Popular Posts

CD Deals Summary

POSTED ON BY

Since 2000, the Fed rate cycles have primarily consisted of a string of rate hikes, a pause period, and a string of rate cuts. Based on that history, it seems reasonable to assume that we are due for a string of rate cuts. Of course, things could be different this time.

It’s possible that this Fed cycle may look more like the Fed cycle of the mid 1990s. In 1994 and early 1995, the Fed hiked seven times, with the target federal funds rate reaching 6.00% in February 1995. The pause lasted until July 1995, when the Fed started cutting rates. However, the Fed decided that only an adjustment was necessary. From July 1995 to January 1996, the Fed only did three 25-bp rate cuts. The target federal funds rate was held at 5.25% through 1996, and then in March 1997, the Fed did a 25-bp rate hike as a “prudent step” to ensure that inflation, which was inching up close to 2%, wouldn’t be an issue. The Fed held the target rate at 5.50% through the rest of 1997 and through the first half of 1998.

If this decade follows the 1990s, rates may actually remain higher for longer. There may not be a long string of rate cuts or rate hikes from this point. If rates are going to stay higher for longer, it makes sense to remain in savings accounts or short-term CDs instead of locking into long-term CDs. That’s especially the case now with the inverted yield curve. If the future turns out to be more like 2007/2008 instead of 1995/1996, locking into long-term CDs would be a better strategy. Since no one knows for sure how interest rates will play out, you can hedge your bets by choosing both short- and long-term CDs. Of course, a CD ladder or a version of a CD ladder is always a reasonable CD strategy.

The odds of rate cuts via the Fed Funds futures show how the “higher for longer” case has been growing stronger. The odds of a March or a May Fed rate cut are way down from where they were a month ago. For a March rate cut, the odds are only 2.5%, down from 47.6% a month ago. The odds of rates being lower by the Fed May meeting are now 19.4%, down from 88.0% a month ago. However, the market still thinks cuts are coming. The odds that rates will be lower by June are 63.5%, and the odds that they’ll be lower by July are 85.4%. These odds are based on the CME FedWatch Tool..

Most banks are still with the markets in the belief that rates are on their way down. This can be seen in the widespread CD rate cuts in January and February. Below is a list of four major online banks and their total change in their 1-year CD APYs in January and February: Marcus by Goldman Sachs (5.50% → 5.05%), BMO Alto (5.55% → 5.15%), Discover Bank™ (5.20% → 4.80%), and Ally Bank (5.25% → 4.65%). All four also had CD rate cuts in the last week. I’m sorry to see Ally Bank as the rate cut leader. Its 1-year CD APY had the largest decline since the start of January, falling 60 bps.

There are signs that banks are starting to react to the return of “higher for longer”. A few banks have increased some of their CD rates in the last two weeks. These include EverBank, KS StateBank, Banesco USA, and Vio Bank. Also, banks have been increasing their brokered CD rates. This is likely due to the competition from Treasury bills and notes, which have had significant yield increases in the last month. So this downturn of CD rates may just be temporary.

I’m hoping that credit unions will see these “higher for longer” signs, and we won’t see a surge of rate cuts when credit unions update their CD rates for March.

The widespread CD rate cuts in January can be seen in the Online CD Indexes. Both the Online 1-year CD Index and the Online 5-year CD Index fell in January. In fact, the Online 1-year CD Index had its largest monthly decline since 2020, falling 17 bps to 5.18%. The Online 5-year CD Index fell 4 bps to 3.91%. Based on rate changes so far in February, I expect another month of declines for both Indexes.

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 major online banks, 2) the less well known banks, and 3) the credit unions with easy membership requirements.

Major online banks:

  • PNC Bank (New: 4m promo 5.25%)
  • EverBank (5y 3.85% → 4.00%, 2y 4.25% → 4.50%, 9m 5.25% → 5.15%)
  • Marcus by Goldman Sachs (5y 4.10% → 4.00%, 14m 5.25% → 5.15%, 1y 5.25% → 5.05%)
  • BMO Alto (1y 5.30% → 5.15%)
  • Citi (7m 5.01% → 4.75%)
  • Discover Bank (5y 3.90% → 3.75%, 1y 4.90% → 4.80%)
  • Ally Bank (14m 4.80% → 4.65%, 1y 4.75% → 4.65%, 11m NP 4.25% → 4.15%)

Less well known banks:

  • My eBanc ($50k+ 1y 5.50% → 5.45%, 6m 5.57% → 5.51%)
  • NexBank (1y 5.50% → 5.40%, 6m 5.30% → 5.20%)
  • First Internet Bank (5y 4.59% → 4.61%, 1y 5.35% → 5.36%)
  • CIBC Bank USA (1y 5.51% → 5.36%)
  • CFG Bank (18m 4.95% → 5.00%, 1y 5.25% → 5.35%)
  • Colorado Federal Savings Bank (18m 5.10% → 4.95%, 1y 5.40% → 5.30%)
  • Merrick Bank (9m 5.05% → 5.15%, 6m 5.15% → 5.25%)
  • KS StateBank (1y 5.00% → 5.25%)
  • Banesco USA (1y 4.75% → 5.00%, 9m 4.90% → 5.05%)
  • Popular Direct (2y 4.80% → 4.70%, 18m 5.06% → 5.00%, 1y 5.37% → 5.30%)
  • Salem Five Direct (1y 5.55% → 5.00%)
  • Vio Bank (1y 4.70% → 5.00%)
  • Monesty (2y 5.12% → 4.96%, 1y 4.96% → 4.85%)
  • Limelight Bank (18m 4.90% → 4.75%)

