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CD Rates Summary July 2, 2020

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As expected, many credit unions lowered their CD rates at the start of July. Two well-known credit unions cut rates to all-time lows. These are PenFed and Alliant. PenFed’s 5-year CD yield fell to 1.00%. PenFed’s previous all-time 5-year low was in mid-2013 when the 5-year CD yield fell to 1.15%.

Credit unions that had been offering 2% CDs a couple of months ago made additional rate cuts. Even with these rate cuts, their 5-year CDs remain rate leaders that exceed the top 5-year CDs at online banks. These include Georgia’s Own (1.70%), Pen Air (1.60%) and Financial Partners (1.60% Jumbo).

A couple of credit unions that had decent CD specials in June slashed rates in July. NASA Federal Credit Union is one. The yield of its 9-month Special CD plummeted from 1.50% to 0.65%. The other one is USALLIANCE Financial. The yield of its 3-year Special fell from 1.50% to 1.15%, and the yield of its 18-month Special fell from 1.45% to 1.10%.

At online banks, CD rates continue to fall. However, the pace of cuts may be slowing a bit. Nevertheless, we’re seeing more all-time lows. These include Ally Bank’s 5-year CD (1.15%), Discover Bank’s 5-year CD (1.15%), and First Internet Bank’s 5-year CD (1.31%).

Noteworthy CD rate changes from two weeks ago 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. All of the changes this week were rate cuts, except for one. Communitywide Federal Credit Union actually increased its 5-year and 4-year CD rates by a small amount. The 5-year yield increased 10 bps to 1.35%, and the 4-year yield increased 5 bps to 1.30%.

Popular Online Banks:

  • TIAA Bank (5yr YP 1.60% → 1.50%, 1yr YP, 2.5yr YP 1.10% → 1.01%)
  • Ally Bank (5yr 1.25% → 1.15%, 1yr 1.10% → 1.00%)
  • Discover Bank (5yr 1.20% → 1.15%, 1yr 1.01% → 0.90%)
  • CIT Bank (5yr 1.30% → 1.05%, 1yr 1.25% → 0.75%, 11m NP 1.10% → 0.75%)
  • Live Oak Bank (5yr 1.20% → 1.00%, 1yr 1.25% → 1.00%)

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

  • First Internet Bank (5yr 1.41% → 1.31%, 1yr 1.14% → 1.01%)
  • State Bank of India (5yr Senior 1.41% → 1.31%, 1yr Senior 1.31% → 1.21%)
  • Colorado Federal Savings Bank (5yr 1.25% → 1.15%, 18m 0.90% → 0.80%)
  • WauBank (61m → 1.45% → 1.15%, 13m 1.35% → 1.05%)
  • Limelight Bank (3yr 1.20% → 1.15%, 1yr 1.15% → 1.10%)
  • CFG Bank (5yr 1.30% → 1.15%, 13m PF 1.15% → 1.00%, 1yr 1.20% → 1.05%)
  • TotalDirectBank (5yr 1.30% → 1.15%, 1yr 1.30% → 1.15%)
  • Rising Bank (3yr Rising 1.20% → 1.10%, 1yr 1.20% → 1.05%)
  • Comenity Direct (5yr 1.35% → 1.10%, 1yr 1.25% → 1.00%)
  • Citizens Access (5yr 1.15% → 1.00%, 1yr 1.00% → 0.85%, 11m LCD 0.85% → 0.75%)

Credit unions that have easy membership requirements:

  • Georgia’s Own CU (5yr 1.90% → 1.70%, 1yr 1.30% → 1.15%)
  • Pen Air FCU (5yr 1.70% → 1.60%, 1yr → 1.35% → 1.25%)
  • Financial Partners CU (5yr Jumbo 1.75% → 1.60%, 1yr Jumbo 1.25% → 1.15%)
  • State Department FCU (5yr 1.66% → 1.51%, 2yr 1.26% → 1.21%)
  • TruStone Financial CU (5yr 1.70% → 1.50%, 1yr 1.00% → 0.90%)
  • Hiway FCU (5yr 1.60% → 1.40%, 2yr 1.20% → 1.15%)
  • Communitywide FCU (5yr 1.25% → 1.35%, 1yr 1.25% → 1.20%)
  • Interior FCU (5yr Jumbo 1.46% → 1.31%, 1yr Jumbo 1.16% → 1.06%)
  • Navy FCU (5yr 1.35% → 1.30%, 1yr 1.30% → 1.10%)
  • Signature FCU (5yr Jumbo 1.50% → 1.30%, 1yr Jumbo 1.40% → 1.20%)
  • Lafayette FCU (5yr 1.76% → 1.26%, 1yr 1.31% → 0.80%)
  • USALLIANCE Financial CU (3yr Spc 1.50% → 1.15%, 18m Spc 1.45% → 1.10%)
  • PenFed CU (5yr 1.20% → 1.00%, 1yr 0.95% → 0.70%)
  • NASA FCU (49m Spc 1.35% → 0.90%, 15m Spc 1.10% → 0.70%, 9m Spc 1.50% → 0.65%)
  • Alliant CU (5yr 0.90% → 0.75%, 1yr 0.80% → 0.65%)

Brokered CD Rates

Brokered CDs rates were on a rollercoaster in March. Soon after the first emergency Fed rate cut in early March, brokered CD rates plummeted. Then the liquidity issues and deposit concerns started to affect the banks, and brokered CD rates had large increases in late March. Those concerns appear to be gone now. Brokered CD rates have generally been falling since the start of April.

For the non-callable brokered CDs, the top 1-year rate this morning was 0.15% at both Fidelity and Vanguard. Two weeks ago, the top 1-year rate was 0.20%.

For 5-year CDs, the top rate this morning was 0.80% at both Fidelity and Vanguard. This is down 15 bps from two weeks ago. The top rate for 4-year terms this morning was 0.50% at both Fidelity and Vanguard. This is the same top rate from two weeks ago.

The top 10-year non-callable CD rate was 0.95% at both Fidelity and Vanguard. This is down from 1.00% two weeks ago.

One interesting change is that there are more non-callable CD offerings for the 7- and 10-year terms. In the last year, there have often been only callable CDs for these long terms. The fact that more banks are offering non-callable long-term CDs suggests that they may be thinking rates are reaching a bottom.

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.

Brokered CD rates tend to lead direct CD rates. Since brokered CD rates are quite a bit lower than the top direct CD rates, that would suggest that direct CD rates will continue to fall.

Falling brokered CD rates was a trend that began in November 2018 when the top 5-year rates reached as high as 3.60%.

Direct CD Rates and Deals

We continue to have no nationally-available CDs with yields of at least 2%. The only 2% CD that’s listed in this summary is the 5-year CD at Generations Credit Union (2.12% APY for a $50k minimum). Even though the credit union allows people in any state to become members (via an association), they require members to visit their branch to open CDs. So I’m considering this a local deal.

I took a look back at the CD summary history over the last ten years. I’m afraid the current state of CD rates is worse than it has ever been in the last ten years. I couldn’t find any CD summaries in which there weren’t any nationally available 2% CDs. We came close in June 2013. Only two credit unions were offering 2% 5-year CDs, but both required an active checking account. USALLIANCE Financial was offering a 2% 2-year CD, and Apple Federal Credit Union was offering a 2% 10-year CD.

June 2013 was also the time when PenFed’s CD rates were at all-time lows (before this month). PenFed’s 5-year CD yield was 1.15%, and it remained at this level until September 2013. Rates improved in 2013, and by December 2013, PenFed was offering 3.04% APY on its 5-year and 7-year CDs, which lasted for two months. Let’s hope rates turn around in 2020 like they did in 2013.

The highest CD rate that’s nationally available continues to be the 5-year CD at Georgia’s Own Credit Union (1.70% APY, $500 minimum). This is down 20 bps from June. Even with this rate drop, it maintains its rate leading status. Unfortunately, this CD has a harsh early withdrawal penalty (450 days’ interest). Membership is open to people in any state via membership in either the Georgia’s Own Foundation or the Getting Ahead Association.

