S-Bank’s Grand Opening 9 month CD special - Locals Only

S-Bank, based out of Massachusetts, is offering a phenomenal 9 month CD rate of 2.33% APY to their local customers. To put this offer in perspective the national average for 6 month CDs sits at 0.90% APY and the national average for 12 month CDs is around 1.30% APY.

Many thanks to BankVibe reader Mark for sending us this offer!

Although S-Bank is calling this a “grand opening special offer” it’s available at all of their local branches (not just the new one). This product is not being shown on their website, you must stop by one of their local branches in Weymouth, Quincy or Bridgewater to take advantage of it. You can view the ad online here.

As a side note S-Bank also has some very competitive rates associated with their money market accounts. Currently if you are to maintain a balance of above $75,000, you will earn 2.0% APY. The national average for money market rates sits at roughly 1.15% APY.

About S-Bank:

S Bank is governed by a Board of Directors. They are a fully owned subsidiary of South Shore Mutual Holding Company, which is governed by a Board of Corporators. S-Bank is member FDIC and your deposits will be federally insured up to $250,000.

You may want to compare this offer with other Massachusetts CD rates.

JustBankIt.com - CD Rates and Review

Allied Bank, based out of Arkansas, has recently formed an online, FDIC-insured bank called “JustBankIt.com” in which customers nationwide can open a variety of checking, savings and loan products. They are currently offering very generous rates on their deposit products and we’ve highlighted those that are beatnig the national average by the highest margins below. You can fund a CD (certificate of deposit) account via check or wire transfer (no ACH offer at this time) with a minimum deposit of $1,000. If you opt for the wire transfer option you will incur a $15 fee.

CD Rates offered through JustBankIt.com:

6 month CD yielding 1.50% APY with a minimum deposit of $1,000 required. National average sits at 0.92% APY.

12 month CD yielding 1.90% APY with a minimum deposit of $1,000 required. National averge sits at 1.32% APY.

18 month CD yielding 2.10% APY with a minimum deposit of $1,000 required. National average sits at 1.64% APY.

Although JustBankIt.com has no physcial branch locations, it’s parent company - Allied Bank, has several locations within the state of Arkansas. Many of the products (and their assocatiated rates) listed on JustBankIt.com can also be found at Allied Bank locations.

Best 15 month CD rates paying 2.25% APY

We were recently tipped off on a nice 15 month promotional CD (certificate of deposit) being offered through Country Bank for Savings. We believe this to be the highest yielding CD for a 15 month duration in the country (if you know of a higher yield, please share!). Currently when you invest a minimum of $500 into Country Bank for Savings “15 Month Relationship Certificate” you can earn an extremely competive APY of 2.25%.

As with most promotional CD offers there is somewhat of a catch. With this particular offer you must also hold a $1,000 monthly average balance in a CBS checking account with monthly direct deposit(s) in any deposit account.

Other Promotional Offers available through Country Bank for Savings with qualifying CBS Checking Account:

• 6 month CD yielding 1.85% APY with minimum deposit of $500 required
• 24 month CD yielding 2.50% APY with minimum deposit of $500 required

Without opening one of their CBS checking accounts you can still obtain decent deposit rates. Their CD rates for standard CDs are as follows:

Country Bank for Savings is located in Massachusetts and was originally established in 1850 (FDIC member since 1982; FDIC # 23992).

Some small credit unions still paying 1.80% APY on 6 mo CDs

If you’ve been in the market for short term certificate of deposits for a while now then I’m sure there isn’t much need for us to iterate the current state of their rates, however for those whom are just entering the marketplace - please realize rates are FAR from decent. If you’ve been scanning through some of the larger national banks’ rate pages for 6 month CDs, 12 month CDs or even 18 month CDs you’ve probably noticed rates being offered at or around 1.0% APY. Our advice would be to consider a credit union, mainly small and exclusive ones, that you may be able to join. Just be sure it’s insured by the NCUA (FDIC equivalent for credit unions).

Here is an example of one tiny-little credit union out of Lenoir County, North Carolina which is currently offering between 1.76% and 1.81% APY on six month CDs. The national average for 6 month CDs currently sits at a pathetic 0.95% APY.

If you deposit between $1,000 and $99,999 into one of Carolina Family Credit Union’s 6 month CDs you will earn 1.76% APY and if you can make this a jumbo CD (ie depositing $100,000 or greater) you can earn 1.81% APY on your deposit.

