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CD Rates Summary October 10, 2017

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CD Rates Summary October 10, 2017

Even with last Friday’s weak jobs report, we continue to be on track for a December Fed rate hike. This WSJ article sums up the September employment report and its impact on the Fed:

The Federal Reserve won’t lose any sleep over September’s hurricane-dented jobs report showing the first decline in employment in seven years.

Instead, officials are more likely to focus on other signs of an improving labor market and stay on track to raise short-term interest rates again later this year.

We may not be as fortunate next year if inflation stays low. Economist Tim Duy gave his opinion about what to expect from the Fed in December and next year in his recent Fed Watch newsletter:

December rate hike still a go; low unemployment outweighs low inflation for now. That will change next year if job growth slows further and unemployment stabilizes.

One thing that should reduce the chance of a rate-hike slowdown at the Fed is new members that are being appointed by President Trump. The President’s first appointment has just been confirmed by the Senate. Randal Quarles is the Federal Reserve’s new vice chairman for supervision. He’s on the Board of Governors, and he’ll be a permanent voting member on the FOMC. According to this NYT article:

Mr. Quarles is less likely to have an immediate influence on monetary policy, but he has criticized the Fed for trying too hard to stimulate the economy, and he is expected to favor raising interest rates more quickly.

The next big appointment by President Trump will be the new Fed Chair to replace Janet Yellen in February. According to this CNBC article, “Trump told reporters last week that he will be announcing who his pick for the next Federal Reserve chair is by the end of October.” Former Fed member, Kevin Warsh, is currently the front-runner for the position, and according to that CNBC article:

The current favorite Warsh is renowned for being very critical of current monetary policy and has reportedly criticized the Fed for being a "slave" to the stock market after years of loose policy.

The odds of a December Fed rate hike as indicated by the Fed funds futures continue to rise. They’re now at 90.6% for at least a 25-bps rate hike (up from 78% last week).

For the second straight week, all Treasury yields were up from the previous week. The largest increase this week was the 6-month Treasury bill (yield up 5 bps).

The following numbers are based on Daily Treasury Yield Curve Rates and the CME Group FedWatch.

Treasury Yields:

  • 1-month: 1.03% up from 1.01% last week (0.52% on Jan 3)
  • 6-month: 1.26% up from 1.21% last week (0.65% on Jan 3)
  • 2--year: 1.51% up from 1.47% last week (1.22% on Jan 3)
  • 5--year: 1.95% up from 1.92% last week (1.94% on Jan 3)
  • 10-year: 2.35% up from 2.33% last week (2.45% on Jan 3)
  • 30-year: 2.88% up from 2.87% last week (3.04% on Jan 3)

Fed funds futures' probabilities of future rate hikes by:

  • Dec 2017 - up by at least 25bps: 90.6% up from 77.9% last week
  • Dec 2017 - up by at least 50bps: 1.4% up from 1.2% last week
  • Jun 2018 - up by at least 25bps: 96.3% up from 90.5% last week
  • Jun 2018 - up by at least 50bps: 57.6% up from 47.8% last week

Certificate of Deposit Rates

The top CD rates continue to inch higher as October began, and the trend of a flattening yield curve in which short-term rates rise faster than long-term rates also continues.

The new rates at Advancial Credit Union demonstrate this flattening yield curve. Advancial’s short-term rates increased, and Advancial’s Jumbo CDs are now clear leaders for terms of 2 years and under. Advancial’s Jumbo 1-year CD rate is now 1.87% APY, which is 12 bps above the second place 1-year leader (INOVA Federal Credit Union’s new 14-month certificate, 1.75% APY). Internet banks are not far behind with recent increases at KS StateBank (1-year, 1.70% APY) and at GS Bank (1-year, 1.65% APY).

Advancial also increased its long-term rates, but these rates aren’t the highest. The best deal for mid-term CDs continues to be EBSB Direct’s 30-month CD (2.21% APY). The best long-term CD rate continues to be Mountain America Credit Union’s 60-month Term Deposit (2.60% APY).

Hot CD Deals

Update: A hot deal popped up soon after the publication of this summary. GTE Financial Credit Union is offering promotional CDs with rates up to 2.78% APY. These also have an add-on deposit option. Please see this blog post for more details.

We are starting to see a couple of hot CD deals popping up, but as is typical with hot CD deals, they don’t last long. At the start of October, we had a local deal offering 3% on a 3-year term. That deal came from the California-based 1st United Credit Union. It was originally scheduled to last through October, but it was pulled early on October 7th.

I just noticed another hot CD deal that’s scheduled to begin on October 14th. NRL Federal Credit Union is advertising on their homepage a special 12-month CD with a 2% APY. This special is scheduled to run from October 14th to October 21st. NRL has easy membership requirements. I’ll have more info soon on this deal. Thanks to the reader who emailed me news of this special. He had found it mentioned on the new phatwalletforums.com. Update: New information that was learned about this CD revealed that it has a major limitation: a $10k maximum deposit.

Best Long-Term CDs with Mild Early Withdrawal Penalties

If you factor in the early withdrawal penalty, Utah First Credit Union continues to be the best 5-year CD deal. Its rate (2.50% APY) is just 10 bps under that of Mountain America’s 5-year CD, but the early withdrawal penalty (EWP) is just 180 days of interest (half of Mountain America’s EWP). For internet banks, Barclays is now tied with Sallie Mae Bank for the best internet bank 5-year CD when both the rate and EWP are considered. Both offer 2.35% APY and an EWP of 180 days of interest. You can see how these compare with Mountain America by using our CD Early Withdrawal Penalty Calculator. As you can see, if you break the CDs early, Utah First’s CD comes out ahead. Only Ally Bank has an advantage over Utah First, and that’s only if the CD is broken before 14 months.

Below is my standard explanation of the strategy of using long-term CDs with mild early withdrawal penalties and how I include these effective yields in the tables below.

