Best CD rates in New Mexico: Top 3

August 10, 2009 No Comments »

Below are the highest yielding CD (certificate of deposit) rates available to the residents of New Mexico. They come in the form of 13 month CDs, 24 month CDs and 60 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the state of New Mexico, we found that for the most part, you will be able to receive slightly better rates with local institutions than with large national banks.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most current rates, compare CD rates nationwide. Also, regional banks may serve a number of states in the southwest, therefor you may want to browse through Nevada CD rates, Colorado CD rates, Utah CD rates and/or Arizona CD rates.

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Top 3 CD rates: New Mexico

(clicking on the institution will bring you to their home page or an internal page)

  • Charter Bank: Santa Fe, NM. 13 month CD yielding 2.13% APY with a minimum deposit amount of $5,000. This is a promotional CD rate and is only available for a limited time. Charter Bank also has a “Turbo Checking Account” which yields a 4.0% APY on all balances up to $25,000 if the requirements are met. These requirements include a mandatory amount of debit card purchases per month, at least one automatic ACH payment per month, and enrolling to receive e-statements. For over 30 years, Charter has been serving the unique banking and mortgage needs of New Mexico.  Charter offers a combination of good rates, local expertise and personal service. Charter is recognized as the premiere real estate bank in New Mexico, offering loans from land acquisition to permanent mortgage in both residential and commercial real estate.
  • Compass Bank: Albuquerque, NM. 24 month CD yielding 2.50% APY with a minimum balance of $5,000. Like Charter Bank’s 13 month CD, this one is also a promotional offer. The rest of their certificates of deposit offers aren’t as lucrative. In fact, their 60 month CD only yields 0.30% more than this 24 month CD. BBVA Compass is a leading U.S. banking franchise located in the Sunbelt region. BBVA Compass is among the top 25 largest banks in the U.S. based on deposit market share and ranks as the third largest bank in Alabama and the fourth largest bank in Texas. Headquartered in Birmingham, Alabama, it operates 583 branches throughout Texas, Alabama, Arizona, Florida, Colorado and New Mexico.
  • Kirtland Federal Credit Union: Albuquerque, NM. 60 month CD yielding 3.79% APY – 4.26% APY depending on your deposit amount. Here is the breakdown: deposit $500-$4999 and receive an APY of 3.79%. Deposit $5,000 – $9,999 and receive an APY of 3.85%. Deposit $10,000 – $49,999 and receive an APY of 3.90%. Deposit $50,000 – $99,999 and receive 3.95%. Deposit more than $100k and receive an APY of 4.26%. Unfortunately like most credit unions, Kirtland Federal Credit Union has a strict membership eligibility checklist. Kirtland Federal Credit Union was established in 1958 and serves military and civilian personnel on Kirtland Air Force Base, U.S. Reserve Forces in New Mexico, the New Mexico National Guard, numerous Select Employee Groups, and military and other retirees, and their immediate family members.

Compare with today’s top CD rates nationwide below:

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