Credit unions that have easy membership requirements:

  • Genisys CU (13m 5.34% → 4.98%, New: 9m 5.41%, 7m 5.51% → 5.25%)
  • NASA FCU (49m 4.60% → 4.45%, 15m 5.30% → 5.15%, 9m 5.55% → 5.40%)
  • First Flight FCU (1y 4.07% → 5.38%)
  • Elements Financial (13m Spc 5.50% → 5.25%)
  • Credit Human (18-23m 5.10% → 5.20%)
  • All In CU ($100k+ 9m PF 5.33% → 5.17%)
  • United States Senate FCU (Jbos: 3y 4.71% → 4.45%, 2y 4.97% → 4.71%, 1y 5.23% → 4.97%)
  • Veridian CU ($100k+ 21m 4.85% → 4.70%)
  • Digital FCU (Jbo 12-23m 5.13% → 4.60%)
  • INOVA FCU (6m 5.50% → 4.50%)

Brokered CD Rates

All of the following rates are based on non-callable, new-issue brokered CDs that were observed this morning at Fidelity and Vanguard.

We’ve now had eight straight weeks of rate gains on brokered CDs. For this week, the top rates for all terms from three months to five years had rate gains from two weeks ago. This was true at both Fidelity and Vanguard. The 18-month and 3-year CDs had the largest rate gains; the top rates for both terms increased 20 bps. CDs with terms from three months to 18 months now have top rates of over 5%.

If this trend continues, we may soon see 5%+ long-term CDs. The top rates of 2-, 3-, 4- and 5-year CDs today were 4.80%, 4.65%, 4.40%, and 4.35%, respectively. All of these CDs were issued by Morgan Stanley Bank and its sister bank, Morgan Stanley Private Bank. These two banks also issued the 18-month CD with the top rate (5.05%).

Wells Fargo is still issuing competitive brokered CDs. Its rates were near the top for terms of 3 years (4.60%), 2 years (4.75%), 18 months (5.00%), and 9 months (5.25%).

Ally Bank continues to issue short-term brokered CDs that have rates much higher than the rates of its direct CDs (which have been falling like a rock in the past two months). At Fidelity, Ally Bank had issued 6-month and 3-month CDs with rates of 5.15% and 5.25%, respectively.

Just like two weeks ago, there were no non-callable CDs with terms of 7 or 10 years.

There were many long-term callable CDs with rates of 5% and above. These are likely to be called early, so there’s little benefit from buying these.

Direct CD Rates and Deals

Three credit unions continue to be rate leaders for most categories. They are now rate leaders for terms from one to five years. The three credit unions are Advancial, Lafayette, and Hughes. All three have a history of making rate changes at the start of a new month. So be aware that we could see rate cuts at all three on Friday, when March begins.

Advancial Credit Union’s 5-year and 4-year Jumbo Certificates continue to be rate leaders by a wide margin. Its 5-year and 4-year Certificates are the only nationally-available 5- and 4-year CDs with yields over 5%. For a $50k minimum deposit, Advancial’s 5-year Jumbo Certificate (5.40% APY) tops the second place CD by 72 bps. Its Junior Jumbo Certificate (5.29% APY, $25k minimum) and regular Certificate (5.19% APY, $1k minimum) are also well above 5%. Advancial’s 4-year Jumbo Certificate (5.20% APY) tops the second place CD by 36 bps. Its Junior Jumbo Certificate (5.10% APY, $25k minimum) and regular Certificate (4.99% APY, $1k minimum) also have higher rates than the second place CD.

Note, Advancial has a history of being erratic in providing an easy path to membership for people in any state. Due to this, Advancial products haven’t been included in DA’s rate tables when the “Nationwide Only” filter option is selected. For more details about these Certificates and how to join Advancial, please refer to this review of Advancial Certificates. Thanks to the DA readers who have shared their experiences joining Advancial and opening these CDs in the comments of the review and in this DA Forum thread.

Lafayette Federal Credit Union held its rates steady in February, and it remains the rate leader for the 3-year and 2-year categories. Due to a rate cut at T Bank, Lafayette is now the rate leader in the 1-year category. Its Jumbo Certificates ($100k) have rates of 5.61% APY, 5.30% APY, and 5.20% APY for the 1-year, 2-year, 3-year terms, respectively. The non-Jumbo CDs for these terms ($500 minimum) have slightly lower rates than the Jumbo CDs (5 bps lower for the 1-year CD and 10 bps lower for the 2- and 3-year CDs). Please refer to this Lafayette FCU CD review for details.

One note about the 3-year category, DollarSavingsDirect (one of the three online divisions of Emigrant Bank) continues to offer a 5% APY on its 3-year CD. Another one of Emigrant Bank’s online divisions, MySavingsDirect, had also been offering a 5% APY on its 3-year CD, but this rate was lowered in early February. Emigrant Bank was recently acquired in an odd merger. I have the details in this Emigrant Bank merger review.

Hughes Federal Credit Union held its 17-month CD rates steady in February, and thus, these remain the rate leaders for the 18-month category. It continues to offer its 17-month Special with a 5.65% APY ($99k minimum) and a 5.60% APY ($50k minimum). Please refer to this Hughes FCU CD review for details.

As I mentioned above, Lafayette Federal Credit Union continues to be the rate leader in the 1-year category with its 1-year Jumbo CD (5.61% APY) and its regular 1-year CD (5.56% APY). The 1-year rate leader for banks is now My eBanc with a 5.45% APY on its Jumbo Online Time Deposit ($50k minimum). For small deposits, the highest 1-year rate at a bank is 5.40% APY at Bask Bank ($1k minimum).