An alternative to short-term CDs is long-term CDs that have mild early withdrawal penalties. I include the effective yields of a few long-term CDs when closed early in the tables below. All of these have competitive long-term CD rates and an early withdrawal penalty of 6 months of interest or less. The combination of a high long-term CD rate combined with a mild early withdrawal penalty makes these CDs pretty good deals even when closed early. If you want to compare the effective yields of other CDs after the early withdrawal penalties, please refer to our CD Early Withdrawal Penalty calculator.

The risks of planning for early withdrawals of long-term CDs were highlighted by the deposit agreement change at Ally. The risks have also been seen at credit unions which have raised the early withdrawal penalties on existing CDs. I have more details in this blog post.

Savings & Checking Account Rates

In the past I’ve covered savings and checking account rate changes in another weekly summary post. Each week I would publish one post with a recap of savings and checking account rate changes and another post with a recap of CD rate changes. Since there aren’t a lot of rate changes, I’m now alternating these posts. This week I’ll just publish this CD summary. Next week I’ll just publish the savings/checking summary. For both summaries I’ll include the same economic overview. 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 October 10, 2017

Under 1-Year CD Rates

InstitutionRatesNotes
Advancial1.72% ($50k) 6-month Jumbo CertificateEasy membership Account review
Veridian Credit Union1.61% 9-month Jumbo CD ($100k)Easy membership Account review
Crestmark Bank1.55% ($25k) 9-month CDAccount review
Veridian Credit Union1.51% 9-month CD SpecialEasy membership Account review
Ally Bank1.50% ($25k), 1.25% ($5k) 11-month No Penalty CD Internet bank See review
Crestmark Bank1.50% ($100k), 1.25% ($25k) 6-month CDAccount review
CD Bank1.40% 9-month CDAccount review
First Internet Bank1.35% 6-month CDEasy membership See review
GS Bank1.35% 9-month CD
The Vanguard Group Brokered CD1.35% 9-month non-callable CDIssued by BoC, EBT*
Fidelity Brokered CD1.35% 9-month non-callable CDIssued by BMOH, BoC, CCB, EBT, WEX*
EverBank1.31% (1yr intro rate, up to $250k) 0.86% ongoing rateMMA - Account review
Fidelity Brokered CD1.30% 6-month non-callable CDIssued by BoC, BoCA*
The Vanguard Group Brokered CD1.30% 6-month non-callable CDIssued by BoC, BoCA, BU*
The Palladian PrivateBank1.30% Savings Account promo 6-month rate ($10K min/$500K max)See review
Salem Five Direct1.25% eOne Savings (rate guarantee through 7/1/18) See review
EverBank1.21% (1yr intro rate, up to $250k) 0.71% ongoing rateChecking - Account review

Noteworthy Local Deals - Under 1-Year CDs

Citizens Community Credit Union1.55% 280 to 912 Days Lifestyle CDNE North Dakota See review
Maine Highlands Credit Union1.51% 6-month IRA CertificatePiscataquis County and 12 central Maine communities See review
Blue Gate Bank1.51% ($25k) MMA (rate guarantee through 1/31/2018Southern California See review
S&T Bank1.50% 9-month CD Special Pennsylvania See review
Liberty Bank1.50% Max Money Market Promo (1 year rate guarantee) Connecticut See review
PathFinder Bank1.40% High Yield Market Promo (12 month rate guarantee) 14 central New York counties See review
Wright-Patt Credit Union1.38% ($100k) 6-22 month Share Certificate 10 Ohio counties See review
United Bank1.36% Online Advantage MMA (6-month rate guarantee)25 states See review
Evergreen Bank Group1.35% ($10k) 6-month CD Special Chicago metropolitan area See review
Bogota Savings Bank1.35 6-month Online CD New Jersey See review
Triangle Credit Union1.30% 9-month CD Special5 NH and 4 MA counties See review
EastBank1.25% 7-month Special CDNYC See review
Providence Bank1.25% 9-month CD SpecialMissouri and southwest Illinois See review
Synergy Bank, SSB1.20% 10-month CD Special ($10kDallas/Fort Worth area

1-Year CD Rates

Advancial1.87% ($50k) 1-year Jumbo CertificateEasy membership Account review
INOVA Federal Credit Union1.75% 14-month CertificateEasy membership Account review
State Bank of India1.71% ($100k) 12-Month Senior Citizens CD See review
KS StateBank1.70% ($100k) 1-year Jumbo CD Internet Only Special See review
Crestmark Bank1.70% ($25k) 12-month CDAccount review
CD Bank1.65% 12-month CDAccount review
GS Bank1.65% 12-month CD
TIAA Direct1.62% 12-month CDInternet bank See review
EverBank1.62% 1-year Yield Pledge CD Internet bank See review
First Internet Bank1.62% 12-month CDInternet bank See review
BankPurely1.60% 12-Month PurelyCD Internet bank See review
Pacific National Bank1.60% 12-month CD See review
Popular Direct1.60% ($10k) 1-year Popular Direct CDInternet bank See review
Air Force Federal Credit Union1.56% 1-year Share CertificateEasy membership Account review
VirtualBank1.56% ($10k)12-month eCDInternet bank See review
State Bank of Texas1.55% ($100k) 1.45% ($25k) 12-month CD See review
My e-BAnC by BAC Florida Bank1.55% ($100k) 12-month Jumbo Time Deposit See review
Amboy Direct1.51% ($10k min/$250k max) 12-month eSavings CD See review
Northwest Federal Credit Union1.51% ($250k), 1.41% ($100k) 1-year CDEasy membership See review
Service Credit Union1.50% 11-month Certificate Special Limited membership See review
SallieMae Bank1.50% 12-month CDAccount review
BankDirect1.50% ($10k) 12-month CDAccount review
Ally Bank1.50% ($25k), 1.25% ($5k) 11-month No Penalty CD Internet bank See review
The Vanguard Group Brokered CD1.50% 1-year non-callable CDIssued by BU, SB*
Fidelity Brokered CD1.45% 1-year non-callable CDIssued by BMOH, BoC, SB, WEX*

