Credit Union vs. Bank: Which Should You Choose?
What Is a Joint Bank Account, and Is It Right for You?
How to Write a Check: Your Step-by-Step GuideCD Deals Summary
Update 4/10/2024: For an up-to-date CD Summary, please refer to this scaled-down version in the DA Forum: CD rate leaderboard for April 10, 2024. For the latest CD rates, please refer to DA's main CD rate table.
The February CPI report that was released on Tuesday showed that inflation remains elevated. In February, inflation increased more than had been forecasted. Core CPI, which excludes energy and food prices, increased 0.4% on a monthly basis and 3.8% on an annual basis. The forecasted increases were 0.3% and 3.7%, respectively. This is the second straight month with inflation being slightly hotter than expected. This gives the Fed more reason to delay rate cuts.
The Fed’s March meeting is only one week away, and all signs point to the Fed keeping its policy rate unchanged. This meeting will also include an update to the Fed’s Summary of Economic Projections (SEP). In the last SEP in December, the Fed’s dot plot suggested three 25-bp rate cuts in 2024. The hotter-than-expected inflation that we’ve seen in the last two months may result in a dot plot that shows fewer rate cuts in 2024. If that happens, the odds of a rate cut before the second half of 2024 should fall substantially.
The odds that there’ll be a rate cut at or before the Fed’s June meeting are now 64.9%, down from 69.4% last week. However, the odds rise substantially in the second half. The odds of a rate cut by the Fed’s July meeting are 83.1%.These odds are based on the Fed Funds futures market via the CME FedWatch Tool..
Early this year, it appeared that inflation might fall enough to allow the Fed to cut in March. Banks were quick to jump on the “rate cuts are coming” bandwagon. They saw the potential of falling interest rates as an opportunity to lower CD rates to improve their profitability. Since January, several online banks have lowered their CD rates, and that has continued into March.
Major online banks that lowered their 1-year CD rates in the last two weeks include Ally Bank (4.65% → 4.50% APY), Barclays (5.15% → 5.00% APY), Capital One (5.00% → 4.90% APY), and Sallie Mae Bank (5.25% → 5.10% APY).
Several of the smaller online banks joined the major ones with their own CD rate cuts. Noteworthy small online banks that lowered their 1-year CD rates include My eBanc (5.45% → 5.41% APY), TotalDirectBank (5.50% → 5.35% APY), Credit One Bank, NA (5.40% → 5.20% APY), and Bask Bank (5.40% → 5.20% APY).
There were a few banks that increased their CD rates in March. These include CFG Bank (5.35% → 5.40% APY), Forbright Bank (5.10% → 5.25% APY), and LendingClub Bank (5.10% → 5.15% APY). This might be a sign that the recent trend of CD rate cuts will weaken.
The widespread CD rate cuts in January and February 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 and February. From January 1st to March 1st, the Online 1-year CD Index fell from 5.35% to 5.02%, and the Online 5-year CD Index fell from 3.95% to 3.84%. The Indexes are the average yields of ten online CDs from well-established online banks.
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:
- Barclays (1y 5.15% → 5.00%, 6m 0.10% → 5.30%)
- BMO Alto (6m 5.50% → 5.25%)
- Capital One (18m 4.70% → 4.50%, 1y 5.00% → 4.90%, 10m 4.30% → 5.10%)
- Sallie Mae Bank (1y 5.25% → 5.10%, 6m 5.10% → 4.95%)
- Marcus by Goldman Sachs (14m 5.15% → 5.05%)
- Synchrony Bank (14m 4.90% → 5.00%, 11m NP 3.65% → 0.25%)
- Ally Bank (1y 4.65% → 4.50%, 11m NP 4.15% → 4.00%)
Less well known banks:
- My eBanc (Jumbos: 1y 5.45% → 5.41%, 6m 5.51% → 5.49%)
- CFG Bank (1y 5.35% → 5.40%)
- TotalDirectBank (1y 5.50% → 5.35%, 6m 5.50% → 5.45%)/li>
- Popular Direct (5y 4.45% → 4.35%, 1y 5.30% → 5.25%)
- First Internet Bank (5y 4.61% → 4.55%, 3y 4.76% → 4.66%, 1y 5.36% → 5.31%)
- T Bank (13m Spc 5.50% → 5.25%)
- Forbright Bank (1y 5.10% → 5.25%)
- Credit One Bank, NA (3y 4.30% → 4.15%, 18m 5.00% → 4.75%, 1y 5.40% → 5.20%)
- Bask Bank (1y 5.40% → 5.20%, 6m 5.35% → 5.15%)
- ConnectOne Bank (11m 5.40% → 5.15%)
- LendingClub (1y 5.00% → 5.15%)
- Luana Savings Bank (Jumbos: 30m 5.01% → 4.96%, 2y 5.11% → 5.06%, 18m 5.17% → 5.11%)
- TAB Bank (2y 5.00% → 4.80%, 18m 5.13% → 5.00%)
Credit unions that have easy membership requirements:
- USALLIANCE Financial (1y Spc 5.20% → 5.40%)
- NASA FCU (49m 4.45% → 4.35%, 9m 5.40% → 5.30%)
- Elements Financial (13m Spc 5.25% → 5.35%)
- Connexus CU (Jumbos: 2y 4.56% → 4.68%, 1y 4.81% → 5.06%, New 10m 5.30%)
- Farmers Insurance FCU (2y 5.00% → 4.25%, 18m 5.00% → 5.25%, 1y 5.00% → 5.25%)
- Mountain America CU (1y Spc 5.15% → 5.25%)
- Affinity FCU (New Money Spc: 14m 5.50% → 5.00%, 8m 5.50% → 5.25%)
- Lafayette FCU (Jumbos: 3y 5.20% → 4.68%, 2y 5.20% → 4.84%, 1y 5.61% → 5.20%)
- Alliant CU (Jumbo 18m 5.20% → 5.05%)
- Advancial CU (Jumbos: 5y 5.40% → 5.01%, 4y 5.20% → 4.81%, 3y 5.06% → 4.65%)
- Latino CU (Jumbos: 2y 5.10% → 4.80%)
- Notre Dame FCU (3y Spc 5.25% expired, 18m Spc 5.55% → 4.75%)
- Pelican State CU (5y 3.82% → 4.70%, 4y 3.71% → 4.59%, 3y 4.23% → 4.49%)
- PenFed CU (5y 4.00% → 3.80%, 15m 4.55% → 4.40%)
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.