For the under 1-year category, Andrews FCU continues to be the rate leader with its 6-month Share Certificate Special (5.75% APY). Newtek Bank is in second place with its 6-month CD (5.55% APY, $2.5k minimum).

Savings and Money Market Accounts

I publish my survey of the best liquid bank account rates in a separate post. This recap focuses on CDs, but I’ll include a few of the best liquid bank account deals.

There are still two savings accounts with a 5.50% APY on all balances. The latest one is the Premier Online Savings Account from Poppy Bank. In December, it had guaranteed that this rate would last for six months from account opening. In early January, this changed to a 3-month guarantee period, and that continues into February.

Milli Bank continues to offer 5.50% on its Savings Accounts and Jars via a mobile app. However, it was reported that it’s scheduled to lower its rate to 4.75% APY, effective 2/29/24. Milli is a division of First National Bank of Omaha (the same bank that manages FNBO Direct.)

Money Market Funds, Treasurys and TIPS

Another option for your liquid savings is a money market fund. The Vanguard Federal Money Market Fund (VMFXX) now has a 7-day SEC yield of 5.28% and a compound yield of 5.41%.

Treasury bills are a strong competitor to short-term CDs. With the recent rise of Treasury yields and the decline of short-term direct CD rates, Treasury bills are now comparing more favorably to CDs. For a 1-year term, top CD rates continue to have a sizable lead over the 1-year T-bill (5.00% at today’s market close). However, shorter-term T-bill yields are close to the top CD rates. The short-term T-bill yields range from 5.51% for a 2-month T-bill to 5.31% for a 6-month T-bill.

The recent rise of Treasury note yields and the decline of long-term direct CD rates have also helped make Treasury notes more competitive. At today’s market close, the 2-, 3-, 5-, 7-, and 10-year yields were 4.64%, 4.44%, 4.26%, 4.28%, and 4.27%. These yields are up between 0 and 8 bps from two weeks ago. If you live in a state with state income tax, these yields may be close to the tax equivalent yields that you can get from top CDs.

To compare after-tax equivalent yields, this Fidelity calculator is useful.

For an estimate of Treasury yields, please refer to this Treasury page.

Lastly, another option to consider is TIPS. You can see estimates of the current real yields of TIPS at this Treasury page. They now range from 1.88% to 2.12%. That’s down from 1.91% to 2.18% two weeks ago.

Even though these real yields have fallen from their recent peaks, they’re still high relative to the last decade, and it remains a good time to build a TIPS ladder. This Tipswatch article has a great review of this strategy.

There’s now a simpler way to create a TIPS ladder. In September, BlackRock introduced defined-maturity TIPS ETFs. There are ten of these ETFs with ten different maturity dates, from 2025 to 2034. Their expense ratio is fairly low at 0.10%. Allan Roth has a useful review of these ETFs that describes the pros and cons of buying these instead of individual TIPS.

Comments:

Please keep discussions of the Fed and the economy to a minimum in the comments of this post. The focus of the comments should be deposit accounts and rates. Comments in this post that include politics may be removed. Political discussion that relates to the economy should be kept in my Fed meeting review post.

Yields Accurate as of February 28, 2024

Under 1-Year CD Rates

InstitutionRatesNotes
Andrews Federal Credit Union5.75% ($1k) 6-month New Member Share Certificate Special Easy membership Account review
Newtek Bank5.55% ($2.5k) 6-month CD Internet bank Account review
My eBanc5.51% ($50k) 6-month Jumbo Online Time Deposit Internet bank Account review
Northern Bank Direct5.50% ($500) 9-month CD Internet bank Account review
CAFCU5.50% ($1k) 7-month CD Special Easy membership Account review
Elements Financial5.50% ($1k) 8-month CD Special Easy membership Account review
Affinity Federal Credit Union5.50% ($50k) 8-month CD Special (**NTS)Easy membership Account review
BMO Alto5.50% (no min) 6-month Online CD Internet bank Account review
Gateway First Bank5.50% ($500) 7-month CD Special Account review
Superior Choice Credit Union5.50% ($500) 6-month Share Certificate (**NTS)Easy membership Account review
Fidelity Brokered CD5.40% (APR) 3-month non-callable CDIssued by 3rd FED*
The Vanguard Group Brokered CD5.35% (APR) 4-6 month non-callable CDIssued by MZTB*
The Vanguard Group Brokered CD5.35% (APR) 1-3 month non-callable CDIssued by BEA, MZTB*
Climate First Bank5.34% ($500) 6-month No Penalty CD Special Account review
OptimumBank5.30% ($1) 5-month No Penalty CD via Raisin Account review
The Vanguard Group Brokered CD5.30% (APR) 7-9 month non-callable CDIssued by MZTB*
Fidelity Brokered CD5.30% (APR) 6-month non-callable CDIssued by MZTB*
Fidelity Brokered CD5.25% (APR) 9-month non-callable CDIssued by WFB*
Technology Credit Union5.25% ($1) 5-month No Penalty CD via Raisin Account review
Genisys Credit Union5.25% ($500) 7-month Share Certificate Special Easy membership Account review
All In Credit Union5.17% ($100k) 9-Month Jumbo CD (one penalty-free withdrawal)Easy membership Account review
All In Credit Union5.12% ($1k) 9-Month CD (one penalty-free withdrawal)Easy membership Account review