Carolina Family Credit Union only has one branch and it’s in Lenoir County, North Carolina. They were originally chartered in December of 1975 as Dupont K.P. Employees Federal Credit Union and now operate under their current name; Carolina Family Credit Union. Their single office is located in Kinston, NC after their second office was closed down in 2005. Anyone who lives, works, worships or attends school within Lenoir County is eligible for membership. You may also be eligible if you happen to have family located within the county.

For the top rates in this state you may want to compare this offer to the best CD rates in North Carolina.

Thanks to BankVibe reader Glen for giving us the heads up on this sweet little offer by such a sweet little credit union!

Top 6 month CD rate in Ohio crushing national average!

If you happen to reside in the state of Ohio and are in the market for a six month CD, you’re in luck! Steel Valley Federal Credit Union, based out of Warren Ohio, has a 6 month CD yielding 2.12% APY with a minimum deposit requirement of only $500. To put their offer in perspective, the current national average for 6 month certificate of deposits is only 1.03% APY.

How to Join SVFCU…

Complete a membership card designating a single or joint membership and forward it to Steel Valley Federal Credit Union Office, along with a check for $10.00 which will be deposited into your share savings account. Every member must maintain a minimum balance of $50.00 to retain membership. Once you become a member, you may remain a member even if you leave employment in the Field Of Membership, retire or move away from the area. Once a member, always a member at SVFCU!

Complete List of CD Rates…

Compare this with other CD rates in Ohio and you’ll see this offer sets the bar fairly high. SVFCU has a presence (either ATM or physical branch) within all of the major cities in Ohio (Cleveland, Cinncinati, Akron, Columbus, etc).

Best 6 month CD rates in New Jersey found at First Choice Bank

The top 6 month CD rates in the state of New Jersey can currently be found at First Choice Bank. With a minimum deposit of $1,000 you can lock in a six month CD with a yield of 1.61% APY. The national average for 6 month certificate of deposits currently sits at 1.02% APY (to put this offer in perspective).

First Choice Bank has three locations in New Jersey. They have branches in Lawrenceville, Hamilton and (as of recently) Robbinsville, New Jersey.

As a side note, First Choice Bank has chosen not to participate in the FDIC’s Transaction Account Guarantee Program. And customers of First Choice Bank with noninterest-bearing transaction accounts will continue to be insured through December 31, 2009 for up to $250,000 under the FDIC’s general deposit insurance rules.

You’re deposits, however, are and will continue to be insured by the FDIC.

Some other noteworthy deposit rates offered by First Choice Bank:

9 month CD yielding 1.75% APY with a minimum deposit of $1,000 required.

12 month CD yielding 1.99% APY with a minimum deposit of $1,000 required.

18 month CD yielding 2.00% APY with a minimum deposit of $1,000 required.

24 month CD yielding 2.25% APY with a minimum deposit of $1,000 required.

3 year CD yielding 2.50% APY with a minimum deposit of $1,000 required.

* An early withdrawal will reduce the earnings in which your CD rates provides. All deposits offered through First Choice Bank are federally insured by the FDIC.

Best 1 year CD rate found at North Carolina bank

BankVibe reader Glenn tipped us off on a fantastic certificate of deposit product being offered through the Bank of Granite in North Carolina. Currently, they are paying out 2.45% APY on 12 month CDs with a minimum deposit of $5,000 required. To put this offer in perspective, the national average for 1 year CD’s sits at roughly 1.55% APY.

Bank of Granite is member FDIC and imposes a fee for early withdrawal on their deposit products. (Penalty is six months of the accumulated interest)

After digging through the rest of Bank of Granite’s savings rate promotions, we found two additional products which definitely deserve mentioning…

1. They have a 6 month CD yielding 1.75% APY with a minimum deposit of $5,000 required. The current national average for six month CD’s sits at roughly 1.05% APY.
2. They also have a “premium money market account” which is yielding 1.50% APY on balances of $15,000 or greater. The national average for money market rates sits at 1.03% APY

Bank of Granite serves Western North Carolina from the Piedmont to the Mountains with 20 offices in eight counties. They have locations in Catawba County, Caldwell County, Burke County, Mecklenburg County, Watauga County, Wilkes County, Forsyth County, and Iredell County.