After eight consecutive weeks of rate gains on brokered CDs, the streak has ended. The top rates of long-term CDs with terms from three to five years fell 5 bps from two weeks ago, while the top shorter-term CD rates mostly held steady from two weeks ago.
Morgan Stanley Bank and its sister bank, Morgan Stanley Private Bank were the primary banks to issue the top long-term CD rates at both brokerage firms. Their 5-, 4-, and 3-year rates were 4.30%, 4.35%, and 4.60%, respectively.
For the 2-year term, the top rate was 4.80%, the same top rate from two weeks ago. Among the banks issuing this rate was Bank of America. Wells Fargo was just behind Bank of America with a rate of 4.70%. This was down 5 bps from two weeks ago.
Just like two weeks ago, the longest term with rates of at least 5% is 18 months. Two small banks issued 18-month CDs today with a rate of 5.05%.
For the 1-year term, the top rate was 5.20% at Vanguard and 5.15% at Fidelity. Bank of America was one of three banks that had issued 1-year CDs with a 5.20% rate at Vanguard. At Fidelity, the top 1-year rate was 5.15%. Charles Schwab Bank was the only bank that had issued a 1-year CD with this rate.
The highest brokered CD rate was 5.35% at Vanguard. These were CDs with 3- and 6-month terms, and they were also the top rates at Vanguard two weeks ago.
One noteworthy change from two weeks ago was the appearance of non-callable long-term CDs (7- and 10-year terms). At both brokerage firms, there were 7-year and 10-year non-callable CDs with rates that ranged from 4.00% to 4.15%. This suggests that some banks may be seeing higher odds that relatively high rates may actually last for several years.
Direct CD Rates and Deals
A few of the credit unions that had market-leading CD rates did cut their rates in March. However, four credit unions held their rates steady through March, and they’re now the rate leaders for the four categories with terms under three years.
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).
T Bank had been the rate leader for the 1-year category, but its 13-month CD Special just had a rate cut that lowered the rate to 5.25% APY. The new leader in the 1-year category is Alliant Credit Union. Its 1-year Jumbo CD is on top with a 5.45% APY. This requires a $75k minimum deposit. Its non-Jumbo version, which has a minimum deposit of only $1k, is close behind with a 5.40% APY. It’s nice to see Alliant Credit Union back as a rate leader. However, it's disappointing that their online savings account remains uncompetitive.
Hughes Federal Credit Union held its very competitive 17-month CD rates steady in March, and it appears these will hold through March. These remain the rate leaders for the 18-month category. In fact, with the recent rate cuts at Notre Dame FCU, these 17-month CD rates now have a large lead. There are two rates: 5.65% APY for a $99k minimum deposit and 5.60% APY for a $50k minimum deposit. Please refer to this Hughes FCU CD review for details.
In the 2-year category, Pelican State Credit Union is now the rate leader with a 5.27% APY for a 24-month Share Certificate ($500 minimum). This 2-year rate has held steady since August 2023. Please see my review of Pelican State Credit Union and its 24-month CD for more details.
For the 3-year category, DollarSavingsDirect (DSD) appears to be the only institution offering a yield of at least 5%. A couple of credit unions that had been offering 5%+ have recently lowered their rates. DSD has been offering 5.00% APY on its 3-year CD since last August. Before you open a DSD CD, you first must have a DSD online savings account, which also has a 5.00% APY. DSD is an online division of Emigrant Bank, which has three different online divisions. The other two are MySavingsDirect and EmigrantDirect. All three online divisions have the same products, but they typically have different rates. MySavingsDirect was also offering 5.00% APY on its 3-year CD, but this rate fell to 3.00% APY in February. For more details about this 3-year CD, please refer to my review of MySavingsDirect CDs. All three online divisions share the same online account platform and CD features. Please refer to my report on the recent changes at Emigrant Bank.