Noteworthy Local Deals - Under 1-Year CDs

First Financial Federal Credit Union6.09% ($5k) 9-month Share Certificate Special SEGs in 4 Maryland counties Account review
Vast Bank5.75% ($2.5k) 6-month CD Special Oklahoma See review
Legacy Bank & Trust5.65% ($1k) 6-month High Yield CD (**NTS)Missouri, Oklahoma, Texas Account review
Enrichment Federal Credit Union5.60% ($500) 9-month Share Certificate Special 9 Tennessee counties (Knoxville metro area) See review
The Summit Federal Credit Union5.60% ($75k) 7-month Jumbo Promotional CD (**NTS)Portions of western New York State See review

1-Year CD Rates

Lafayette Federal Credit Union5.61% ($100k), 5.56% ($500) 1-year Jumbo CD Easy membership Account review
Vibrant Credit Union5.50% ($5) 13-month CD Special Easy membership Account review
Affinity Federal Credit Union5.50% ($100k), 4.90% ($50k), 4.80% ($500) 14-month CD Special Easy membership Account review
My eBanc5.45% ($50k) 12-month Jumbo Online Time Deposit) Internet bank Account review
Alliant Credit Union5.45% ($75k), 5.40% ($1k) 12-month Jumbo CD/CD Easy membership Account review
Bask Bank5.40% ($1k) 12-month CD (**NTS)Internet bank Account review
Expedition Credit Union5.40% ($2.5k) 12-month CD Special (**NTS)Easy membership Account review
NexBank5.40% ($100k) 12-month Promotional Online Jumbo CD Account review
CIBC Bank USA5.36% ($1k) 13-month Agility CD (**NTS)Account review
First Internet Bank5.36% ($1k) 24-month CD (**NTS)Internet bank Account review
The Vanguard Group Brokered CD5.20% (APR) 10-12 month non-callable CDIssued by BUN, MSB, MSPB*
Fidelity Brokered CD5.15% (APR) 1-year non-callable CDIssued by FCBNC, FFB*

Noteworthy Local Deals - 1-Year CDs

Resource One Credit Union6.43% ($500) 12-month IRA CD Dallas and Harris Counties, Texas Account review
Resource One Credit Union6.17% ($500) 12-month CD Dallas and Harris Counties, Texas Account review
Integra First Federal Credit Union5.90% ($500) 12-month Term Certificate Special 3 Michigan UP counties and 2 NE Wisconsin counties Account review
Bank of South Texas5.88% ($1k) 12-month CD Texas, possible nationwide availability See review
Del Norte Credit Union5.65% ($1k) 13-month Share Certificate Special (**NTS)Possible easy membership, 14 New Mexico counties Account review
Citizens National Bank of Texas5.64% ($10k) 12-month CD Special (**NTS)5 North Texas counties and Placer County, California See review

18-month CD Rates

Hughes Federal Credit Union5.65% ($99k) 17-Month Jumbo CD Easy membership Account review
Hughes Federal Credit Union5.60% ($50k) 17-Month Mini Jumbo CD Easy membership Account review
XCEL Federal Credit Union5.45% ($500) 18-month CD Special Easy membership Account review
State Department Federal Credit Union5.41% ($100k) 15-month Jumbo Certificate Special Easy membership Account review
Fortera Credit Union5.35% ($1k) 18-month Share Certificate Easy membership Account review
Climate First Bank5.34% ($500) 15-month Flex CD Special Account review
Technology Credit Union5.25% ($1k) 17-month Flextime Certificate Special (**NTS)Easy membership Account review
Luana Savings Bank5.17% ($100k) 18-month CD Special Account review
First National Bank of America5.15% ($1k) 12-23 month CD Account review
TAB Bank5.13% ($1k) 18-month CD Account review
Fidelity Brokered CD5.05% (APR) 18-month non-callable CDIssued by MSB, MSPB*
The Vanguard Group Brokered CD5.05% (APR) 13-18 month non-callable CDIssued by EGBMD, MSB, MSPB*

Noteworthy Local Deals - 18-Month CDs

Local Government Federal Credit Union5.75% ($250) 18-month CD North Carolina local government employees/volunteers See review
Chicago Municipal Employees Credit Union5.60% ($5k) 18-month Share Certificate Special Chicagoland See review
R Bank5.60% ($1k) 15-month R Option CD Special Texas See review
Notre Dame Federal Credit Union5.55% (no min) 11-18 month CD Special Northern Indiana and SW Michigan See review
MembersFirst Credit Union5.50% ($1k) 18-month MembersFirst 55 Plus CD Easy membership in Georgia See review

2-Year CD Rates

Lafayette Federal Credit Union5.30% ($100k), 5.20% ($500) 2-year Jumbo CDEasy membership Account review
Pelican State Credit Union5.27% ($500) 24-month CDEasy membership Account review
XCEL Federal Credit Union5.25% ($500) 24-month CD Special Easy membership Account review
Credit Human5.20% ($500) 18-23 month CD (**NTS)Easy membership Account review
Alliant Credit Union5.20% ($75k), 5.15% ($1k) 18-23 month Jumbo CD/CD Easy membership Account review
First National Bank of America5.15% ($1k) 12-23 month CD Account review
Luana Savings Bank5.11% ($100k), 4.96% ($2k) 24-month CD Special Account review
TAB Bank5.00% ($1k) 24-month CD Account review
Monesty4.96% ($500) 2-year CD Account review
First Internet Bank4.86% ($1k) 24-month CD (**NTS)Internet bank Account review
Fidelity Brokered CD4.80% (APR) 2-year non-callable CDIssued by MSB, MSPB*
The Vanguard Group Brokered CD4.80% (APR) 2-year non-callable CDIssued by MSB, MSPB*

