w
  |     |   Comment #13
FWIW, CFG is offering brokered CDs with 3 mo call-protection at 3.8% for 3y5m term, 3.75% for 3y2m term
Sanger
  |     |   Comment #14
Hi, I have a question when a bank does an ACH out of an account so I can fund a CD or whatever what average days is before it is credited, I have been waiting for three days nothing has been posted yet from them.
RichReg
  |     |   Comment #16
It depends on the Institution.
If you're having the LOSING bank initiate the 'push' out to fund your CD elsewhere, I've found that that takes longer. If the GAINING bank initiates, then its usually quite quick. It can also vary if the bank is using a third-party service for sending ACH...then for sure there will be added processing time.

Bottom line: If you gave ACH instructions to either side to move funds, their caveat is usually 3-5 business days, but I personally have never seen the gaining bank take more than 2 days.
Sanger
  |     |   Comment #20
Thank You RichReg for that information I call the bank today it should be posted today .
Marka3
  |     |   Comment #15
For some reason, Deposit Accounts removed First Foundation Bank from it's list of best Savings Account rates. They just increased their interest rate to 2.02% on August 2, 2022, ranking 5th highest.
P_D
  |     |   Comment #17
Okay so here is the info on the warning I wanted to give...had to do this fast so please excuse...

First, note that the bank that did this has a name similar to LendingTree but it is NOT associated with LendingTree in any way. Just want to make that clear.

The bank is LendingClub Bank.

Here is the gist of it.

I have an account at this bank which I opened years ago at another bank and they acquired that bank a couple of years ago. Knowing the checkered past of LendingClub, including accounting irregularities, scandals and management shakeups, and their history as a fintech and I think the first “peer-to-peer” lender I would never have opened an account there anyway.

When they acquired the account, I left it open anyway but withdrew all the funds. I kept the account open though because places that take certain kinds of trusts are uncommon and they did. So I thought maybe I might use them for something in the future and didn’t have time or need to do any due diligence at the time. They do have FDIC.

Recently I saw that they were offering a pretty good rate on their savings account. 2%+. So just for the heck of it I began to investigate.

One of the things I did was try linking an external account. That’s where the trouble started.

I attempted to link two external accounts. Both processes failed with an error message.

BUT…

When I decided to forget about it, and that that was the last straw (their website is riddled with bugs and their customer service has been horrific), I looked at my Web page and could not believe what I saw.

I see this section called “Net Worth.” And there was a number in it. At first it didn’t seem like a big deal. I have seen other FIs that offer a tool to add your information on other assets and it keeps track of them for you and reports budgeting, etc. I assumed the number I was seeing was an example that was already in there to help people set it up. But let’s just say it seemed like a very high number to be an example for the average depositor. So something immediately seemed odd.

So I opened up that section and was completely blown away. It listed EVERY ONE of the over a dozen accounts I had at the two other financial institutions that I had tried unsuccessfully to link WITH THE BALANCES IN ALL OF THE ACCOUNTS! Remember I only tried to link two of those accounts.

Mind you these accounts are not all even for the same entities. Some are for trusts, some are individual and some are IRAs. I could not believe my eyes.

Furthermore, when I went back to see a list of external accounts EVERY SINGLE ACCOUNT was on the list of linked accounts even though I never requested links to any but two of them and even though the linking process had failed.

Unless there is something in their disclosures somewhere that says you are authorizing them to get all of that information when you link an account, it is a massive invasion of privacy. Who authorized them to get all that information about all those accounts?! They just helped themselves to my private information.

There is more, but I will stop there and summarize.

*Terrible web site (bugs, unexpected behavior, seems like some high school kid coded it)

*Terrible customer service (although some of them were better than others and considering what they have to work with the blame doesn’t necessarily belong to them)

*OUTRAGEOUS violations of your private information.

Bottom line: I cannot recommend this bank. Who knows what kind of security risk they expose you to? I don’t trust them. I felt my information was hacked and taken without my permission by my own bank. It was a really creepy feeling. Never saw anything like this before.