The best long-term CD deal in January and February had been at Advancial Credit Union. For a $50k minimum deposit, its 5-year and 4-year CD rates were 5.40% APY and 5.20% APY, respectively. Advancial’s rates went down in March, but amazingly, they remain rate leaders in the 5- and 4-year categories. Its 5-year CD now has APYs of 5.01% ($50k minimum), 4.91% ($25k minimum), and 4.80% ($1k minimum), and its 4-year CD now has APYs of 4.81% ($50k minimum), 4.71% ($25k minimum), and 4.60% ($1k minimum). 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.
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 short note on the best liquid bank account deal.
Popply Bank is now alone as the rate leader after Milli Bank slashed its savings account rate from 5.50% to 4.75% APY. Poppy Bank continues to offer 5.50% APY on its Premier Savings account, and this rate is still guaranteed to last for three months after account opening.
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 5.26% and a compound yield of 5.39%.
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 (5.01% 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 5.52% for a 1-month T-bill to 5.37% 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 4.61%, 4.37%, 4.19%, 4.20% and 4.19%. These yields are down between 3 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 1.82% to 2.08%. These are down from 1.88% to 2.12% 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 March 13, 2024
Under 1-Year CD Rates
| Institution | Rates | Notes |
|---|---|---|
| Andrews Federal Credit Union | 5.75% ($1k) 6-month New Member Share Certificate Special | Easy membership Account review |
| Newtek Bank | 5.55% ($2.5k) 6-month CD | Internet bank Account review |
| CAFCU | 5.50% ($1k) 7-month CD Special | Easy membership Account review |
| Elements Financial | 5.50% ($1k) 8-month CD Special | Easy membership Account review |
| Gateway First Bank | 5.50% ($500) 7-month CD Special | Account review |
| Superior Choice Credit Union | 5.50% ($500) 6-month Share Certificate | Easy membership Account review |
| My Banking Direct | 5.50% ($2.5k) 5-month CD Special (**NTS) | Internet bank Account review |
| My eBanc | 5.49% ($50k) 6-month Jumbo Online Time Deposit | Internet bank Account review |
| TotalDirectBank | 5.45% ($25k) 6-month CD (**NTS) | Account review |
| Genisys Credit Union | 5.41% ($500) 9-month Share Certificate Special (**NTS) | Easy membership Account review |
| The Vanguard Group Brokered CD | 5.35% (APR) 4-6 month non-callable CD | Issued by MRBI* |
| The Vanguard Group Brokered CD | 5.35% (APR) 1-3 month non-callable CD | Issued by DART* |
| Climate First Bank | 5.34% ($500) 6-month No Penalty CD Special | Account review |
| OptimumBank | 5.30% ($1) 5-month No Penalty CD via Raisin | Account review |
| The Vanguard Group Brokered CD | 5.30% (APR) 7-9 month non-callable CD | Issued by TMNB* |
| Fidelity Brokered CD | 5.30% (APR) 6-month non-callable CD | Issued by BoC, LIBB, PFB, SBoI* |
| Fidelity Brokered CD | 5.30% (APR) 3-month non-callable CD | Issued by BBUSA, BoC, BoCA, CALP, KEY* |
| Technology Credit Union | 5.25% ($1) 5-month No Penalty CD via Raisin | Account review |
| Fidelity Brokered CD | 5.20% (APR) 9-month non-callable CD | Issued by BoA, BoC, BoCA , PREB, WFB* |
| All In Credit Union | 5.17% ($100k) 9-Month Jumbo CD (one penalty-free withdrawal) | Easy membership Account review |
| All In Credit Union | 5.12% ($1k) 9-Month CD (one penalty-free withdrawal) | Easy membership Account review |
Noteworthy Local Deals - Under 1-Year CDs
| Vast Bank | 5.75% ($2.5k) 6-month CD Special | Oklahoma See review |
| Robins Financial Credit Union | 5.70% ($500) 7-month Share Certificate Special (**NTS) | Easy membership in Georgia See review |
| Legacy Bank & Trust | 5.65% ($1k) 6-month High Yield CD | Missouri, Oklahoma, Texas Account review |
| Peoples Savings Bank of Rhineland | 5.64% ($1k) 8-month CD (**NTS) | Missouri Account review |
| Resource One Credit Union | 5.64% ($500) 5-month CD (**NTS) | Dallas and Harris Counties, Texas Account review |
1-Year CD Rates
| Alliant Credit Union | 5.45% ($75k), 5.40% ($1k) 12-month Jumbo CD/CD | Easy membership Account review |
| My eBanc | 5.41% ($50k) 12-month Jumbo Online Time Deposit) | Internet bank Account review |
| CFG Bank | 5.40% ($500) 12-month CD (**NTS) | Account review |
| USALLIANCE Financial | 5.40% ($500) 12-month Certificate Special (**NTS) | Easy membership Account review |
| Expedition Credit Union | 5.40% ($2.5k) 12-month CD Special | Easy membership Account review |
| NexBank | 5.40% ($100k) 12-month Promotional Online Jumbo CD | Account review |
| First Flight Federal Credit Union | 5.38% ($10k), 5.27% ($500) 12-month Share Certificate (**NTS) | Easy membership Account review |