Noteworthy Local Deals - 2-Year CDs

Security First Credit Union5.64% ($500) 24-month CD Special Rio Grande Valley, Texas See review
MembersFirst Credit Union5.50% ($1k) 24-month MembersFirst 55 Plus CD Easy membership in Georgia See review
Family Trust Federal Credit Union5.50% ($500) 24-month Share Certificate 12 South Carolina and 4 North Carolina counties See review
MembersFirst Credit Union5.50% ($1k) 24-month MembersFirst 55 Plus CD (**NTS)Easy membership in Georgia See review
LAFCU5.50% ($10k) 23-month Jumbo Term Share Certificate Easy membership in Michigan See review

3-Year CD Rates

Lafayette Federal Credit Union5.20% ($100k), 5.10% ($500) 3-year Jumbo CD Easy membership Account review
Advancial5.06% ($50k) 3-year Jumbo Certificate 8 Louisiana parishes, many petro-refining SEGs See review
Luana Savings Bank5.01% ($100k), 4.86% ($2k) 30-month CD Account review
DollarSavingsDirect5.00% ($1k) 36-month Internet bank Account review
Hughes Federal Credit Union4.97% ($99k) 36-month Jumbo CD Easy membership Account review
Skyla Credit Union4.95% ($50k) 3-year Jumbo Share Certificate Easy membership Account review
Dow Credit Union4.81% ($500) 36-month Simple CD Easy membership Account review
First National Bank of America4.80% ($1k) 24-35 month CD Account review
First Internet Bank4.76% ($1k) 36-month CD Internet bank Account review
Seattle Bank4.65% ($1k) 36-month CD Account review
The Vanguard Group Brokered CD4.65% (APR) 3-year non-callable CDIssued by MSB, MSPB*
Fidelity Brokered CD4.65% (APR) 3-year non-callable CDIssued by MSB, MSPB*

Noteworthy Local Deals - 3-Year CDs

Chicago Municipal Employees Credit Union5.80% ($5k) 36-month Share Certificate Special Chicagoland See review
Empower Federal Credit Union5.30% ($100k), 5.25% ($500) 30-month Share Certificate 8 Western and Central New York counties See review
Notre Dame Federal Credit Union5.25% (no min) 36-month CD Special Northern Indiana and SW Michigan See review
Via Credit Union5.25% ($500) 33-month Special Certificate 12 NE Indiana counties See review
Education First Credit Union5.25% ($500) 30-month CD Special 7 Central Ohio counties, all Ohio school employees See review

4-Year CD Rates

Advancial5.20% ($50k) 4-year Jumbo Certificate 8 Louisiana parishes, many petro-refining SEGs See review
Lafayette Federal Credit Union4.84% ($100k) 4-year Jumbo CD Easy membership Account review
Library of Congress Federal Credit Union4.73% ($500) 36-47 month Share Certificate Easy membership Account review
First National Bank of America4.65% ($1k) 36-47 month CD Account review
BMO Alto4.60% (no min) 48-month Online CDInternet bank Account review
Credit Human4.60% ($500) 36-59 month CD Easy membership Account review
First Internet Bank4.55% ($1k) 48-month CD Internet bank Account review
Seattle Bank4.55% ($1k) 48-month CD Account review
Pima Federal Credit Union4.50% ($250) 48-month CD (**NTS)Easy membership Account review
Popular Direct4.45% ($10k) 48-month Popular Direct CD Account review
The Vanguard Group Brokered CD4.40% (APR) 4-year non-callable CDIssued by MSB, MSPB*
Fidelity Brokered CD4.40% (APR) 4-year non-callable CDIssued by MSB, MSPB*

Noteworthy Local Deals - 4-Year CDs

Wildfire Credit Union5.00% ($500) 49-month CD Special Easy membership in Michigan See review
Texas Bay Credit Union4.91% ($50k) 36-47 month CD 8 Houston metro area counties See review
Balboa Thrift and Loan4.86% ($10k) 48-month Jumbo CD Central and Southern California See review
R-G Federal Credit Union4.86% ($500) 48-month Premier Term CD (**NTS)12 Missouri counties See review
North Star Community Credit Union4.78% ($500) 4-year Share Certificate (**NTS)22 Iowa counties See review

5-Year CD Rates

Advancial5.40% ($50k) 5-year Jumbo Certificate Easy membership See review
State Bank of India (IL)4.68% ($2.5k) Senior Citizens 60-month CD Account review
Lafayette Federal Credit Union4.63% ($100k) 5-year Jumbo CD Easy membership Account review
First Internet Bank4.61% ($1k) 60-month CD Internet bank Account review
BMO Alto4.60% (no min) 60-month Online CDInternet bank Account review
Credit Human4.60% ($500) 36-59 month CD Easy membership Account review
Department of Commerce Federal Credit Union4.60% ($25k), 4.50% ($500) 48-59 month CD Easy membership Account review
State Bank of India4.58% ($25k) 5-year Senior Citizen CD Account review
First National Bank of America4.55% ($1k) 60-month CD Account review
Pima Federal Credit Union4.50% ($250) 60-month CD Easy membership Account review
Fidelity Brokered CD4.35% (APR) 5-year non-callable CDIssued by MSB, MSPB*
The Vanguard Group Brokered CD4.35% (APR) 5-year non-callable CDIssued by MSB, MSPB*

Noteworthy Local Deals - 5-Year CDs

Balboa Thrift and Loan4.97% ($10k) 60-month Jumbo CD Central and Southern California See review
LA Financial Credit Union4.80% ($100k) 60-month Fixed Rate Term Share Account Los Angeles County, California and Lake Havasu, Arizona See review
Eastman Credit Union4.75% ($100k) 5-year Jumbo Investment Certificate 7 Tennessee, 7 Virginia, and 2 Texas counties Account review
MembersFirst Credit Union4.62% ($1k) MembersFirst 55 Plus 60-month CD (**NTS)Easy membership in Georgia See review
EFCU Financial4.60% ($100k), 4.50% ($1k) 60-month Jumbo CD (**NTS)6 Louisiana parishes See review