You know what it feels like? It feels like a shady fintech tried to go legit by acquiring a legit bank and getting out of the failed “peer-to-peer lending” business fad that it pioneered. But the ghost of the past still haunts them.
milty
  |     |   Comment #22
So, you initiated adding the external accounts on the LendingClub Bank.side, which I assume was to a specific account like a checking account at another FI? However, the process indicated the links failed, and yet LendingClub Bank.somehow pulled all your account info at those other FIs. Have you checked with your other FIs to see what kind of ACH transactions came from LendingClub Bank?

Fortunately, in the numerous external accounts I've linked, I have not seen something like this. But that doesn't mean it has happened. Doesn't sound legal though.
P_D
  |     |   Comment #23
Pretty close to that.

In my LendingClub online account, I tried to create a link to a single savings account at another bank where I had multiple accounts. It seemed like a normal process. I put in the routing and account number and then try to create the link. But before it got to the end of that process there were error messages. It seemed like it never completed.

So I decided to give it one more try before I crossed that bank off my list completely because of the other flags that I already observed and did not like.

I tried to create a link to a single savings account at another bank where I have multiple accounts. It also ended in an error, but with a different error message.

It clearly seems that neither of the processes completed because I never got to the last step where where it normally tells you either it's successful or it sends out trial deposits.

After I did that they apparently downloaded at a minimum the name of all my accounts and the balances. I don't know what other data they got but it's entirely possible they got even more data. And again, this is information for different entities. It's not only my personal accounts. Who the hell authorized them to do that!

And equally as strange it appears that all of the accounts were successfully linked for transfers even though it never went through the trial deposit process or instant verification process. Anyone with access to my lending club account would have had access to all of those accounts. Completely unacceptable. I'm I'm just glad I noticed it before logging off because I assumed nothing had happened. And I don't know if I would ever open that web page again. I would have hated to have left it in that state with all that information accessible to a hacker.

My guess is that this is not nefarious intent but rather ignorant or buggy software design, possibly because whoever wrote their scripts never anticipated a situation like this.

But whatever the case is it felt like an outrageous violation of my privacy. It was kind of that feeling that you need to take a quick security shower.

So I immediately changed all the security information on the other accounts FWIW.
P_D
  |     |   Comment #25
Trial deposits showed up in one of the two accounts that I originally tried to link to. Of course I just ignored them.
111
  |     |   Comment #28
P_D - this is definitely a “Yikes!' situation. Hope you get a decent explanation from them.

A couple of questions, for the purpose of being able to guard against this type of thing myself -

I'm sure you know that for years there's been the “trial deposits” method of linking to accounts: from the financial institution you want to link from, you type in the routing no., account no. and perhaps account type of the account at the FI you want to link to. The “from” FI sends 1 or 2 small ACH trial deposits to the “to”, later you see them at the “to”, verify them at the “from”, and you're good to go. Notably, customers have nearly always been under the impression that this gave the “from” FI visibility on only THAT PARTICULAR ACCOUNT at the “to” FI. That's certainly been my understanding.

Alternatively, you're also no doubt aware of the growth of “services” such as Plaid, which tout their ability to make very quick links between people's accounts at different financial institutions. To do so, Plaid normally requests one's UserID and password at the “to” FI. Assumably this gives Plaid access to ALL of the user's accounts at that “to” FI, at least until he changes his password and/or UserID (and perhaps even after that, if Plaid also collects account numbers, account types and routing numbers during the time it has access via the original UserID/password combination). There may be other services aside from Plaid which also employ the “UserID/password” method.

In reading your post #23, it seems like LendingClub Bank was using the traditional “trial deposits” method. Is that assumption correct? Or, did you at any point also enter your UserID/password, when prompted by their system, for either of your two “target” banks? Your posts didn't mention “Plaid”, but was there any indication of any specific “new”, “better” or “special” technology (you know how advertising is!) they were using to link accounts?

Either way (either the “trial deposits” or the “UserID/password” method), this stinks. However I think if LendingClub Bank is using the “trial deposits” method it's a bit worse, because for years many people have assumed that this method provided visibility only to a single account at the “to” FI.
deplorable_1
  |     |   Comment #32
Great question 111 I was just thinking about Plaid as I was reading this.
P_D
  |     |   Comment #50
111
After it happened I was asking myself the same question. When you link a single account with the "manual" trial deposit method, does that give the FI any kind of access to your other accounts at the same external FI? I don't know the answer to that question. Of course you would assume not. But who ever encounters something like this? So the question never comes up.