| CIBC Bank USA | 5.36% ($1k) 13-month Agility CD | Account review |
| BrioDirect | 5.35% ($500) 12-month Promo High-Yield CD (**NTS) | Internet bank Account review |
| Elements Financial | 5.35% ($1k) 13-month CD Special (**NTS) | Easy membership Account review |
| The Vanguard Group Brokered CD | 5.20% (APR) 10-12 month non-callable CD | Issued by BoA, EVNB, HADSB * |
| Fidelity Brokered CD | 5.15% (APR) 1-year non-callable CD | Issued by SCHW* |
Noteworthy Local Deals - 1-Year CDs
| Bank of South Texas | 5.88% ($1k) 12-month CD | Texas, possible nationwide availability See review |
| Del Norte Credit Union | 5.65% ($1k) 13-month Share Certificate Special | Possible easy membership, 14 New Mexico counties Account review |
| Citizens National Bank of Texas | 5.64% ($10k) 12-month CD Special | 5 North Texas counties and Placer County, California See review |
| Colonial Savings | 5.64% ($10k) 11-month CD Special (**NTS) | Dallas-Fort Worth metro area See review |
| Space Coast Credit Union | 5.61% ($500) 12-month CD (**NTS) | 34 Florida counties Account review |
18-month CD Rates
| Hughes Federal Credit Union | 5.65% ($99k) 17-Month Jumbo CD | Easy membership Account review |
| Hughes Federal Credit Union | 5.60% ($50k) 17-Month Mini Jumbo CD | Easy membership Account review |
| State Department Federal Credit Union | 5.41% ($100k) 15-month Jumbo Certificate Special | Easy membership Account review |
| Fortera Credit Union | 5.35% ($1k) 18-month Share Certificate | Easy membership Account review |
| Life Credit Union | 5.35% ($1k) 18-month Share Certificate (**NTS) | Easy membership Account review |
| Climate First Bank | 5.34% ($500) 15-month Flex CD Special | Account review |
| Technology Credit Union | 5.25% ($1k) 17-month Flextime Certificate Special | Easy membership Account review |
| First National Bank of America | 5.15% ($1k) 12-23 month CD | Account review |
| Luana Savings Bank | 5.11% ($100k) 18-month CD Special | Account review |
| M.Y. Safra Bank | 5.08% ($500) 18-month MYSB Direct Online CD (**NTS) | Account review |
| Fidelity Brokered CD | 5.05% (APR) 18-month non-callable CD | Issued by FNB* |
| The Vanguard Group Brokered CD | 5.05% (APR) 13-18 month non-callable CD | Issued by TXHNB* |
| First Internet Bank | 5.04% ($1k) 18-month CD (**NTS) | Internet bank Account review |
Noteworthy Local Deals - 18-Month CDs
| Local Government Federal Credit Union | 5.75% ($250) 18-month CD | North Carolina local government employees/volunteers See review |
| Chicago Municipal Employees Credit Union | 5.60% ($5k) 18-month Share Certificate Special | Chicagoland See review |
| R Bank | 5.60% ($1k) 15-month R Option CD Special | Texas See review |
| MembersFirst Credit Union | 5.50% ($1k) 18-month MembersFirst 55 Plus CD | Easy membership in Georgia See review |
| FinWise Bank | 5.50% ($500) 15-month CD Special (**NTS) | Salt Lake City metro area See review |
2-Year CD Rates
| Pelican State Credit Union | 5.27% ($500) 24-month CD | Easy membership Account review |
| Credit Human | 5.20% ($500) 18-23 month CD | Easy membership Account review |
| First National Bank of America | 5.15% ($1k) 12-23 month CD | Account review |
| Department of Commerce Federal Credit Union | 5.12% ($25k), 5.02% ($500) 12-23 month CD (*NTS) | Easy membership Account review |
| Luana Savings Bank | 5.06% ($100k), 4.92% ($2k) 24-month CD Special | Account review |
| Alliant Credit Union | 5.05% ($75k), 5.00% ($1k) 18-23 month Jumbo CD/CD | Easy membership Account review |
| Lafayette Federal Credit Union | 4.94% ($100k), 4.84% ($500) 2-year Jumbo CD | Easy membership Account review |
| My eBanc | 4.85% ($50k) 24-month Jumbo Online Time Deposit (**NTS) | Internet bank Account review |
| First Internet Bank | 4.82% ($1k) 24-month CD | Internet bank Account review |
| TAB Bank | 4.80% ($1k) 24-month CD | Account review |
| Fidelity Brokered CD | 4.80% (APR) 2-year non-callable CD | Issued by BoA, BHAP, MCBTN, MVB* |
| The Vanguard Group Brokered CD | 4.80% (APR) 2-year non-callable CD | Issued by BHAP, BoA, MVB, USB* |
Noteworthy Local Deals - 2-Year CDs
| Security First Credit Union | 5.64% ($500) 24-month CD Special | Rio Grande Valley, Texas See review |
| MembersFirst Credit Union | 5.50% ($1k) 24-month MembersFirst 55 Plus CD | Easy membership in Georgia See review |
| Eastman Credit Union | 5.40% ($100k) 1-2 year Jumbo Investment Certificate (**NTS) | 7 Tennessee, 7 Virginia, and 2 Texas counties Account review |
| Freedom Federal Credit Union | 5.35% ($300) 25-month CD Special (**NTS) | Baltimore and Harford Counties, Maryland Account review |
| EFCU Financial | 5.35% ($100k), 5.25% ($500) 24-month Jumbo CD (**NTS) | 9 Louisiana Capital Area parishes See review |