The highest CD rate that’s nationally available from a bank is only 1.50% APY. This is the yield of TIAA Bank’s 5-year Yield Pledge CD. In late June the yield fell from 1.60% to 1.50%. I wouldn’t be surprised if this falls again since it has a sizable lead over its competitors (1.40% APY at First National Bank of America and 1.31% APY at First Internet Bank). Like Georgia’s Own Credit Union, TIAA Bank also has harsh early withdrawal penalties. For the 5-year CD, TIAA Bank’s early withdrawal penalty is equal to 456 days’ interest.

Keesler Federal Credit Union lowered its Certificate rates, but its Step Certificates remain very competitive when you compare their blended APYs with the APYs of similar term CDs. Its 30-month Step Certificate has a 1.78% blended APY for a $1k minimum and a 1.88% blended APY for a $100k minimum. Keesler also offers a 5-year Jumbo Certificate with an APY close to 2% (1.95%). Keesler used to be an easy membership credit union through the American Cancer Society Cancer Action Network, but now membership in this society only provides eligibility to join Keesler for residents of Alabama, Louisiana, and Mississippi.

The best short-term CD deal is currently being offered by Pen Air Federal Credit Union. In addition to a competitive 18-month CD (1.35%), it’s also offering a special 15-month add-on CD (1.25%). I had reviewed this add-on CD when the yield was 1.50%, but even with the current yield of 1.25%, this is still a very good deal.

The best short-term CD deal at banks is currently the 18-month CD (1.25%) at Pacific National Bank. Minimum deposit is $1,000.

Savings and Money Market Accounts

There is one money market account with a 2%+ yield, but there are caveats. It’s the Superior Money Market Account at Affinity Plus Federal Credit Union. One caveat is that the 2.02% APY only applies to balances up to $25k. Balances over $25k earn only 0.75%. The other caveat is that it requires a minimum monthly direct deposit of at least $500. If this requirement isn’t met, the rate falls to 0.10% for all balances.

The highest rate for a savings account or money market account that doesn’t have limitations or activity requirements is 1.40% APY. This is available on Patriot Bank’s Money Market Account. Minimum opening deposit is only $100, and there’s no minimum balance. This is a promotional rate, but this rate is currently guaranteed until 8/31/2020. Patriot Bank has a special landing page for this promotion.

Only Nationally-Available CDs Are Now Included

With CD rate cuts being so numerous, I decided to exclude the local CD rates from the CD summary. I’ll still include a couple noteworthy local CD deals that have exceptional rates and/or are available in large regions. For those cases, I’ll include a note about the availability in the comment field.

Safety of the Banking System and Your Deposits

Even though the banking industry is in a much better position now than it was in 2008, the crisis is stressing the financial system. Weak banks and credit unions will have a higher chance of failing over the next year. Thus, this is the time to be extra careful that your deposits are within the FDIC and NCUA limits.

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 July 2, 2020

Under 1-Year CD Rates

InstitutionRatesNotes
Brio Direct1.15% ($500) High-Rate 5-month CD (**NTS)Account review
Spectrum Credit Union1.10% ($500) 9-month CDEasy membership See review
Communitywide FCU1.10% ($2k) 6-month Share CertificateEasy membership Account review
CFG Bank1.00% ($500) 13-month Penalty Free CDAccount review
Goldman Sachs Bank1.00% ($500) 7-month No-Penalty CD Account review
BankDirect1.00% ($10k) 6-month CD (**NTS)Account review
Ally Bank0.95% ($25k) 11-month No-Penalty CD Account review
Northrop Grumman Federal Credit Union0.92% ($40k) 6-month Bonus Term CD (**NTS)Easy membership See review
Goldman Sachs Bank0.90% ($500) 11-month No-Penalty CD Account review
Pen Air Federal Credit Union0.90% ($500) 6-month CDEasy membership Account review
Pinnacle Federal Credit Union0.85% ($500) 6-month CD (**NTS)Easy membership Account review
CIT0.75% ($1k) 11-month No-Penalty CD Account review
The Vanguard Group Brokered CD0.15% (APR) 9-month non-callable CDIssued by BBUSA*
The Vanguard Group Brokered CD0.15% (APR) 6-month non-callable CDIssued by BBUSA, FVCB, MZTB*
The Vanguard Group Brokered CD0.15% (APR) 3-month non-callable CDIssued by BBUSA, FVCB, MZTB*
Fidelity Brokered CD0.15% (APR) 3-month non-callable CDIssued by BHBT, FVCB*
Fidelity Brokered CD0.10% (APR) 9-month non-callable CDIssued by MFB, SNWB*
Fidelity Brokered CD0.10% (APR) 6-month non-callable CDIssued by ENER, FRB, HSTB, JBSB, MFB*