As to this specific case. I don't think they use Plaid, they seem to use either some other third party facility similar to Plaid (likely) or maybe an in-house version (unlikely). I don't remember it being Plaid unless it was unbranded somehow and it was not "Plaidlike." I like others are not fans of Plaid or other similar "instant" verification methods in the sense that it is intrusive and also unreliable (I'd say it only works for me about 60-70% of the time) and for the FI I use most these days the connection between the FI and Plaid seems to always be down.

I can't say I hate it though because a few times it gave me instant links when I really needed them saving me money over having to wait days for linking. I have mixed feelings about it. Some FI's were doing their own instant linking before Plaid came on the scene.

So what happened in my case. Unfortunately I don't have a perfect recollection.

For the first FI I attempted to link to I used their instant verification method. That failed. I then used the trial balance "manual" method for that FI and that seemingly also failed since it ended with an error message (I subsequently found that there were trial deposits sent *just for that single account* in spite of the fact it seemed to fail). So for the first FI they definitely had potential access to all the accounts since they had the username and password.

For the second FI, I am a little fuzzier. I do not recall whether I decided to only use a manual process or also tried the instant method first. But my guess is that I used the same process as the first FI because I was testing things out and I think my thinking was that I wanted to see if there was just something wrong with the linking process to that particular FI or whether it was LendingClub's problem. So I think I repeated the same process as the first time and got the same result but with a different error message.

So I don't think this can shed any light on the question of what information the FI gets when you only use a "manual" linking process to a single account with trial balances and the presumption that they only get information about that single account still may be correct. I would say to only use that process when you have that option (I have heard of cases where instant linking was the only option and I think maybe I encountered that myself once) for maximum security. Unless there is information to the contrary I think that is the prudent presumption.

And if you use the instant linking method always change your password at any external FI that you link or attempt to link to.

There is always a risk in linking accounts. But sometimes it is the most efficient way to get things done and can't be avoided. All you can do is try to minimize the risk. I do have to say that of the at least hundreds of links I have created over the past few years, including instant links, probably encompassing at least dozens of FIs, I have never had a security breech. But that doesn't mean it could not happen.
WhartonFool
  |     |   Comment #76
That's kinda like leaving your car in the driveway overnight, with the windows rolled down and the keys in the ignition.
FirstNation
  |     |   Comment #29
Doing any sort of linking of accounts opens up one to a certain amount of internal fraud at the institution holding the linked account information. But at least there's laws that protect you from that sort of thing.

However, what they did was pretty unusual. I know that a lot of people give extended access to the money management and tax software. Giving up that level of control always struck me as being a little too lax for the benefits involved.

My brokerage account wants me to do that for convenience sake. My gut feeling is they want to know where else I've got my money stashed away. So, I say no thanks to that as well.

I always love when setting-up a new link that they offer "instant verification". Giving a user name and password to a third party is always a bad idea. That sets you up with a world of hurt if the account you want to link ever gets hacked. The first thing they're going to ask you is if you've ever shared your personal information with anyone. I'll just do the trial deposits, thank you.
kcfield
  |     |   Comment #26
PD: That is shocking, thank you for letting us know about that FI so we don't do business with it. That is a huge privacy violation. I am wondering if one of the FIs you attempted to link is a FI where you do account aggregation. It sounds like they pulled aggregated account information (which for those unfamiliar is when a FI allows you to post third party account information so you can get a snapshot of your net worth), rather than only posting the linked accounts you authorized.
deplorable_1
  |     |   Comment #31
Whoa! Am I understanding this correctly? They have the balances of ALL your accounts at other FI's even those you never linked to them? Even if they were all linked who gave them permission to figure out your net worth? I have never encountered anything like that before that's a massive breach of privacy IMO. I wonder if they updated their fine print like these FI's do every other minute and you have to agree to continue. I know I don't have the time to read through all that with everything I have going on. They may have slipped something in on the sly.
kcfield
  |     |   Comment #19
Dear Fellow Readers: Let us all be aware of FI's with deceptive high rate ads. Recent example: A financially savvy friend of mine emailed me yesterday to tell me about what he thought was a 16 month 4% CD at Suneast FCU (minimum 10K investment). However, when you look at the fine print, they tell you the 4% is only for the first four months of the term! If it fooled a financially savvy person, it could more easily deceive one who is newer to savings and investments. see: Sun East's apparent 4% 16 month CD at a minimum 10K deposit//ZK
https://www.suneast.org/save/savings-accounts-and-certificates/certificates/
andybuji
  |     |   Comment #21
For a quick take on how the needle has moved re: brokered non-callable new issue CD rates over the last 2 months, for 2,3,4,5,7,10 year. This after 1.5 increase of two Fed rates. More rate increases to come? Sure. Impact on market rates? Who knows - draw your own conclusions.