Noteworthy Local Deals - 1-Year CDs

First National Bank1.75% ($10k) 13-month CD Special w/checking MD, NC, OH, PA, SC, and WV See review
First Bank & Trust1.73% ($100k) 14-month Jumbo CD SpecialChicago See review
Mutual Federal Bank1.71% 11-month Certificate Special Chicago metro area See review
Mercantil Commercebank1.61% 12-month Online Smart CDFlorida and Texas See review
P1FCU1.61% 12-month Share Certificate Special11 Idaho and 2 Washington counties
Bankers Trust Company1.60% (base rate) 10-month Promotional CDCedar Rapids/Des Moines, IA and Phoenix, AZ See review
Frankenmuth Credit Union1.60% 13-month CD SpecialMichigan See review
Northfield Bank1.60% 14-month CDNorthern New Jersey and NYC See review
Member One Federal Credit Union1.60% ($25k) 14-month CDSouthwest Virginia See review
IC Federal Credit Union1.59% 1-year Relationship CD Special6 Massachusetts counties See review
Pioneer Federal Credit Union1.55% 13-month CD Special13 SW Idaho counties See review
AmeriCU1.55% ($100k) 12-month Jumbo Partner Certificate9 Upstate New York Counties See review
General Electric Credit Union1.55% ($100k) 1-year Jumbo CDSouthwest Ohio

18-month CD Rates

Advancial1.96% ($50k) 18-month Jumbo CertificateEasy membership Account review
Veridian Credit Union1.91% 15-month Jumbo CD ($100k)Easy membership See review
Veridian Credit Union1.81% 15-month CD SpecialEasy membership See review
EBSB Direct1.78% 20-month CD Internet bank See review
CD Bank1.75% 18-month CDAccount review
Crestmark Bank1.75% ($25k) 18-month CDAccount review
KS StateBank1.73% ($100k) 18-month Jumbo CD Internet Only Special See review
Popular Direct1.70% ($10k) 18-month Popular Direct CDInternet bank
TIAA Direct1.70% 18-month CDInternet bank See review
EverBank1.70% 1.5-year Yield Pledge CDInternet bank See review
First Internet Bank1.70% 18-month CDInternet bank See review
GS Bank1.70% 18-month CD
Utah First Credit Union1.69% (2.50% 60-month CD closed after 18 months)Easy membership
Synchrony Bank1.65% 15-month CD SpecialInternet bankAccount review
Ally Bank1.64% (2.25% High Yield 5-Year CD closed after 18 months)See review
NASA Federal Credit Union1.60% 15-month CD Special Easy membership See review
Northpointe Bank1.60% 15-month CD Special See review
The Vanguard Group Brokered CD1.60% 18-month non-callable CDIssued by GSB*
Fidelity Brokered CD1.60% 18-month non-callable CDIssued by GSB, TAB*

Noteworthy Local Deals - 18-Month CDs

Westmoreland Community Federal Credit Union2.02% 15-month CD Westmoreland County, PA See review
Cedar Falls Community Credit Union2.01% 15-month Jumbo Certificate7 Iowa counties See review
University of Iowa Community Credit Union2.00% ($250k), 1.90% ($100k), 1.80k ($1k) 16-month CD Special All of Iowa and 4 Illinois counties, University of Iowa relationship See review
Evergreen Bank Group1.85% ($10k) 18-month CD Special Chicago metropolitan area See review
PathFinder Bank1.80% 17-month Fall CD Special14 central New York counties See review
Money One Federal Credit Union1.80% 18-month Certificate Special Washington, D.C. metro area See review
First United Credit Union1.80% 18-month CD Special (checking relationship)23 West Michigan counties See review
Members Choice Credit Union1.80% ($50k),1.70% ($500) 18-month CD Special Houston, Texas area See review
Washington Trust1.80% 18-month CD w/checkingRhode Island, Connecticut, Massachusetts See review
First Ipswich Bank1.80% 19-month CD Special Massachusetts' North Shore and Cape Ann See review
National Bank of New York City1.75% 18-23 month CDNYC, Long Island, Westchester See review
Georgetown Bank1.75% ($10k) 18-month Classic CD SpecialMassachusetts and southern New Hampshire See review
Ion Bank1.75% 19-month CD Special w/checkingConnecticut See review
ConnectOne Bank1.71% 15-month Personal CD Special New Jersey and New York See review
Collins Community Credit Union1.71% ($250k), 1.66% ($100k), 1.61% ($50k) 15-month CD Special 38 eastern Iowa counties See review
Premier America Credit Union1.70% ($25k) 16-month Diamond Certificate Special In-branch only in Southern California and Houston, TX See review
Michigan Schools and Government Credit Union1.70% 18-month CD Michigan's Lower Peninsula See review
First United Credit Union1.70% 18-month CD Special 23 West Michigan counties See review