1-Year CD Rates

Pen Air Federal Credit Union1.25% ($500) 12-month CDEasy membership See review
State Department Federal Credit Union1.21% ($500) 12-month Certificate (**NTS)Easy membership See review
State Bank of India1.21% ($25k) 12-month Senior Citizen CD (**NTS)Account review
State Bank of India (IL)1.20% ($2.5k) 1-year Senior Citizen CDAccount review
Signature Federal Credit Union1.20% ($100k) 1-year Jumbo Share CertificateEasy membership See review
Northrop Grumman Federal Credit Union1.17% ($40k) 12-month Bonus Term CDEasy membership See review
Georgia's Own Credit Union1.15% ($500) 1-year CDEasy membership See review
BankDirect1.11% ($10k) 12-month CD (**NTS)Account review
Limelight Bank1.10% ($1k) 12-month CD (**NTS)Account review
Goldman Sachs Bank1.10% ($500) High-Yield 12-month CD (**NTS) Account review
Fidelity Brokered CD0.15% (APR) 1-year non-callable CDIssued by ENER, MBPA*
The Vanguard Group Brokered CD0.15% (APR) 1-year non-callable CDIssued by BBUSA, MFB*

18-month CD Rates

Pen Air Federal Credit Union1.35% ($500) 18-month CDEasy membership See review
Pen Air Federal Credit Union1.25% ($500) 15-month Add-On CDEasy membership See review
Pacific National Bank1.25% ($1k) 18-month Promotional CD Account review
BankDirect1.21% ($10k) 18-month CDEasy membership See review
Signature Federal Credit Union1.20% ($500) 18-month Share CertificateEasy membership Account review
Financial Partners Credit Union1.15% ($100k) 12-23 month Jumbo CDEasy membership See review
Goldman Sachs Bank1.10% ($500) High-Yield 18-month CD (**NTS) Account review
Limelight Bank1.10% ($1k) 18-month CD (**NTS)Account review
TIAA Bank1.10% ($5k) 1.5-year Pledge CD (**NTS) Account review
Pinnacle Federal Credit Union1.10% ($500) 18-month CD (**NTS)Easy membership Account review
USALLIANCE Financial1.10% ($500) 18-month Certificate SpecialEasy membership See review
The Vanguard Group Brokered CD0.15% (APR) 18-month non-callable CDIssued by MFB*
Fidelity Brokered CD0.15% (APR) 18-month non-callable CDIssued by MFB, MTCB*

2-Year CD Rates

Keesler Federal Credit Union1.61% ($100k) 21-month Jumbo Step CDEasy membership in AL, LA, MS See review
Pen Air Federal Credit Union1.40% ($500) 24-month CDEasy membership Account review
Northrop Grumman Federal Credit Union1.31% ($40k) 24-month Bonus Term CD (**NTS)Easy membership See review
Signature Federal Credit Union1.30% ($100k) 2-year Jumbo Share CertificateEasy membership Account review
BankDirect1.26% ($10k) 24-month CDEasy membership See review
Georgia's Own Credit Union1.25% ($500) 2-year CDEasy membership See review
State Department Federal Credit Union1.21% ($500) 24-month Certificate (**NTS)Easy membership See review
State Bank of India (IL)1.21% ($2.5k) 2-year Senior Citizen CDAccount review
State Bank of India1.21% ($25k) 2-year Senior Citizen CD (**NTS)Account review
First Internet Bank1.11% ($1k) 24-month CD Account review
Quontic Bank1.11% ($500) 24-month CD (**NTS) Account review
Fidelity Brokered CD0.20% (APR) 2-year non-callable CDIssued by ENER*
The Vanguard Group Brokered CD0.20% (APR) 2-year non-callable CDIssued by LUASB*