Oil below $90 from $120. Lumber has fallen from 1670 in May '21 to 479 today. Do commodities make a difference? What do you think. But hey - hold out for 4%. Don't be a foolish sheeple and lock in now! Because inflation!

6/9 2.85, 3.10, 3.15, 3.20, 3.35, N/A
8/3 3.35, 3.35, 3.55, 3.55, N/A, N/A

Note that Celtic hasn't come out with any new issue 7 or 9 yr since the Fed raise last week. However, their previous 9 yr 3.75 is now trading at 3.5.
P__D
  |     |   Comment #30
I just opened a new account with LendingClub and it went great.Customer Service top notch and the website easy to maneuver through with great security protocols in place.I highly recommend LendingClub as a FI to do business with.
deplorable_1
  |     |   Comment #35
This is not P_D and it's not funny It's kind of nasty actually. Seriously why would you do that? : /
Mak
  |     |   Comment #36
dep,... I missed that one completely...earlier I was wondering why P_D said yikes on bread and then said bread is a very good financial institution.
deplorable_1
  |     |   Comment #37
Someone used to do that to me back during the anonymous days when I still posted each time using my screen name. They would say nasty things or something the opposite of my opinion in order to make people think it was me. I think it fooled a few people.
Mak
  |     |   Comment #40
Ken might be able to see who it is.
WhartonFool
  |     |   Comment #75
Hey Mak, isn't that a violation of privacy all of you folks are so concerned about?
WhartonFool
  |     |   Comment #69
BONUS! BONUS! BONUS!

Actually, it's VERY FUNNY.

PS

Wanted WhartonFoolOfEconomics but you're limited to 16 characters.
ChrisinFla
  |     |   Comment #38
Dude really? Lame and actually a dubious con using PD and the same logo...please note the fake PD if you see it, thanks!
deplorable_1
  |     |   Comment #101
Ahhh no I got the sarcasm part just fine it was the fake P__D account that I had an issue with. You must lol at Colbert & Kimmel too while I just flip it off(pun intended). ; )
kcfield
  |     |   Comment #48
Clearly, you are not P_D (we notice the extra underline). You have been reported for impersonating a regular contributor. Why would you think it is funny to joke about an issue related to privacy and security?
WhartonFool
  |     |   Comment #71
I thought you were a free speech type?
And, I don't see "impersonating a regular contributor" as against the comments guidelines.
I'd explain why P__D's post was funny but that would probably be against the comments guidlines!
This is a humor impaired site.
Thanks, P__D, we need more of your ilk to lighten-up this site.
kcfield
  |     |   Comment #77
Wharton Valedictorian: I am indeed a free speech type, but that doesn't mean you can yell "P--D" in a crowded theatre, which seems a reasonable remix of the Oliver Wendell Holmes ruling.
andybuji
  |     |   Comment #33
Massive rate increase by Signature FCU on their Rewards Checking - from 2.0 to 3.5. Yes, requirements changed, more debits needed (15 from 10). Yes, they still require a $1000 deposit per month - I'm not a fan of that, but I can transfer it out as soon as I transfer it in.