3-Year CD Rates
| DollarSavingsDirect | 5.00% ($1k) 36-month | Internet bank Account review |
| Hughes Federal Credit Union | 4.97% ($99k) 36-month Jumbo CD | Easy membership Account review |
| Luana Savings Bank | 4.96% ($100k), 4.81% ($2k) 30-month CD | Account review |
| Skyla Credit Union | 4.95% ($50k) 3-year Jumbo Share Certificate | Easy membership Account review |
| Dow Credit Union | 4.81% ($500) 36-month Simple CD | Easy membership Account review |
| First National Bank of America | 4.80% ($1k) 24-35 month CD | Account review |
| Credit Human | 4.75% ($500) 24-35 month CD (**NTS) | Easy membership Account review |
| Library of Congress Federal Credit Union | 4.73% ($500) 36-47 month Share Certificate | Easy membership Account review |
| Lafayette Federal Credit Union | 4.68% ($100k), 4.58% ($500) 3-year Jumbo CD | Easy membership Account review |
| First Internet Bank | 4.66% ($1k) 36-month CD | Internet bank Account review |
| Seattle Bank | 4.65% ($1k) 36-month CD | Account review |
| The Vanguard Group Brokered CD | 4.60% (APR) 3-year non-callable CD | Issued by 1stNBM, MSB, MSPB, NICO, USB* |
| Fidelity Brokered CD | 4.60% (APR) 3-year non-callable CD | Issued by 1stNBM, MSB, MSPB, NICO* |
Noteworthy Local Deals - 3-Year CDs
| Chicago Municipal Employees Credit Union | 5.80% ($5k) 36-month Share Certificate Special | Chicagoland See review |
| Empower Federal Credit Union | 5.30% ($100k), 5.25% ($500) 30-month Share Certificate | 8 Western and Central New York counties See review |
| Education First Credit Union | 5.25% ($500) 30-month CD Special | 7 Central Ohio counties, all Ohio school employees See review |
| Mountain Credit Union | 5.15% ($2.5k) 36-month CD Special (**NTS) | 12 western North Carolina counties See review |
| EFCU Financial | 5.10% ($100k), 5.00% ($500) 30-month Bump Option Jumbo CD (**NTS) | 9 Louisiana Capital Area parishes See review |
| Tennessee Valley Federal Credit Union | 5.09% ($1k) 30-month CD (**NTS) | 10 Tennessee and 7 Georgia counties See review |
4-Year CD Rates
| Advancial | 4.81% ($50k) 4-year Jumbo Certificate | Easy membership See review |
| Library of Congress Federal Credit Union | 4.73% ($500) 36-47 month Share Certificate | Easy membership Account review |
| First National Bank of America | 4.65% ($1k) 36-47 month CD | Account review |
| BMO Alto | 4.60% (no min) 48-month Online CD | Internet bank Account review |
| Credit Human | 4.60% ($500) 36-59 month CD | Easy membership Account review |
| Pelican State Credit Union | 4.59% ($500) 48-month CD (**NTS) | Easy membership Account review |
| Seattle Bank | 4.55% ($1k) 48-month CD | Account review |
| Lafayette Federal Credit Union | 4.52% ($100k) 4-year Jumbo CD | Easy membership Account review |
| First Internet Bank | 4.50% ($1k) 48-month CD | Internet bank Account review |
| Popular Direct | 4.45% ($10k) 48-month Popular Direct CD | Account review |
| The Vanguard Group Brokered CD | 4.35% (APR) 4-year non-callable CD | Issued by MSB, MSPB, USB* |
| Fidelity Brokered CD | 4.35% (APR) 4-year non-callable CD | Issued by MSB, MSPB, NICO* |
Noteworthy Local Deals - 4-Year CDs
| Wildfire Credit Union | 5.00% ($500) 49-month CD Special | Easy membership in Michigan See review |
| Chicago Municipal Employees Credit Union | 4.73% ($5k) 48-month Share Certificate Special (**NTS) | Chicagoland See review |
| Texas Bay Credit Union | 4.70% ($50k) 36-47 month CD | 8 Houston metro area counties See review |
| MembersFirst Credit Union | 4.68% ($1k) MembersFirst 55 Plus 48-month CD (**NTS) | Easy membership in Georgia See review |
| Eastman Credit Union | 4.65% ($100k) 4-5 year Jumbo Investment Certificate (**NTS) | 7 Tennessee, 7 Virginia, and 2 Texas counties Account review |
5-Year CD Rates
| Advancial | 5.01% ($50k) 5-year Jumbo Certificate | Easy membership See review |
| Pelican State Credit Union | 4.70% ($500) 60-month CD (**NTS) | Easy membership Account review |
| State Bank of India (IL) | 4.68% ($2.5k) Senior Citizens 60-month CD | Account review |
| BMO Alto | 4.60% (no min) 60-month Online CD | Internet bank Account review |
| Credit Human | 4.60% ($500) 36-59 month CD | Easy membership Account review |
| Department of Commerce Federal Credit Union | 4.60% ($25k), 4.50% ($500) 48-59 month CD | Easy membership Account review |
| State Bank of India | 4.58% ($25k) 5-year Senior Citizen CD | Account review |
| First National Bank of America | 4.55% ($1k) 60-month CD | Account review |
| First Internet Bank | 4.55% ($1k) 60-month CD | Internet bank Account review |
| Pima Federal Credit Union | 4.50% ($250) 60-month CD | Easy membership Account review |
| Fidelity Brokered CD | 4.30% (APR) 5-year non-callable CD | Issued by MSB, MSPB* |