Over 5-Year CD Rates

Department of Commerce Federal Credit Union4.44% ($25k), 4.34% ($500) 60-84 Month CDEasy membership Account review
First National Bank of America4.35% ($1k) 72-month CD Account review
First National Bank of America4.30% ($1k) 84-month CD Account review
Luana Savings Bank4.19% ($100k), 4.09% ($2k) 6-year CD Account review
Luana Savings Bank4.14% ($100k), 4.04% ($2k) 7-year CD Account review
KS StateBank4.06% ($500) 7-year CDAccount review
Northrop Grumman Federal Credit Union4.02% ($40k) 84-month Bonus Term CD Easy membership See review
INOVA Federal Credit Union4.00% ($200) 6-year CD Easy membership See review
Michigan State University Federal Credit Union3.95% ($100k) 7-year Jumbo Certificate Easy membership Account review
PenFed Credit Union3.90% ($1k) 7-year Money Market Certificate Easy membership Account review

Noteworthy Local Deals - Over 5-year CDs

Eastman Credit Union4.85% ($100k) 6-year Jumbo Investment Certificate 7 Tennessee, 7 Virginia, and 2 Texas counties Account review
OnPath Federal Credit Union4.35% ($1k) 72-month CD Greater New Orleans metro area See review
Via Credit Union4.33% ($500) 60-71 month CD (**NTS)12 NE Indiana counties See review
BMI Federal Credit Union4.32% ($5k) 61-month CD Special8 central Ohio counties See review
APG FCU4.25% ($25k) 84-month Super CD Baltimore, Cecil, Harford Counties, City of Baltimore Account review

*3rd FED (Third Federal S&L), BEA (Bank East Asia), BUN (BankUnited), FCBNC (First Citizens Bank NC), FFB (First Foundation Bank), MSB (Morgan Stanley Bank), MSPB (Morgan Stanley Private Bank), MZTB (Mizrahi Tefahot Bank), WFB (Wells Fargo Bank)

**New To Summary, as of February 28, 2024

Nationally Available Add-On CD Rates

InstitutionRatesNotes
Navy Federal Credit Union5.30% ($50 min/$3k max) 12-month Special Easy Start CDUnlimited deposits throughout term, checking relationship, direct deposit
Mountain America Credit Union5.25% ($5 min/$100k max) 12-month Growth CD Unlimited deposits throughout term, min $10 automatic monthly deposit Account review
All In Credit Union5.17% ($25) 12-month Smart Start CD ($25)Unlimited deposits throughout term, min $25 Account review
Navy Federal Credit Union4.95% ($50) 12-month Easy Start CDUnlimited deposits throughout term
Credit Human4.75% ($5k) 12-month Liquid CDEasy membership Account review
Mountain America Credit Union4.50% ($5 min/$100k max) 24-month Growth CD Unlimited deposits throughout term, min $10 automatic monthly deposit Account review
Mountain America Credit Union4.50% ($5 min/$100k max) 18-month Growth CD Unlimited deposits throughout term, min $10 automatic monthly deposit Account review
NASA Federal Credit Union4.50% ($250) 12 month Add-On Share Certificate Maximum $2.5k additional deposits per month Account review
Michigan State University Federal Credit Union4.50% ($100k) 1-year Add-On Jumbo CDA total of $10k in additional deposits per member
Navy Federal Credit Union4.45% ($50 min) 18-month Easy Start CDUnlimited deposits throughout term
AgFed Credit Union4.30% ($25) 12-month Asset Builder CertificateUnlimited additional deposits of any amount Account review
Rising Bank4.30% ($5k min) 18-month Rising CDOne additional deposit during term
Mountain America Credit Union4.25% ($5 min/$100k max) 60-month Growth CDUnlimited deposits throughout term, min $10 automatic monthly deposit Account review
Michigan State University Federal Credit Union4.25% ($50) 1-year Add-On CDA total of $10k in additional deposits per member)
Mountain America Credit Union4.20% ($5 min/$100k max) 48-month Growth CDUnlimited deposits throughout term, min $10 automatic monthly deposit Account review
Mountain America Credit Union4.20% ($5 min/$100k max) 36-month Growth CD Unlimited deposits throughout term, min $10 automatic monthly deposit Account review
Rising Bank4.20% ($10k) 26-month Rising CD One additional deposit during term
Navy Federal Credit Union4.15% ($50 min) 24-month Easy Start CDUnlimited deposits throughout term
AgFed Credit Union4.05% ($25) 18-month Asset Builder CertificateUnlimited additional deposits of any amount Account review
AgFed Credit Union3.85% ($25) 24-month Asset Builder CertificateUnlimited additional deposits of any amount Account review
Blue Federal Credit Union3.55% ($1k) 30-month Expandable CDUnlimited deposits throughout term
Genisys Credit Union3.48% ($100) 1-Year Flex CD Special (**NTS)Unlimited deposits throughout term ($10-$25k per day), one penalty-free withdrawal up to 25% of principal, one rate bump See review
Bellco Credit Union3.40% ($2.5k) 30-month Smart Move CDOne-time additional deposit of $100+, one partial withdrawal allowed, $1k min must be maintained Account review
Bellco Credit Union3.40% ($2.5k) 24-month Smart Move CDOne-time additional deposit of $100+, one partial withdrawal allowed, $1k min must be maintained Account review
Bank5 Connect3.30% ($500 min) 24-month Investment CDUnlimited deposits throughout term
Bellco Credit Union3.15% ($2.5k) 36-month Smart Move CDOne-time additional deposit of $100+, one partial withdrawal allowed, $1k min must be maintained Account review
Heartland Credit Union (KS)3.03% ($500 min) 30-Month Add-On CDUnlimited deposits ($500 min) throughout term
Pen Air Federal Credit Union2.55% ($500 min) 15-month Add-On CDUnlimited deposits throughout term
Liberty Federal Credit Union (formerly Evansville Teachers Federal Credit Union)1.55% ($25) 1-year Save to Win CertificateUnlimited deposits throughout term Account review
Vibrant Credit Union0.80% ($100 min) 5-Year Add-On CDUnlimited deposits throughout term