3-Year CD Rates

Keesler Federal Credit Union1.88% blended ($100k) 30-month Jumbo Step CertificateEasy membership in AL, LA, MS See review
Pen Air Federal Credit Union1.45% ($500) 36-month CDEasy membership Account review
Georgia's Own Credit Union1.45% ($500) 3-year CDEasy membership See review
Northrop Grumman Federal Credit Union1.41% ($40k) 36-month Bonus Term CDEasy membership See review
State Bank of India (IL)1.31% ($2.5k) 3-year Senior Citizen CD Account review
State Bank of India1.31% ($25k) 3-year Senior Citizen CD (**NTS)Account review
Signature Federal Credit Union1.30% ($100k) 2-year Jumbo Share Certificate (**NTS)Easy membership Account review
TIAA Bank1.21% ($5k) 3-year Pledge CD Account review
First National Bank of America1.20% ($1k) 36-47 month CD (**NTS)
Quontic Bank1.17% ($500) 36-month CD Account review
Fidelity Brokered CD0.35% (APR) 3-year non-callable CDIssued by BWB*
The Vanguard Group Brokered CD0.30% (APR) 3-year non-callable CDIssued by LUASB*

4-Year CD Rates

Pen Air Federal Credit Union1.55% ($500) 48-month CDEasy membership Account review
Georgia's Own Credit Union1.50% ($500) 4-year CDEasy membership See review
Northrop Grumman Federal Credit Union1.47% ($40k) 48-month Bonus Term CDEasy membership See review
Parda Credit Union1.46% ($500) 4-year Senior Plus CD (**NTS)Easy membership
Connexus Credit Union1.46% ($5k) 48-month Certificate (**NTS)Easy membership See review
TIAA Bank1.31% ($5k) 4-year Pledge CD Account review
State Bank of India1.31% ($25k) 4-year Senior Citizen CDAccount review
First National Bank of America1.30% ($1k) 48-59 month CD (**NTS)
Prime Alliance Bank1.25% ($500) 48-month CD Account review
First Internet Bank1.21% ($1k) 48-month CD Account review
The Vanguard Group Brokered CD0.50% (APR) 4-year non-callable CDIssued by ENER*
Fidelity Brokered CD0.50% (APR) 4-year non-callable CDIssued by ENER*

5-Year CD Rates

Generations Credit Union2.12% ($50k), 1.97% ($500) 60-month CD (**NTS)Easy membership, but CDs must be opened in-branch See review
Keesler Federal Credit Union1.95% ($100k) 5-year Jumbo CD (**NTS)Easy membership in AL, LA, MS See review
Georgia's Own Credit Union1.70% ($500) 5-year CDEasy membership See review
Western Vista Credit Union1.61% ($10k) 60-month CD (**NTS)Easy membership See review
Pen Air Federal Credit Union1.60% ($500) 60-month CDEasy membership See review
Financial Partners Credit Union1.60% ($100k) 60-month Jumbo CD Easy membership See review
Connexus Credit Union1.56% ($5k) 60-month Certificate (**NTS)Easy membership See review
TIAA Bank1.50% ($5k) 5-year Pledge CD Account review
First National Bank of America1.40% ($1k) 60-month CD (**NTS)
The Federal Savings Bank1.40% ($100k) 5-year Jumbo CD (**NTS) Account review
Home Savings Bank1.35% ($5k) 60-month Internet Only CD (**NTS) Account review
First Internet Bank1.31% ($1k) 60-month CD Account review
Fidelity Brokered CD0.80% (APR) 5-year non-callable CDIssued by SMB*
The Vanguard Group Brokered CD0.80% (APR) 5-year non-callable CDIssued by SMB*