2-Year CD Rates

Advancial2.04% ($50k) 2-year Jumbo CertificateEasy membership Account review
USAlliance Financial2.02% 25-month CertificateEasy membership Account review
Garden Savings Federal Credit Union2.02% 2-year Share CertificateEasy membership Account review
Veridian Credit Union2.02% 25-month Jumbo CD ($100k min)Easy membership
Veridian Credit Union1.91% 25-month Special CDEasy membership
Utah First Credit Union1.90% (2.50% 60-month CD closed after 2 years)Easy membership
KS StateBank1.89% ($100k) 2-year Jumbo CD Internet Only Special See review
InsBank1.85% 23-month CD See review
Popular Direct1.85% ($10k) 2-year Popular Direct CDInternet bank See review
GiftsforBanking.com1.85% ($25k) 2-year CD GiftsInternet bank See review
Crestmark Bank1.85% ($25k) 24-month CDAccount review
First Internet Bank1.81% 24-month CDEasy membership See review
TIAA Direct1.81% 24-month CDInternet bank See review
EverBank1.81% 2-year Yield Pledge CDInternet bank See review
VirtualBank1.81% ($10k) 2-year eCDInternet bank See review
Signal Financial Federal Credit Union1.80% 24-month Bump-Up CDEasy membership Account review
Air Force Federal Credit Union1.80% 2-year Share CertificateEasy membership Account review
Ally Bank1.79% (2.25% High Yield 5-Year CD closed after 2 years)See review
SallieMae Bank1.77% (60-month CD closed after 2 years)Account review
Northwest Federal Credit Union1.76% ($250k), 1.66% ($100k) 2-year CDEasy membership See review
GS Bank1.75% 24-month CD
Nationwide Bank1.75% ($100k), 1.70% ($500) 24-month CD Internet bankSee review
Bethpage Federal Credit Union1.75% 25-month CertificateEasy membership See review
Fidelity Brokered CD1.70% 2-year non-callable CDIssued by GSB*
The Vanguard Group Brokered CD1.70% 2-year non-callable CDIssued by COBNA, COBUSA, GSB*

Noteworthy Local Deals - 2-Year CDs

West End Bank2.20% 22-month CD Special Wayne and Union Counties, IN See review
Evergreen Bank Group2.05% ($10k) 24-month CD Special Chicago metropolitan area See review
SouthEast Bank2.01% 24-month CD Special East and Middle Tennessee See review
Collins Community Credit Union2.01% ($250k), 1.96% ($100k), 1.91% ($50k) 28-month CD Special 38 eastern Iowa counties See review
Primary Bank2.00% 2-year Anniversary CD New England See review
Truity Credit Union2.00% 23-month CD SpecialParts of Oklahoma, Arkansas, Kansas See review
SaviBank2.00% 24-month CD3 western Washington counties See review
Ferguson Federal Credit Union2.00% 24-month CD Special 12 southwest Mississippi counties See review
Greater Hudson Bank2.00% ($10k) 24-month CDOrange, Rockland, and Westchester Counties, NY See review
TCF Bank2.00% 26-month Promotional CDAZ, CO, IL, MI, and WI See review
First Federal Credit Union2.00% 29-month CD SpecialLinn County, Iowa See review
Members Choice Credit Union1.90% ($50k) 24-month Jumbo CDHouston area (TX) See review
Hanover Community Bank1.85% 29-month CDNassau, Suffolk, Queens, and Kings Counties, New York See review
Greater Iowa Credit Union1.81% 22-month CD Special33 Iowa counties See review

3-Year CD Rates

EBSB Direct2.21% 30-month CD Internet bank See review
USAlliance Financial2.17% 36-month CertificateEasy membership Account review
Advancial2.17% ($50k) 3-year Jumbo CertificateEasy membership Account review
Veridian Credit Union2.17% ($100k) 39-month Jumbo Special CD Easy membership See review
Utah First Credit Union2.11% (2.50% 60-month CD closed after 3 years)Easy membership
KS StateBank2.10% ($100k) 3-year Jumbo CD Internet Only Special See review
Service Credit Union2.05% 30-month CD SpecialMilitary relationship See review
Popular Direct2.05% ($10k) 3-year Popular Direct CDInternet bank
M.Y. Safra Bank2.02% 36-month Online Promo CD See review
Veridian Credit Union2.01% ($1k) 39-month Special CD Easy membership See review
INOVA Federal Credit Union2.00% 30-month CertificateEMR See review
Salem Five Direct2.00% 36-month eCD See review
BankPurely2.00% 36-Month PurelyCD Internet bank See review
Connexus Credit Union2.00% 36-month Share CertificateEasy membership (Added to Summary on 3/30) See review
GS Bank2.00% 3-year CD
Kinecta Credit Union2.00% ($100k) 30-month Jumbo Share Certificate Easy membership See review
Crestmark Bank2.00% ($25k) 36-month CDAccount review
SallieMae Bank1.97% (60-month CD closed after 3 years)Account review
Hope Federal Credit Union1.96% ($95k) 36-month Jumbo Share Certificate
Ally Bank1.95% (2.25% High Yield 5-Year CD closed after 3 years)See review
The Vanguard Group Brokered CD1.95% 3-year non-callable CDIssued by GSB*
Fidelity Brokered CD1.95% 3-year non-callable CDIssued by FBPR, GSB, 3rd FED*

Noteworthy Local Deals - 3-Year CDs

University of Iowa Community Credit Union2.60% ($250k), 2.50% ($100k), 2.40% ($1k) 35-month CD Special All of Iowa and 4 Illinois counties, University of Iowa relationship See review
Triangle Credit Union2.25% 35-month CD Special5 NH and 4 MA counties See review
Metro Credit Union2.25% 36-month CD8 eastern Massachusetts counties See review
Primary Bank2.25% 3-year CDNew Hampshire See review
East Boston Savings Bank2.21% 30-month CDBoston metropolitan area See review
BTH Bank2.18% 30-month Worry-Free CDTexas See review
Farmers State Bank2.15% 39-month CD3 NE Iowa counties See review
Mercantil Commercebank2.10% 36-month Online Smart CDFlorida and Texas See review
Members Choice Credit Union2.10% ($50k) 36-month Jumbo CDHouston area (TX) See review
Citadel2.10% 36-month CD Special 5 southeast Pennsylvania counties See review
Perpetual Federal Savings Bank2.07% 36-month CDCentral Ohio See review
Firelands Federal Credit Union2.06% 36-month Promotional Certificate5 northcentral Ohio counties See review
First Ipswich Bank2.05% 30-month CD SpecialMassachusetts' North Shore and Cape Ann See review
1st Gateway Credit Union2.05% 40-month CD SpecialEastern Iowa, Western Illinois
Haverhill Bank2.02% 36-month CDNE Massachusetts and nearby New Hampshire See review
VITAL Federal Credit Union2.01% 36-month CDSpartanburg County, South Carolina See review