**New To Summary, as of February 28, 2024

CDs Removed Due To Low Rates Or Expired Specials

CDs Removed, No Longer Available

Maine State Credit Union6.10% ($500) 8-month Promo Certificate 8 Maine counties See review
CIBC Bank USA5.51% ($1k) 12-month Agility CD Account review
Marine Federal Credit Union5.43% ($1k) 14-month Term Share Certificate Easy membership Account review
Community Credit Union5.75% ($1k) 13-month CD Easy membership in Florida Account review
Arkansas Federal Credit Union5.75% ($1k) 13-month Certificate Special Easy membership in Arkansas Account review
Genisys Credit Union5.15% ($100) 14-month Flex CD Special Unlimited deposits throughout term ($10-$25k per day), one penalty-free withdrawal See review

CDs Removed, Rate Too Low

NASA Federal Credit Union5.40% ($10k) 9-month Share Certificate Special Easy membership Account review
Gulf Coast Federal Credit Union5.50% ($500) 6-month Share Certificate Special Corpus Christi (TX) metro area See review
T Bank5.25% ($1k) 13-month CD Special Account review
Salem Five Direct5.00% ($10k) 12-month eCD Special Internet bank Account review
NASA Federal Credit Union5.15% ($10k) 15-month Share Certificate Special Easy membership Account review
CFSB4.95% ($5k) 18-month CD Internet bank Account review
DCU4.60% ($25k) 12-23 month Jumbo CD Easy membership Account review
DollarSavingsDirect3.00% ($1k) 24-month CD Internet bank Account review
DEXSTA Federal Credit Union4.07% ($1k) 24-month Certificate 1 Maryland and 2 Delaware counties See review
DEXSTA Federal Credit Union3.82% ($1k) 36-month Certificate 1 Maryland and 2 Delaware counties See review
NASA Federal Credit Union4.45% ($10k) 49-month Share Certificate Special Easy membership Account review
Encurage Financial Network3.96% ($5k) 48-month Certificate Chicagoland See review
DEXSTA Federal Credit Union3.56% ($1k) 48-month Certificate 1 Maryland and 2 Delaware counties See review
Freedom Credit Union4.49% ($500) 60-month CD 5 SE Pennsylvania counties See review
DEXSTA Federal Credit Union3.30% ($1k) 60-month Certificate 1 Maryland and 2 Delaware counties See review
NextMark Credit Union4.25% ($100k), 3.75% ($25k), 3.25% ($2.5k) 72-month Share Certificate 7 Virginia counties and 5 Virginia cities Account review
Related Pages: 1-year CD rates, 5-year CD rates, IRA CD rates, nationwide deals, Internet banks
Comments
kcfield
  |     |   Comment #1
While the Fed continues to discern whether their favorite gear is reverse, neutral, or drive; I am content to leave my non-stock investments in my high yield savings account--which has, with respect to interest rate, remained relatively high and unchanged for the last several months. There is no interest rate incentive to lock into a long term CD; and I am reluctant to give up liquidity without a significant basis point advantage.
JeffinEasternFL
  |     |   Comment #5
True but, what of 2, 3, 4 years down the road?? I hit the sweet spot of rates with liquidity in 7 digits late, late  '22 early '23a and did 4 Jumbo CDs $250K CDs all laddered each CY 2025-28 and all at 5%+ APY and left almost 6 digits in a high yield at MBoI at 5% as well. I think rates will eventually drop 9(lection year ya know!) before they rise. We shall see; I have an old 3% APY CD coming due in August: Ya think , can I get 5 years and get 5%APY + to complete my ladder?
kcfield
  |     |   Comment #7
Jeff: Points well taken. With respect to ladders, I recommend checking with the experts: Home Depot and LovingSomeCDS :]
LovinSomeCDs
  |     |   Comment #2
Hope no one paid a penalty to break a CD at any time during 2022 or 2023, as its now proving to be a big mistake.

Its human nature to watch the "news" and believe complete strangers who claim they are "experts" because they have a fancy title at a news network. In the last 30 years, the only expert that we all regret not listening to is......wait for it......Ross Perot!

Play the long game!
Open.Mature.Rollover.Repeat!
Ladder and it wont matter!
kcfield
  |     |   Comment #3
LSCDS: Laddering was a good strategy for a long time; not sure it works as well with a reverse yield curve.
JeffinEasternFL
  |     |   Comment #6
I broke a 2.7% APY early in '23 and turned it to a 5%+APY longer term, that was a nice tax saving and arbitrage play!
LovinSomeCDs
  |     |   Comment #8
Ouch!