Over 5-Year CD Rates

Northrop Grumman Federal Credit Union1.62% ($40k) 84-month Bonus Term CDEasy membership See review
First National Bank of America1.50% ($1k) 84-month Time CD
Department of Commerce Federal Credit Union1.32% ($500) 60-84 month CDEasy membership See review
Evansville Teachers Federal Credit Union1.30% ($1k) 6-year CDEasy membership See review
AFFCU1.30% ($100k), 1.25% ($25k), 1.20% ($12.5k), 1.15% ($2.5k) 84-month Share CertificateEasy membership See review
SRP Federal Credit Union1.26% ($5k) 7-year Flex CD (**NTS)Easy membership See review
Third Federal Savings and Loan1.25% ($500) 72-month CD
Discover Bank1.15% ($2.5k) 10-year CD
Goldman Sachs Bank1.15% ($500) 6-year High-Yield CD
EmigrantDirect.com1.10% ($1k) 60-120 month CD
The Vanguard Group Brokered CD0.95% (APR) 10-year non-callable CDIssued by MPSB*
Fidelity Brokered CD0.95% (APR) 10-year non-callable CDIssued by HBNE, MPSB, MRB*
Fidelity Brokered CD0.90% (APR) 7-year non-callable CDIssued by ENER*
The Vanguard Group Brokered CD0.85% (APR) 7-year non-callable CDIssued by ENER*

* BBUSA (Beal Bank USA), BHBT (Bar Harbor Bank & Trust), BWB (Bankwell Bank), ENER (Enerbank USA), FRB (First Republic Bank), FVCB (FVCBank), HBNE (Horizon Bank NE), HSTB (Homestreet Bank), JBSB (Jonesboro State Bank), MBPA (Meridian Bank PA), MFB (MidFirst Bank OK), MPSB (Mediapolis Savings Bank), MRB (Merchants Bank), MTCB (Morton Community Bank), MZTB (Mizrahi Tefahot Bank), SMB (SallieMae Bank), SNWB (Sunwest Bank)