4-Year CD Rates

Hanscom Federal Credit Union2.50% 48-month Certificate w/Premier CheckingEasy membership See review
Advancial2.38% ($50k) 4-year Jumbo CertificateEasy membership Account review
American Heritage Federal Credit Union2.26% 48-month Share Certificate EMR See review
Latino Credit Union2.25% 48-month CD Easy membership See review
NASA Federal Credit Union2.25% 49-month CD Special
USAlliance Financial2.22% 348-month CertificateEasy membership Account review
Utah First Credit Union2.21% (2.50% 60-month CD closed after 4 years)Easy membership
KS StateBank2.18% 4-year CD Internet See review
M.Y. Safra Bank2.16% 48-month Online Promo CD See review
Northern Bank Direct2.15% 48-month CD Internet bank See review
Third Federal Savings and Loan2.15% 49-month CD Special See review
Bethpage Federal Credit Union2.10% 48-month CertificateEasy membership See review
Mountain America Credit Union2.10% 4-year Term DepositEasy membership
First Internet Bank2.07% 48-month CDInternet bank See review
SallieMae Bank2.07% (60-month CD closed after 4 years)Account review
Crestmark Bank2.05% ($25k) 48-month CDAccount review
Fidelity Brokered CD2.05% 4-year non-callable CDIssued by BMW*
Ally Bank2.03% (2.25% High Yield 5-Year CD closed after 4 years)See review

Noteworthy Local Deals - 4-Year CDs

Pelican State Credit Union2.51% 48-month CDRapides Parish, LA; EMR in AR, LA, MS, TX See review
Institution for Savings2.50% ($250k) 4-year Money Market CD (also requires $250K in MMA)Parts of Massachusetts
Tech Credit Union2.43% ($100k) 50-month Jumbo Compound CD4 NW Indiana and 2 NE Illinois counties See review
Centra Credit Union2.40% ($100k) 47-month Special Share Certificate61 Indiana and 7 Kentucky counties See review
Deere Employees Credit Union2.35% 48-month Share CertificateEmployees and retirees of Deere & Company See review
Jefferson Financial Credit Union2.35% ($10k) 48-month Share Certificate4 Louisiana Parishes See review
IH Mississippi Valley Credit Union2.32% 48-month CD18 Illinois and 10 Iowa counties See review
Tech Credit Union2.30% 50-month Premium Compound CD4 NW Indiana and 2 NE Illinois counties See review
Perpetual Federal Savings Bank2.28% 48-month CDCentral Ohio See review
Pioneer Valley Credit Union2.27% 49-month Share Certificate SpecialEasy membership requirement in CT, MA, NH, NY, RI, VT See review
ASI Federal Credit Union2.27% 48-month CDGreater New Orleans metro area See review

5-Year CD Rates

Mountain America Credit Union2.60% 5-year Term DepositEasy membership
Advancial2.56% ($50k) 5-year Jumbo CertificateEasy membership Account review
United States Senate Federal Credit Union2.55% ($60k), 2.49% ($20k), 2.43% ($1k) 60-month CDEasy membership
Langley Federal Credit Union2.53% (w/Active Rewards), 2.43% (w/o Active Rewards) 60-month CDEasy membership Account review
Utah First Credit Union2.50% 60-month CDEasy membership
State Bank of India2.47% ($100k) 5-year Senior Citizens CD See review
State Bank of India (IL)2.47% ($50k) 5-year Senior Citizens CD
Hope Federal Credit Union2.43% ($95k) 60-month Jumbo Share Certificate
GS Bank2.40% 5-year CD
Signal Financial Federal Credit Union2.40% 60-month CDEasy membership Account review
Utah First Federal Credit Union2.40% 60-month CDEasy membership See review
Popular Direct2.40% ($10k) 5-year Popular Direct CDInternet bank
State Bank of India (IL)2.38% 5-year CD
Michigan State University Federal Credit Union2.38% ($100k) 5-year Jumbo CDEasy membership Account review
Barclays2.35% 60-month Online CD Account review
SallieMae Bank2.35% 60-month CDAccount review
Synchrony Bank2.35% ($25k), 2.30% ($2k) 60-month CDInternet bank See review
The Vanguard Group Brokered CD2.35% 5-year non-callable CDIssued by COBNA, SYN*
Fidelity Brokered CD2.30% 5-year non-callable CDIssued by CCB, GSB*

Noteworthy Local Deals - 5-Year CDs

First Financial Credit Union2.75% 60-month Share CertificateActive/retired members of the California Teachers Association See review
Pelican State Credit Union2.71% 60-month CDRapides Parish, LA; EMR in AR, LA, MS, TX See review
Knoxville TVA Employees Credit Union2.60% 60-month Certificate Special8 east Tennessee counties See review
Eastman Credit Union2.60% ($100k) 5-year Jumbo Investment Certificate7 Tennessee, 7 Virginia, and 2 Texas counties See review
American United Federal Credit Union2.60% 60-month CD (includes 0.10% rate increase)Salt Lake and Tooele Counties, Utah See review
Cyprus Credit Union2.60% 60-month CD and Dream CD Utah See review
Shell Federal Credit Union2.60% ($50k), 2.55% ($50) 60-month Share CertificateHarris County, Texas See review
Eastman Credit Union2.55% 5-year Investment Certificate7 Tennessee, 7 Virginia, and 2 Texas counties See review
America First Credit Union2.55% 60-month Regular Certificate 5 Utah, 2 Arizona, 2 Nevada counties See review
Goldenwest Credit Union2.55% 60-month CD6 Utah counties See review
Consumer Credit Union2.55% 60-month CD12 east Tennessee counties See review
Jefferson Financial Credit Union2.55% ($10k) 60-month Share Certificate4 Louisiana Parishes See review
Wasatch Peaks Credit Union2.55% 60-month CD3 Utah countiesSee review
Achieva Credit Union2.55% ($75k) 60-month IRA Plus 10 Florida counties See review
Indiana Members Credit Union2.53% 60-month CDCentral Indiana Account review
ASI Federal Credit Union2.53% 60-month CDGreater New Orleans metro area See review
First Bank of Tennessee2.52% 60-month Quarterly CODTennessee See review
SouthEast Bank2.51% 60-month CD Special East and Middle Tennessee See review