Still, this is huge, and just the kind of action we've been waiting for. Stay liquid and get 3.5. Yes please!
gregk
  |     |   Comment #42
what's their ceiling for the 3.5%?
jimdog
  |     |   Comment #58
That's the problem, 20k does not give a 3.5% rate any kick at all.
Mak
  |     |   Comment #39
The fed balance sheet June 1st was $8,915,000,000,000 and on August 3rd it was $$8,874,000,000,000, so down $41 billion ... so far only a fraction of what they were supposed to reduce it.
gregk
  |     |   Comment #43
When will zero be reached at that rate?
deplorable_1
  |     |   Comment #45
Bread Financial's 2 year 3.5% APY CD is interesting. Almost matches my MACU 3.51% add-on with 19 months to go. Hopefully by then we will be talking about a 5% CD instead of a 4%.
lostsoul
  |     |   Comment #49
yup.. I moved everything to a 2.1% savings and after a few beers and looking at the stars I see a Dec/Jan buy time... when there will be some 5%ers offered....maybe...
milty
  |     |   Comment #51
Crikey . . . I must say it appears I might agree with you this time :-) although my crystal ball is more tuned for this Fall time frame.
#53 - This comment has been removed for violating our comment policy.
milty
  |     |   Comment #55
Have tried several days to call CFG-- at random times and different branches. No answer.
fred_b
  |     |   Comment #57
Yeah milty I applied to CFG Monday morning and now it's Friday morning. Still no trial deposits. The bank actually called me yesterday because I had left both email and voicemail messages. They said maybe my application will be processed by this coming Monday!

In the meantime, I opened an account at Bread Financial. Instant gratification! Immediately got an account number and opened two CD's (2YR and 3YR) at rates equal or better than CFG. OK the Bread HYSA pays 2.15% while CFG's HYMM pays 2.3%.
deplorable_1
  |     |   Comment #59
Why not try NASB at 2.53% APY Milty? It's tied with GM right notes currently and it's FDIC insured.
https://www.nasb.com/landing-pages/premium-savings-account-special-deposit-accounts-9
milty
  |     |   Comment #62
Thanks, d_1, for the heads up, will take a look. I don't recall seeing this bank listed recently in Ken's surveys.
deplorable_1
  |     |   Comment #66
Yeah it was up for a day then disappeared and now it's back on the list. All these guys are getting slammed right now though so just be patient with them.
newtothis
  |     |   Comment #83
I called a few times late Friday afternoon and got through to a rep the last time I tried.
Kerry2
  |     |   Comment #60
To P_D and others concerning the web accounts. I used to work for a bank and there is a government software that can trace every account at every FI in USA in 3 seconds flat and generate report of every owner, amounts and FIs account numbers.
Therefore, I conclude, someone had access at that FI to that software and used it against the owners. Look for disclosure of what you have allowed (implicitly or not) to that FI to do with that info. It is not illegal or against the law to use such software, is it immoral, I think so. The best way to remedy such problems it to close the account(s) at once at that FI. Changing password at the other FI(s) is irrelevant info, the software do not rely on passwords or user IDs it uses specific info about the owner of the account(s) at the other FI(s).
Choice
  |     |   Comment #63
Ken, how about an expanded article on this …does Lendingtree have this capability? Who does? No warrant to use government software?  A SAR is one thing this is sweeping!
beecia
  |     |   Comment #64
I don't know if this is the right place for this, but the "Ask the community" forum doesn't seem to be working.
Can anyone recommend the best brokerage firm for fixed income? Ameritrade's selection of non-callable new issue CDs and treasuries seems very limited. Merrill's treasury yields are actually higher. Which brokerage has the widest selection and the highest yields? Thanks!
ChrisinFla
  |     |   Comment #65
I am going to guess Vanguard and Fidelity, I use the latter...anyone?
beecia
  |     |   Comment #67
Thanks, ChrisinFla. Do you know if Fidelity's current CD rates are higher than direct banks? Because Ameritrade's are not.
ChrisinFla
  |     |   Comment #84
It depends on the week and duration but I just checked Fidelity and none of the rates on CD's of 60 months are above 3.4% that are call protected meaning that the bank cannot take away from you when they want during the duration. EFCU has a darn nice 60 month rate of 3.85% for a direct CD. Look at the Blog for those details from Ken! I locked in 2 years at 3.3% brokered for 12.5% of my funds ending 7/8/24 and 25% percent of my funds at 3.55% for 5 years. I have 6% coming up in September and 25% and 25% ish coming up in November and April at HORRIBLE rates I pulled the trigger on before listening to Ken and many of these poster's advice and input. I am hoping 4% comes for a decent duration during my window of next purchases...good luck!
davidinNY
  |     |   Comment #86
I love the 3.85, but you need to do a lot to remain current: *The following must be met each qualification cycle: ( 1 ) H ave a t l e a st 1 2 d e b it c a r d p u r chases p o s t a n d settle, ( 2 ) H ave a t l e a st 1 automatic payment (ACH) ordeposit
post and settle, and (3) Be enrolled and receive e-statement notice. APY calculations are based on an assumed total account balance of $10,000 plus $100,000. If qualifications are met
each monthly qualification cycle: (1) balances up to $10,000 receive APY of 3.01%; and (2) balances over $10,000 earn 0.25% interest rate on portion of
balance over $10,000, resulting in a range of 3.01% - 0.50% APY depending on the balance (3) domestic ATM fees up to $4.99 per item will be reimbursed on the last day of
your statement cycle. ATM receipt must be presented for $4.99 maximum ATM fee reimbursement if surcharge is $5.00 or higher. Fees may reduce earnings. If qualifications
are not met, all balances earn 0.05% APY. Qualifying transactions must post to and settle account during monthly qualification cycle. Transactions may take one or more banking days
from the date transaction was made to post to and settle on account. ATM transactions do not count towards qualifying debit card transactions. “Monthly Qualification Cycle” means a period
beginning one day prior to the first day of the current statement cycle through one day prior the close of the current statement cycle.
Choice
  |     |   Comment #87
David, seems to me one is doing “a lot” for the percentage rate difference between 3.85 and the rate one gets for not doing “a lot” as you put it at another place.  One should only look at the delta
andybuji
  |     |   Comment #88
What you've got there is info on their Rewards Checking, which is not necessary to have in order to get a CD.
andybuji
  |     |   Comment #89
I'm not sure what's going on but on Vanguard all the non calls have gone away, except for 2 yr @ 3.35 and a 3 yr @ 3.2. All other maturities, 4, 5, 7 are call only. At least for the moment, going into the 2nd week after the .75, with talk of at least another .75 to come in Sept - because inflation! - FI's seem to be saying their major fear is not getting caught even 3 years out with rates that will be lower by the time we get there.