**New To Summary, as of July 2, 2020

CDs Removed Due To Low Rates Or Expired Specials

CDs Removed, No Longer Available

None

CDs Removed, Rate Too Low

bankESB0.75% ($1k) 7-month CD Special Account review
Lafayette Federal Credit Union0.70% ($500) 7-month Fixed CDEasy membershipSee review
NASA Federal Credit Union0.65% ($10k) 9-month Share Certificate SpecialEasy membershipSee review
Paramount Bank0.50% ($1k) 6-month CD Account review
Comenity Direct1.00% ($1.5k) 1-year CD Account review
Live Oak Bank1.00% ($2.5k) 1-year CDAccount review
Banesco USA0.90% ($1.5k) 12-month CD Account review
Lafayette Federal Credit Union0.80% ($500) 1-year Fixed CDEasy membershipSee review
CIT0.75% ($1k) 13-month Term CD Account review
First Internet Bank1.06% ($1k) 18-month CD Account review
Live Oak Bank1.00% ($2.5k) 18-month CDAccount review
Superior Choice Credit Union0.90% ($100k), 0.85% ($50k), 0.80% ($25k), 0.75% ($10k), 0.70% APY ($2.5k) 18-month Share CertificateEasy membershipSee review
CIT Bank0.75% ($1k) 18-month Term CD Account review
Comenity Direct1.05% ($1.5k) 2-year CD Account review
Live Oak Bank1.00($2.5k) 2-year CDAccount review
Lafayette Federal Credit Union0.90% ($500) 2-year Fixed CDEasy membershipSee review
First Internet Bank1.16% ($1k) 36-month CD Account review
My eBanc1.15% ($5k) 36-month Online Time Deposit Account review
Comenity Direct1.05% ($1.5k) 3-year CD Account review
Lafayette Federal Credit Union1.01% ($500) 3-year Fixed CDEasy membershipSee review
Hughes Federal Credit Union0.85% ($99k) 36-month Jumbo CDEasy membership Account review
Superior Choice Credit Union1.20% ($100k), 1.15% ($50k), 1.10% ($25k), 1.05% ($10k), 1.00% APY ($2.5k) 4-year Share CertificateEasy membershipSee review
Lafayette Federal Credit Union1.16% ($500) 4-year Fixed CDEasy membershipSee review
Comenity Direct1.05% ($1.5k) 4-year CD Account review
CIT1.05% ($100k) 4-year Jumbo CD Account review
TruStone Financial Credit Union1.50% ($500) 60-month CDEasy membership See review
State Bank of India (IL)1.31% ($2.5k) 5-year Senior Citizen CDAccount review
Lafayette Federal Credit Union1.26% ($500) 5-year Fixed CDEasy membershipSee review
Comenity Direct1.10% ($1.5k) 5-year CD Account review
PenFed Credit Union1.05% ($1k) 7-year Money Market CertificateEasy membership See review
Related Pages: 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks
Comments
ichaelm
  |     |   Comment #1
Ken, you left Bank of Baroda off your list of 1 year CD rate leaders again. At 1.50%, it's the highest rate in the country. You do have to apply by mail, but since the rate is .25% higher than anyone else is paying, to me, it's worth paying for an envelope and a stamp.
alan1
  |     |   Comment #2
According to the Bank of Baroda website, the yield on a one-year CD is 1.25%.
http://www.bankofbaroda-usa.com/
davidinNY
  |     |   Comment #3
Kudos, Praises and all the other great adjectives are to be bestowed upon KEN! The Bank of Baroda, is an Indian Bank. I am sure they are all well and good, but today, I am more inclined to stay within the US borders - they are FDIC insured, but I like to sleep at night. Again, thanks to KEN!
ichaelm
  |     |   Comment #4
On its homepage, at the upper left of The Statue Of Liberty it shows 1.50%. But when I click on the CD Rates link, you're right, it does show 1.25%. I'm glad that I haven't sent them a check yet.
#5 - This comment has been removed for violating our comment policy.
#7 - This comment has been removed for violating our comment policy.
#6 - This comment has been removed for violating our comment policy.
kcfield
  |     |   Comment #8
For those in Michigan, Michigan Educational Credit Union has renewed their 1.75% five year CD for July (9 month EWP). They are an excellent credit union that is open to anyone who resides, works, or worships in Wayne, Washtenaw, Oakland, Macomb, Livingston, and Jackson counties. Please note if you are looking on their website for CDs they are called "share certificates."
Lkane
  |     |   Comment #10
On your list in March was Freedom Northwest Credit Union 1-yr CD at 2.48% up to $250k FDIC insured which I snagged right before the bottom fell out. Easy sign up. I hope others were able to get in on this. Amazing how good that rate sounded at the time.
#11 - This comment has been removed for violating our comment policy.
me1004
  |     |   Comment #12
What happened to the local deals that were always in each category of the list? If any were local to a reader, those typically were the best deals.
alan1
  |     |   Comment #13
The article states:

Only Nationally-Available CDs Are Now Included

With CD rate cuts being so numerous, I decided to exclude the local CD rates from the CD summary. I’ll still include a couple noteworthy local CD deals that have exceptional rates and/or are available in large regions. For those cases, I’ll include a note about the availability in the comment field.

(bold in original)
tseeb
  |     |   Comment #17
TIAA Bank has dropped from 1.50% to 1.35% on their 5 year Yield Pledge CD.
Their 3.5 year Bump Rate CD at 1.21% also sounds interesting.
kcfield
  |     |   Comment #18
The Bank of the Mattress now has the same interest rate as the Fed.
Cracker
  |     |   Comment #19
I've been a member of State Department FCU for a few years now and this morning I opened a 12 month CD with them at 1.21% APY. I'm not sure how much longer this rate will last, but I'm glad I locked it in. Their rate was higher than anyone else I have accounts with.

You can open accounts on their website, but it's limited to $10,000. Anything larger must be opened on the phone or in person. I was told this is because you need to sign a document on larger accounts. They emailed me the terms and I e-Signed it. Then the account was opened. A bit less convenient than it needed to be, but it all worked out in the end.

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