| The Vanguard Group Brokered CD | 4.30% (APR) 5-year non-callable CD | Issued by MSB, MSPB, USB* |
Noteworthy Local Deals - 5-Year CDs
| LA Financial Credit Union | 4.80% ($100k) 60-month Fixed Rate Term Share Account | Los Angeles County, California and Lake Havasu, Arizona See review |
| Eastman Credit Union | 4.75% ($100k) 5-year Jumbo Investment Certificate | 7 Tennessee, 7 Virginia, and 2 Texas counties Account review |
| East Texas Professional Credit Union | 4.73% ($1k) 60-month Share Certificate (** NTS) | 16 East Texas counties Account review |
| MembersFirst Credit Union | 4.62% ($1k) MembersFirst 55 Plus 60-month CD | Easy membership in Georgia See review |
| EFCU Financial | 4.60% ($100k), 4.50% ($1k) 60-month Jumbo CD | 6 Louisiana parishes See review |
Over 5-Year CD Rates
| Department of Commerce Federal Credit Union | 4.44% ($25k), 4.34% ($500) 60-84 Month CD | Easy membership Account review |
| First National Bank of America | 4.35% ($1k) 72-month CD | Account review |
| First National Bank of America | 4.30% ($1k) 84-month CD | Account review |
| Luana Savings Bank | 4.19% ($100k), 4.09% ($2k) 6-year CD | Account review |
| Fidelity Brokered CD | 4.15% (APR) 7-year non-callable CD | Issued by ASIAN* |
| Luana Savings Bank | 4.14% ($100k), 4.04% ($2k) 7-year CD | Account review |
| Northrop Grumman Federal Credit Union | 4.12% ($40k) 84-month Bonus Term CD | Easy membership See review |
| The Vanguard Group Brokered CD | 4.10% (APR) 7-year non-callable CD | Issued by 1stNBA, CELT* |
| KS StateBank | 4.06% ($500) 7-year CD | Account review |
| The Vanguard Group Brokered CD | 4.05% (APR) 10-year non-callable CD | Issued by 1stNBA, CELT* |
| Fidelity Brokered CD | 4.05% (APR) 10-year non-callable CD | Issued by CELT* |
| INOVA Federal Credit Union | 4.00% ($200) 6-year CD | Easy membership See review |
| Michigan State University Federal Credit Union | 3.95% ($100k) 7-year Jumbo Certificate | Easy membership Account review |
| PenFed Credit Union | 3.70% ($1k) 7-year Money Market Certificate | Easy membership Account review |
Noteworthy Local Deals - Over 5-year CDs
| Eastman Credit Union | 4.85% ($100k) 6-year Jumbo Investment Certificate | 7 Tennessee, 7 Virginia, and 2 Texas counties Account review |
| OnPath Federal Credit Union | 4.35% ($1k) 72-month CD | Greater New Orleans metro area See review |
| Via Credit Union | 4.33% ($500) 60-71 month CD | 12 NE Indiana counties See review |
| BMI Federal Credit Union | 4.32% ($5k) 61-month CD Special | 8 central Ohio counties See review |
| APG FCU | 4.25% ($25k) 84-month Super CD | Baltimore, Cecil, Harford Counties, City of Baltimore Account review |
*1stNBA (First National Bank of America), 1stNBM (First National Bank of Michigan), ASIAN (Asian Bank PA), BBUSA (Beal Bank USA), BHAP (Bank Hapoalim), BoA (Bank of America), BoC (Bank of China), BoCA (Banc of California), BSB (Bankers Bank), CALP (CalPrivate Bank), CELT (Celt Bank), DART (Dart Bank MI), EVNB (Evans Bank NY), FNB (First National Bank), HADSB (Haddon Savings Bank), KEY (KeyBank), LIBB (Liberty Bank), MCBTN (Mountain Commerce Bank TN), MRBI (Merchants Bank of Indiana), MSB (Morgan Stanley Bank), MSPB (Morgan Stanley Private Bank), MVB (MVB Bank), NICO (Nicolet National Bank WI), PRB (Pathfinder Bank), PREB (Preferred Bank), SBoI (State Bank of India), SCHW (Charles Schwab Bank), TMNB (Trustmark National Bank), TSHNB (Texas Heritage National Bank), USB (USB Bank), WFB (Wells Fargo Bank)
**New To Summary, as of March 13, 2024
Nationally Available Add-On CD Rates
| Institution | Rates | Notes |
|---|---|---|
| Navy Federal Credit Union | 5.30% ($50 min/$3k max) 12-month Special Easy Start CD | Unlimited deposits throughout term, checking relationship, direct deposit |
| Mountain America Credit Union | 5.25% ($5 min/$100k max) 12-month Growth CD | Unlimited deposits throughout term, min $10 automatic monthly deposit Account review |
| All In Credit Union | 5.12% ($25) 12-month Smart Start CD ($25) | Unlimited deposits throughout term, min $25 Account review |
| Navy Federal Credit Union | 4.95% ($50) 12-month Easy Start CD | Unlimited deposits throughout term |
| Credit Human | 4.75% ($5k) 12-month Liquid CD | Easy membership Account review |
| Mountain America Credit Union | 4.50% ($5 min/$100k max) 24-month Growth CD | Unlimited deposits throughout term, min $10 automatic monthly deposit Account review |
| Mountain America Credit Union | 4.50% ($5 min/$100k max) 18-month Growth CD | Unlimited deposits throughout term, min $10 automatic monthly deposit Account review |
| NASA Federal Credit Union | 4.50% ($250) 12 month Add-On Share Certificate | Maximum $2.5k additional deposits per month Account review |