2.7 reminds me of the obama years. Havent had an APY that low since 2016
milty
  |     |   Comment #10
Hmm, I think you could have seen that rate in 2020.
LovinSomeCDs
  |     |   Comment #11
Possibly milty. I locked all 5 and 7 year in 2018ish. My ladder just fell into place in 2018/2019, and I went as long as I could on everything....total luck!
Radolph11
  |     |   Comment #38
With my brokered cd's there's no prepayment penalty, which is the best way to buy CDs, although its often difficult to get the best rates. I've sold some over time the past few years for capital gains and then reinvested at more favorable rates.
Shelby
  |     |   Comment #16
I broke CD's paying 4% in early 2023 for CD's paying north of 5% with no EWP. A total win and if I had listened to LOVIN  I would have lost many thousands of dollars over 5 years. It appears LOVIN has become exactly what he is rallying against...the so called "expert."
LovinSomeCDs
  |     |   Comment #23
You do whats best for you Shelby, reach for the sky! BUUUUUUT.......

Sorry, you still lost..actually lost big time. Well, unless you had no EWP of course, then by all means, congrats!

But, you couldve got that "north of 5" just about anywhere in the last year or so, and even can get it now if you look. The thing is, if you have waited, better than 5 came around. I locked in quite a few at 6, all it took was not panicking.
55Chevy
  |     |   Comment #30
comment 23....writes, "north of 5 just about anywhere in the last year or so." That is true if you are referring to MM or 2 yr. or less CD's previously offered the last twelve months, however Shelby was breaking FIVE year term CD's which is obvious if you read their comment. You also say you locked in quite a few 6% CD's this last year or so, please list the Financial Institutions that were offering long term 4/5 year CD's  that were paying 6%. Guess what,you can"t do it because they did not exist !
Mak
  |     |   Comment #26
Shelby, don’t forget, you also can use that loss as a tax deduction.
LovinSomeCDs
  |     |   Comment #9
2024 will bring 1 more .25% hike, watch for it.

Then, 2025 I will be rooting for a little crash. I want to get back to the days of 1.99% car loans, and dealer lots full with every color. Havent bought a car since 2019. Just cant resist cars below mspr, AND 1.99!
SmittyInTheCity
  |     |   Comment #12
Yeah, these banks not being as competitive as a guy would like. Just been piling recent cash back into the US Treasury which I have full faith in that they won't go bankrupt as long as money can be pulled from thin air.
LovinSomeCDs
  |     |   Comment #13
Crank up the printing press! The American way!

lol
w00d00w
  |     |   Comment #14
highest new issue brokered CD offering at Vanguard is 5.45%, call protected for 6 months, with a little over 11 months until maturity if not called. rate is about 11 bps above most recently auctioned 6 month T bill. I had a brokered CD paying the same 5.45% issued by a smaller bank get called earlier in February after 11 months.

it appears to me that JPMorgan Chase is currently issuing a lot of brokered CDs through Vanguard that have earliest call dates in September. maybe i'm reading too much into that, however perhaps reflective of a position that Fed will hold steadfast until that date at least.
gregk
  |     |   Comment #15
Having a look at Lafayette FCU’s deposit rate line-up this morning, I see no changes from last month in the CD yields being offered, nor at Advancial, which still offers 5.40% APY on its 5 year Jumbo.
melsher14
  |     |   Comment #17
Today 2/29. Don’t rates change 1st of month.
Praying you’re right. Trying to fund Advantial CD 5.4 apy????????
gregk
  |     |   Comment #18
Oh dear. Mistakenly thought it was March 1st. My relief has now turned back to apprehension.
dale26s
  |     |   Comment #19
When I look today the 5 year was down to 4.53:-(
dale26s
  |     |   Comment #20
When I look today the five year non-jumbo was down to 4.73 :-(
dale26s
  |     |   Comment #21
I'm looking at Lafayette Credit Union is it the wrong side there's no 5.40 there for a 5-year jumbo rate is 4.42
melsher14
  |     |   Comment #24
But as Scarlett O'Hara said, "Tomorrow is another day". fingers crossed!!
melsher14
  |     |   Comment #25
As Scarlett O'Hara once said, "tomorrow is another day'. Fingers crossed!
dale26s
  |     |   Comment #32
yup- limited membership-cant join
111
  |     |   Comment #27
Literally, the angst (whether real or feigned) regarding whether Advancial will or won't keep their 5.4% rate has become almost palpable. This feels like a re-do of the Punxsutawney Phil thing from almost a month ago! (And whoever said financial stuff was dry and un-entertaining...) ;)
sams1985
  |     |   Comment #28
I'm considering adding one more, i called them today, the rep said she wasn't aware of any upcoming rate changes in the short term. Maybe this hangs around for one more month but who knows at this point
sams1985
  |     |   Comment #29
"If this trend continues, we may soon see 5%+ long-term CDs. " Just last month, it was the end of CD's for the cycle...

If this isn't like groundhog day, i feel like we've relived this so many times over the last 2 years. 5%+ peak has been reached 3-4 times thus far and here we ago again.
melsher14
  |     |   Comment #34
Advantial 5yr IRA CD 5.01apy??
Not 5.40, but still 5. I’m grabbing it as soon as funds reach them. Only 5yr at 5% that I know of!
melsher14
  |     |   Comment #35
Sorry if a duplicate.
Advantial down to 5.01%apy for IRA CD??
Still gonna grab it ‘cause can’t find anything close for 5years.
Anybody know of any others out there?????
gregk
  |     |   Comment #31
Not having looked, what’s the scoop on Lafayette’s & Advancial’s CD rates for the month of March? Any changes lower?
sams1985
  |     |   Comment #33
Advancial finally lowered their rates. 60 month jumbo is now 5.01%
melsher14
  |     |   Comment #36
Lafayette down also.
highest 1 yr 5.00% apy??

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.