Over 5-Year CD Rates

Fidelity Brokered CD2.65% 10-year non-callable CDIssued by SYN*
The Vanguard Group Brokered CD2.65% 10-year non-callable CDIssued by SYN*
Apple Federal Credit Union2.60% 120-month CD
Air Force Federal Credit Union2.50% 7-year Share CertificateEasy membership Account review
GS Bank2.45% 6-year CD
KS StateBank2.45% 7-year CD See review
The Vanguard Group Brokered CD2.45% 7-year non-callable CDIssued by GSB*
Fidelity Brokered CD2.45% 7-year non-callable CDIssued by GSB*
Northrop Grumman Federal Credit Union2.38% ($40k) 84-month Bonus Term CDEasy membership
Discover Bank2.35% 10-year CD
Elements Financial2.30% 10-year CDEasy membership
Apple Federal Credit Union2.25% 84-month CD
PenFed Credit Union2.22% 7-year Money Market CertificateEasy membership See review
Andrews Federal Credit Union2.20% 84-month Share Certificate See review
Elements Financial2.15% 7-year CDEasy membership
Navy Federal Credit Union2.15% ($100k), 2.10% ($1k) 7-year CDMilitary relationship See review

Noteworthy Local Deals - Over 5-year CDs

Indiana Members Credit Union3.04% 84-month CDCentral Indiana Account review
PeoplesChoice Credit Union3.04% 120-month CDYork and Cumberland Counties, Maine
Afena Credit Union3.00% ($100k) 84-months Share CertificateGrant and Wabash Counties, IN
EFCU Financial2.75% 84-month Super 7 Variable Rate CD9 Louisiana parishes Account review
Black Hills Federal Credit Union2.70% ($200k) 7-8 year Ultimate CD (w/checking)South Dakota See review
Sharefax Credit Union2.68% ($15k) 80-month Gold Share CertificateSouthwestern Ohio
Credit Human (formerly San Antonio Federal Credit Union)2.60% 10-year Share CertificateSan Antonio, TX
Appalachian Community Credit Union2.57% 72-month Share Certificate5 TN, 3 VA, 4 KY counties See review
Indiana Members Credit Union2.53% 84-month CD17 Central Indiana counties See review
Citizens Bank Minnesota2.52% 96-month Share CertificateSouthern Minnesota
MidFirst Direct2.50% 84-month CDAZ, AR, CA, CO, FL, MO, NH, NV, NY, OK, TX, WY See review
Financial Center First Credit Union2.50% 84-month Share Certificate10 central Indiana Counties (greater Indianapolis)
Island Federal Credit Union2.50% 84-month CertificateNassau and Suffolk Counties, NY See review
First National Bank (PA)2.45% 10-year CD Special ($10k)PA, MD, OH, WV

*3rd FED (Third Federal S&L), BoC (Bank of China), BoCA (Bank of California), BMOH (BMO Harris), BMW (BMW Bank), BU (BankUnited), CCB (Comenity Capital Bank), COBNA (Capital One Bank NA), COBUSA (Capital One Bank USA), EBT (Enterprise Bank & Trust), FBPR (Firstbank Puerto Rico), GSB (GS Bank), SB (Safra Bank), SYN (Synchrony Bank), TAB (Transportation Alliance Bank), WEX (Wex Bank)

CDs Removed Due To Low Rates Or Expired Specials

CDs Removed, No Longer Available - Nationwide

Navy Federal Credit Union3.00% ($10k max) 5-month Certificate SpecialMilitary relationship Account review

CDs Removed, No Longer Available - Local

Civic Bank & Trust2.10% 21-month CD Special, add-ons allowedMiddle Tennessee See review
Wright-Patt Credit Union1.83%($100k), 1.72% ($500) 19-month Share Certificate Exclusive 10 Ohio counties See review
Republic Bank1.80% 19-month CDChicago metropolitan area See review
Old Missouri Bank1.76% 19-month CDMissouri See review
Adventure Credit Union2.05% 23-month CD Special11 west Michigan counties See review
Kemba Credit Union2.75% 66-month Special CD14 SW Ohio, 8 Northern Kentucky, and 2 SE Indiana counties See review