So for a decent 5 yr we may have to cherry pick a smaller FI that could use some $ and hope they aren't too onerous to do business with.
ChrisinFla
  |     |   Comment #90
Sobering outlook and reflected in somewhat similarly at Fidelity. I locked 3.55 for 5 years non call and 3.3 for 2 no call on 37.5% of my CD cash. The ten year is talking the talk for now. Is there any precedence for another large rate high and no or small movement in 3,4,5 year (brokered)CD's?
beecia
  |     |   Comment #92
ChrisinFla, what bank did you get the 3.55 at? Thanks.
ChrisinFla
  |     |   Comment #96
I got one with Discover and one with Capital One through Fidelity, neither are available now, this was about 10-14 days ago they were offered. The 3.55 rate for each.
newtothis
  |     |   Comment #91
Thanks, ChrisinFla! Good luck to you, too.
ChrisinFla
  |     |   Comment #85
Brokered are great also for convenience of not having your funds all over the place. Some of these basis point sharks are good at that, I like convenience. Also, you can easily do short durations at great rates on brokered while you wait (hopefully) on higher rates, as Ken has said, it may be prudent to ladder CD's to hedge rates risk.
Choice
  |     |   Comment #93
Glad to see everyone is encouraging the demise of brick and mortar FI branches by buying brokered CDs
ChrisinFla
  |     |   Comment #98
I asked my local 8-9 branch bank today their CD rates... see below. Brokered is just easier.
gregk
  |     |   Comment #95
For just about all of the last 15 years Brokered CD's have been laggards in terms of rates.
ChrisinFla
  |     |   Comment #97
But what you lose in basis points for me I gain in convenience, consolidated accounts and no hoops. I asked my local community bank where my checking accounts are what their CD rates are today as they are not posted... it was abysmal and not changed in a year. I told the teller your bank is fully funded then to a glazed look...
lou
  |     |   Comment #99
Chris, if I was to only buy brokerage CD's, I would have to buy 16 of them at least to make sure I am fully insured. Whereas with bank or credit union CDs, I could do it with 3 or 4 CDs.
ChrisinFla
  |     |   Comment #100
Please explain...FDIC limits on insurance were the same I thought. What am I missing?
RichardW
  |     |   Comment #94
As of today (8-9-2022) the yield on a 1-year Treasury bill is 3.33%. The last time the yield on a 1-year T-bill was greater than 3.33% was 12-31-2007.
https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value_month=202208

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