| Michigan State University Federal Credit Union | 4.50% ($100k) 1-year Add-On Jumbo CD | A total of $10k in additional deposits per member |
| Navy Federal Credit Union | 4.45% ($50 min) 18-month Easy Start CD | Unlimited deposits throughout term |
| AgFed Credit Union | 4.30% ($25) 12-month Asset Builder Certificate | Unlimited additional deposits of any amount Account review |
| Rising Bank | 4.30% ($5k min) 18-month Rising CD | One additional deposit during term |
| Mountain America Credit Union | 4.25% ($5 min/$100k max) 60-month Growth CD | Unlimited deposits throughout term, min $10 automatic monthly deposit Account review |
| Michigan State University Federal Credit Union | 4.25% ($50) 1-year Add-On CD | A total of $10k in additional deposits per member) |
| Mountain America Credit Union | 4.20% ($5 min/$100k max) 48-month Growth CD | Unlimited deposits throughout term, min $10 automatic monthly deposit Account review |
| Mountain America Credit Union | 4.20% ($5 min/$100k max) 36-month Growth CD | Unlimited deposits throughout term, min $10 automatic monthly deposit Account review |
| Rising Bank | 4.20% ($10k) 26-month Rising CD | One additional deposit during term |
| Navy Federal Credit Union | 4.15% ($50 min) 24-month Easy Start CD | Unlimited deposits throughout term |
| AgFed Credit Union | 4.05% ($25) 18-month Asset Builder Certificate | Unlimited additional deposits of any amount Account review |
| AgFed Credit Union | 3.85% ($25) 24-month Asset Builder Certificate | Unlimited additional deposits of any amount Account review |
| Blue Federal Credit Union | 3.55% ($1k) 30-month Expandable CD | Unlimited deposits throughout term |
| Genisys Credit Union | 3.48% ($100) 1-Year Flex CD Special | Unlimited deposits throughout term ($10-$25k per day), one penalty-free withdrawal up to 25% of principal, one rate bump See review |
| Bellco Credit Union | 3.40% ($2.5k) 30-month Smart Move CD | One-time additional deposit of $100+, one partial withdrawal allowed, $1k min must be maintained Account review |
| Bellco Credit Union | 3.40% ($2.5k) 24-month Smart Move CD | One-time additional deposit of $100+, one partial withdrawal allowed, $1k min must be maintained Account review |
| Bank5 Connect | 3.30% ($500 min) 24-month Investment CD | Unlimited deposits throughout term |
| Bellco Credit Union | 3.15% ($2.5k) 36-month Smart Move CD | One-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 CD | Unlimited deposits ($500 min) throughout term |
| Pen Air Federal Credit Union | 2.55% ($500 min) 15-month Add-On CD | Unlimited deposits throughout term |
| Liberty Federal Credit Union (formerly Evansville Teachers Federal Credit Union) | 1.55% ($25) 1-year Save to Win Certificate | Unlimited deposits throughout term Account review |
| Vibrant Credit Union | 0.80% ($100 min) 5-Year Add-On CD | Unlimited deposits throughout term |
CDs Removed Due To Low Rates Or Expired Specials
CDs Removed, No Longer Available
| Notre Dame Federal Credit Union | 5.55% (no min) 11-18 month CD Special | Easy membership See review |
| XCEL Federal Credit Union | 5.45% ($500) 18-month CD Special | Easy membership Account review |
| XCEL Federal Credit Union | 5.25% ($500) 24-month CD Special | Easy membership Account review |
| LAFCU | 5.50% ($10k) 23-month Jumbo Term Share Certificate | Easy membership in Michigan See review |
| Notre Dame Federal Credit Union | 5.25% (no min) 36-month CD Special | Easy membership See review |
| Via Credit Union | 5.25% ($500) 33-month Special Certificate | 12 NE Indiana counties See review |
CDs Removed, Rate Too Low
| Northern Bank Direct | 5.00% ($500) 9-month CD | Internet bank Account review |
| Affinity Federal Credit Union | 5.25% ($50k) 8-month CD Special | Easy membership Account review |
| BMO Alto | 5.25% (no min) 6-month Online CD | Internet bank Account review |
| Genisys Credit Union | 5.25% ($500) 7-month Share Certificate Special | Easy membership Account review |
| The Summit Federal Credit Union | 5.60% ($75k) 7-month Jumbo Promotional CD | Portions of western New York State See review |
| Enrichment Federal Credit Union | 5.39% ($500) 9-month Share Certificate Special | 9 Tennessee counties (Knoxville metro area) See review |
| First Financial Federal Credit Union | 5.39% ($5k) 9-month Share Certificate Special | SEGs in 4 Maryland counties Account review |
| First Internet Bank | 5.31% ($1k) 24-month CD | Internet bank Account review |
| Bask Bank | 5.20% ($1k) 12-month CD | Internet bank Account review |
| Lafayette Federal Credit Union | 5.20% ($100k), 5.09% ($500) 1-year Jumbo CD | Easy membership Account review |
| Affinity Federal Credit Union | 5.00% ($50k) 14-month New Money CD Special | Easy membership Account review |