CDs Removed, Rate Too Low - National

First Internet Bank1.94% 36-month CDEasy membership See review

CDs Removed, Rate Too Low - Local

Texas Exchange Bank0.94% ($10k) 12-month New Money CD Texas See review
Red Rocks Credit Union0.60% 12-month Share Certificate Colorado See review
Hanover Community Bank1.35% 15-month CDNYC metropolitan area See review
Red Rocks Credit Union1.00% 24-month Share Certificate Colorado See review
Grow Financial Federal Credit Union1.65% 30-36 month Share CertificateEMR in FL, NC, SC; military relationship See review
American United Federal Credit Union2.00% 36-month Share Certificate (bump rate or 0.10% rate increase)Salt Lake and Tooele Counties, Utah See review
Vibrant Credit Union2.00% 33-month CD SpecialIowa, Illinois Quad Cities area
Fairport Savings Bank2.00% 35-month CD SpecialNew York State See review
Bayer Heritage Federal Credit Union2.02% 48-59 month Share Certificate Portions of OH, SC, WV; Bayer Corporation employees See review
Bayer Heritage Federal Credit Union2.28% 60-month Share Certificate Portions of OH, SC, WV; Bayer Corporation employees See review
Related Pages: money market accounts, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks
Comments
Smokeboat
Smokeboat   |     |   Comment #1
The FED is not setting the rate but following the rate trend.
deplorable 1
deplorable 1   |     |   Comment #2
I find it puzzling that longer term interest rates are not rising as fast as they should be. I actually think than all the banks get together and agree not to offer a rate higher than say 3% on a 5 year CD. This way they can all say that they are competitive while taking advantage of low interest rates for as long as possible. Kind of like OPEC for banks. Hopefully a couple more rate hikes and they will have to start offering better yielding CD's.
Anonymous
Anonymous   |     |   Comment #5
This would certainly include last weeks, 1st United CU, 36-mo. 3% CD. This great deal only lasted 5 days, but if you acted quickly, you landed it. Only offered to California residents.
Luvcd
Luvcd   |     |   Comment #6
Close, Deplore, but no cigar...it's the FDIC that is in the loop and must, in effect, approve rates, depending upon capital, etc. ratios, since it is the insurer of last resort!
CD Realist
CD Realist   |     |   Comment #7
Dude, FDIC not in play here as it's a credit union. Get off the conspiracy soapbox!
Luvcd
Luvcd   |     |   Comment #8
Hey, Dude...reread Deplore's comment which dealt with banks! Same with NCUA, ratios must be maintained...are you saying the insurers do not have any interest in what interest rates are...no pun intended.
deplorable 1
deplorable 1   |     |   Comment #9
@Luvcd: Actually banks can offer any rate they like on a CD or bank account. I'm getting 5% right now in a few small capped bank accounts. A bank could offer 5% on a 5 year CD tomorrow if they wish. You think the bank actually has to call the FDIC or NCUA to ask if they can offer said rate? As long as the bank can charge someone else more on say credit card interest of 28% they would still make money. Banks just don't like to pay out any more than they can charge for a 30 year fixed rate mortgage which according to Bankrate is hovering right around 4% currently which is why you are seeing some 3% CD deals popping up. The thing is that banks can also make tons of money from fees and investments as well as loans so they can easily afford to pay 5% on a CD even right now. Like I said I think just like OPEC they have a loose agreement to keep rates low as long as possible. In other words the banks are being very greedy right now to the very folks who bailed them out during the financial crisis.
CD Realist
CD Realist   |     |   Comment #10
FDIC / NCUA certainly have interest in rates but they do not micromanage as you imply. These institutions generally go into distress for a host of other reasons besides overpaying on share accounts. Example Melrose dropped 5 year CD to 2.11% per a 9/26 note on this website. Today that term CD shows APY of 2.31%. This is a CU under conservatorship! Doesn't seem like insurer of record has a tight rein on this one. I agree regulators/insurers have guidelines but there is no Bat Phone to CU / Banks saying pull this rate or else, as you're implying occurred at 1st United.
mindsweep
mindsweep   |     |   Comment #13
CDs are Hot Money and a lot of banks can't manage it within regulatory constraints. You need to maintain a certain LTD. For a while after 2009 a sign of a struggling bank was high CD rates.
Jennifer
Jennifer   |     |   Comment #3
I simply adore high rate environments.
Harvey W.
Harvey W.   |     |   Comment #4
I adore you and your comment.
deplorable 1
deplorable 1   |     |   Comment #11
I remember back in the 80' and 90's when you didn't even have to lock your money up in CD's to get the best interest rates. Money magazine and Forbes etc. used to list the highest yielding money market and savings accounts(before websites like DA). If 5 year CD's were paying 6% and standard savings accounts were paying 5% you could find a good MMA paying 6-6.5% on liquid cash. Now you have to hope and pray for a decent rate and then hope that you are able to catch it in time before it disappears. If it wasn't for this site I would have missed the 2.5-3% CD's I have now.
Bogie
Bogie   |     |   Comment #12
Yes sir, I agree with you 100%. Unfortunately, we frugal savers will never see those rates a second time around.

Also agree, Ken's site is the greatest help in finding the best rates, as paltry as they are. Been following it for years.
Southern Girl
Southern Girl   |     |   Comment #14
Ken, please consider to mention SouthEast Bank in Farragut TN in the category of best long-term cds with mild early withdrawal penalties. One Special CD available nationwide is a 24 month CD that yields 2.01% with an EWP of 90 days on the amount withdrawn. Another Special CD available nationwide is a 60 month CD that yields 2.51% with an EWP of 180 days on the amount withdrawn. Both of these rates also apply to an IRA CD. Partial withdrawals are allowed on all CDs. There are no penalties for early withdrawals on an IRA, if you are above 59 1/2 years old. Please consider to place SouthEast Bank as a 2 year and 5 year nationwide deal, as it is not only a local deal. Please correct that the EWP description is based on term of cd as follows and not when it is withdrawn:
Term EWP
1 to 12 30 days
13 to 35 90 days
36 to 60 180 days
Ken Tumin
Ken Tumin   |     |   Comment #15
Thanks for your comment. Here's the blog post that reviewed these SouthEast Bank CDs. When you contacted the bank, did they send you an application for opening these special CDs by mail? Looks like they're still working on their online application. The EWP that was listed was based on information from the CSR, but I wouldn't be surprised if the CSR was incorrect.
#16 - This comment has been removed for violating our comment policy.
Southern Girl
Southern Girl   |     |   Comment #17
The online application can be located on SouthEast Bank's website. Click on Find an Account, choose Savings, choose CDs and click OPEN NOW.
Ken Tumin
Ken Tumin   |     |   Comment #28
Thanks. I was able to find the online application based on your instructions. Have you been able to apply online for these promotional CDs?