| Affinity Federal Credit Union | 4.75% ($100k), 4.65% ($50k), 4.55% ($500) 14-month CD Special | Easy membership Account review |
| Vibrant Credit Union | 5.00% ($5) 13-month CD Special | Easy membership Account review |
| Resource One Credit Union | 3.82% ($500) 12-month IRA CD | Dallas and Harris Counties, Texas Account review |
| Resource One Credit Union | 3.56% ($500) 12-month CD | Dallas and Harris Counties, Texas Account review |
| Integra First Federal Credit Union | 2.35% ($500) 12-month Term Certificate Special | 3 Michigan UP counties and 2 NE Wisconsin counties Account review |
| TAB Bank | 5.00% ($1k) 18-month CD | Account review |
| Monesty | 4.75% ($500) 2-year CD | Account review |
| Family Trust Federal Credit Union | 4.75% ($500) 24-month Share Certificate | 12 South Carolina and 4 North Carolina counties See review |
| Advancial | 4.65% ($50k) 3-year Jumbo Certificate | 8 Louisiana parishes, many petro-refining SEGs See review |
| Pima Federal Credit Union | 4.50% ($250) 48-month CD | Easy membership Account review |
| Balboa Thrift and Loan | 4.40% ($10k) 48-month Jumbo CD | Central and Southern California See review |
| North Star Community Credit Union | 4.06% ($500) 4-year Share Certificate | 22 Iowa counties See review |
| R-G Federal Credit Union | 3.30% ($500) 48-month Premier Term CD | 12 Missouri counties See review |
| Lafayette Federal Credit Union | 4.42% ($100k), 4.32% ($500) 5-year Jumbo CD | Easy membership Account review |
| Balboa Thrift and Loan | 4.30% ($10k) 60-month Jumbo CD | Central and Southern California See review |
EFCU usually changes their rates at the start of each month -- but not this time.
After lowering their rates back in Jan, when March started, they kept the Jan and Feb rates -- the PDF showed rates valid from 3/1/24 to 3/31/24. But that all changed after only 10 days. Suddenly, on 3/11, new rates were posted, and they lowered yet again -- in the middle of the month, which is unusual for them. Take it as a warning that you can't count on places that traditionally only change at the start of each month to always do so, especially when rates are going down. And of course, take those "good until" dates with a grain of salt (as we all know). Rates can, and sadly do, change at any time.
Example:
18mo: 5.00 -> 4.75
24mo: 5.00 -> 4.75
12mo: 5.25 -> 5.00
6 mo: 5.25 -> 5.00
(note that as with all EFCU rates, quoted rates are actually APR, so the APY will be slightly higher).
I like EFCU, but there's now nothing to encourage deposits there.
Music to my ears!
Thanks B.C.I. we all appreciate ya!
Side note, I am still sticking to my prediction that not only will there be no rate cuts this year, but we will have one .25% INCREASE! I made sure to document it in a comment at the very beginning of 2024.
Below is from Hughes FCU website today.
4.97% APY*
36 Mo. IRA Certificate • $1,000 Min. Balance
5.02% APY*
36 Mo. IRA Certificate (Mini-Jumbo) • $50,000 Min. Deposit
5.07% APY*
36 Mo. IRA Certificate (Jumbo) • $99,000 Min. Balance
Still, I’m considering it with a lot of trepidation, - especially because of the long-term exposure that would entail, with unpredictable events potentially putting my funds in danger.
Anyone here have a similar personal policy as my own they’ve been willing to break under certain conditions, and if so how did the decision process unfold?
wonder what it would take for this to happen? my guess would be something in the vicinity of inflation surging back to levels of 6+%.
I put little into the government figures especially in an election year.
https://twitter.com/KobeissiLetter/status/1766096550885827059
https://twitter.com/DavidAsmanfox/status/1766102510303879543
DA shows that the terms are flexible (ex: in the 2yr CD catagory, DA shows "12-23 month CD") but this is not the case unless you're local and can walk into a branch. Otherwise, they are unable to process anything but the standard terms (12mo, 24mo, etc) for CDs opened online or over the phone. I was told this by a very friendly CSR when I called. I asked again if there was any way something such as, say, 20 months, could be done without going into a branch, but again she said the only way they're able to do that is if one goes into a branch, otherwise no.
I don't know how to list that on DA, as it isn't an error for those who are local in Lansing MI, but to everyone else on DA, the CDs are only available in full years, not the flexible months that DA shows.
Thanks.
4.97% APY*
36 Mo. IRA Certificate • $1,000 Min. Balance
5.02% APY*
36 Mo. IRA Certificate (Mini-Jumbo) • $50,000 Min. Deposit
5.07% APY*
36 Mo. IRA Certificate (Jumbo) • $99,000 Min. Balance
Yes I know inflation might eat away chunk as well, but at lease I can recover 5.4% if inflation goes beyond 5.4% year after year.