The bank doesn't make it easy to find. When you click on the "open an account" button on the home page, it goes to a page that says "We're currently improving our online account opening process to better serve you."

The thing that has me worried about this bank is the conflicting information on the bank's website. In addition to the above issue, the page that has the CDs page link has a "special promotions" link. Clicking on that link lists the 24mo and 60mo promotional CDs along with the following in bold text "Visit your local SouthEast Bank branch to open."

Small banks like this often don't put in the resources to properly offer CDs nationwide so that both their website and their CSRs are ready to handle nationwide customers.
Crooked H>
Crooked H>   |     |   Comment #18
So the over 59 1/2 no penalty for early withdrawal on 60 month IRa cd would really be a screaming deal I think. If true may have to slip a quarter mill in there . My 401 k charging me 70 bucks a month fees and paying a crap 1.6% interest rate on my money plan to drain that thing but I will leave 5 cents in it
deplorable 1
deplorable 1   |     |   Comment #19
One additional note on this CD. On the website it says that they removed the max cap for the promotional CD's only so I am assuming that there is no cap on this CD as well which makes this a even better deal.
deplorable 1
deplorable 1   |     |   Comment #20
Sorry posted above in the wrong place.
Abbie
Abbie   |     |   Comment #21
The NRL CU 1year 2.00% CD looked really good until I noticed that it has 10k limit on it.
Abbie
Abbie   |     |   Comment #22
I am looking for a place to put about 100k. GTE has some really good rates but their health rating is not so good compared to other banks/CUs. I know that my account would be insured up to 250k but I've read that sometimes the hassle of getting your money out of a failed bank can be a frustrating process. Do you think that GTE is offering such high rates because they are in serious trouble? Would you put your money in a CD in this CU? BTW, I just discovered Ken's web site even though depositaccounts.com is my go to website for everything financial. Ken, thanks so much for your excellent articles. I will be checking you out more regularly.
DCGuy
DCGuy   |     |   Comment #23
As far as my experiences go with banks that got shut down or taken over, I have never had an issue with getting the money out of the failed bank. When one bank could not find a buyer, the RTC took it over and later sent the account balance via check. As long as you do not go over the maximum insurance coverage limit, you should have no worries.
deplorable 1
deplorable 1   |     |   Comment #24
Same here DC Had 2 banks fail and got a check within 2 weeks. Just looked at it as getting my money out of a CD with no early withdrawal penalty. I just keep them under $250,000.
Abbie
Abbie   |     |   Comment #25
Thank you for your answer, both you and Deplorable. Do you know if it is the person or the account that is insured? If 2 people are listed jointly on the account, is it insured for 250k or 500k?
deplorable 1
deplorable 1   |     |   Comment #26
@Abbie: It is my understanding that you can be covered for up to $250,000 per depositor per ownership category. So $250,000 for you $250,000 for your spouse and another $250,000 for a joint account and yet another $250,000 in a retirement account all at the same bank would all be fully insured. Here is a good article on the subject which addresses both FDIC and NCUA coverage.
https://wallethub.com/edu/ncua-fdic-insurance-limits/10877/
Jersy
Jersy   |     |   Comment #27
#25
Two on a joint account = $500K, assuming no other accounts.
If one person dies FDIC maintains coverage for 6 months to give the survivor time to transfer funds or remedy the insurance limits in some other manner.
alan1
alan1   |     |   Comment #29
Abbie (#25) -- Please be extremely careful about relying on statements by posters on various webstes or on blog articles. This site has a number of posters who like to provide purportedly definitive, off the cuff (and often off the wall) legal advice. I urge you to use the FDIC and NCUA insurance estimators. FDIC and NCUA insurance work differently. As I understand it, (and you can check it on the estimator) joint ownership does NOT increase NCUA insurance coverage UNLESS the joint owners are members of the credit union. If the additional owner is not a member, the insurance coverage will not increase.

But don't rely on what I say. Go to the tools provided by the insurers.

NCUA Share Insurance Estimator https://www.mycreditunion.gov/estimator/Pages/default.aspx

FDIC Electronic Deposit Insurance Estimator https://www5.fdic.gov/edie/
Bozo
Bozo   |     |   Comment #30
Alan 1 (re comment #29), while a joint owner of an account must be a credit union member (by definition), I don't think a POD beneficiary needs be so. The POD gives you an additional layer of NCUA coverage, does it not? That said, the rules are funky. At Alliant, a "beneficiary" on an after-tax account does not provide additional insurance coverage. Two beneficiaries, you get the additional coverage. Go figure. Why a "POD" would be treated differently from a single beneficiary is beyond me. Maybe I don't understand the rules (which would not be shocking).
WhoKnows
WhoKnows   |     |   Comment #31
#30
A joint CD owner does not have to be a member...at least at my single CU. The problem is access to monies in the event the one who is a member dies. The non-member survivor eventually gets the cash but it's a bit more difficult. Also, based on what I was told, insurance limits apply to both owners even if one is not a member. Verify this with your CU.
Abbie
Abbie   |     |   Comment #32
Thank you all for your comments. I will definitely read the wallethub article. Also, I will check both the FDIC and the NCUA calculators. But in the end, I guess it's also most important to read the fine print from the CU. I have been on both of those sites but never thought to look for an insurance calculator.
alan1
alan1   |     |   Comment #33
Abbie (#32) -- a note re terminology -- use the NCUA Share Insurance Estimator. Do NOT use the NCUA Electronic Share Insurance Calculator. The Calculator bases the computations for coverage on the rules in effect as of October 3, 2008.

The Estimator "bases the computations for coverage on the rules in effect as of May 2013. If any subsequent statutory or regulatory changes occur, NCUA will update the calculator as quickly as possible. The release date for this version of the Share Insurance Estimator is January 2014." https://www.mycreditunion.gov/estimator/Pages/calculator.aspx