A couple months ago we made note of the best CD rates in North Carolina and BankVibe reader Glenn left a comment noting that he has called the bank and confirmed this deal.

Best 6 month CD rates in Florida thumping national average!

The top CD rates in Florida are beating the national average by almost 2x!

Recently we were tipped off on two banks (actually one bank and one credit union) which are still offering outstanding interest rates on their 6 month CDs (certificate of deposits). If you reside in Florida and have been in the market for a short term bank deposit, then you have undoubtedly seen the abysmal rates in which national banks are currently offering. Today, the national average for 6 month CD’s sits at roughly 1.05% APY. However, we have uncovered two financial institutions which are offering almost twice that amount on their six month deposits. Keep in mind, the institutions offering these products may have strict eligibility requirements and if you reside outside of the state of Florida you may have a difficult time taking advantage of their savings rates.

Bay Cities Bank out of Tampa, Florida has a 6 month CD (as of November 30, 2009) which is paying 1.75% APY. You must make a minimum deposit of at least $1,000 to take advantage of it, and like most deposit products you will incur a penalty for an early withdrawal. Bay Cities Bank has 6 locations throughout the Tampa area, 3 in Hillsborough and 1 in St. Petersburg. They are a wholly owned subsidiary of Florida Business Bancorp (member FDIC) and were established in 1999. You may want to compare this rate to the highest yielding CD rates in Tampa, Florida.

The second Florida bank offering a phenomenal rate on their 6 month CD is Jackson County Teachers Credit Union. They are currently paying a whopping 2.02% APY with a minimum deposit of $1,000. This credit union is a bit harder to join unless you happen to be employed by a Florida school district. 

Both of the above institutions are federally insured by either the FDIC or NCUA (credit union equivalent to the FDIC) up to $250,000. If you live in Florida and know of a better interest rate on a 6 month CD being offered through your local bank, please share by leaving a comment!

Best 7 year CD rates paying around 4% APY

The highest yielding 7 year CD rates have taken a pretty big hit over the last few months just like CD rates with shorter terms. Today, the top rates for deposits with 7 year maturities sits at 4.0% APY depending on how much you can invest.

Pentagon Federal Credit Union out of Alexandria, Virginia tops our list for seven year deposits, providing a 4.0% APY. PFCU has branches throughout Virginia, New York, New Jersey, and the DC area. They also have locations in the west - serving Colorado, Hawaii, and Texas. You must make a minimum deposit of at least $1,000 to open a deposit account with PFCU. 

For 7 year CD’s which are available to customers nationwide, USAA bank currently tops our list for highest yields. Their 7 year CD, with a deposit amount of $1,000 to $94,999, yields 3.85% APY, however if you can manage to qualify for their “super jumbo CD” (minimum deposit of $175,000) you can earn 4.16% APY. 

Some other noteworthy long-term CD rates come from Navy Federal Credit Union and America First Credit Union. They offer 7 year CD’s and 5 year CD’s, respectively, with yields of 3.85% APY and 3.10% APY.

Top 18 month CD rates yielding 2.40% APY

The best 18 month CD rate in the country is currently yielding 2.40% APY. After digging through numerous rate pages from dozens of banks and credit unions across the nation we have found the best offer coming from a Chicago area credit union - Alliant Credit Union.

To earn the 2.40% APY on an 18 month CD, you must deposit at least $25,000 as well as be a member of the credit union. Below are few ways in which you can join:

• Any employee or member of a qualifying organization
• Any person who lives or works in the following Chicagoland communities: Arlington Heights, Bensenville, Des Plaines, Elk Grove, Elmhurst, Franklin Park, Harwood Heights, Itasca, Mount Prospect, Northlake, Niles, Norridge, Park Ridge, Prospect Heights, River Grove, Rolling Meadows, Rosemont, Schiller Park, Wood Dale and Chicago O’Hare Airport property
• Any person related by blood or law to an existing member
• Domestic partners of unmarried members

Ok, so now for an 18 month CD in which EVERYONE can take advantage of…

The top CD rates accompanying an 18 month term which is available to all customers across the country comes from MetLife Bank. Their rates on this particular product range from 1.35% APY to 2.15% APY depending on how much you can deposit. If you deposit between $2,000 and $14,999 you will only receive an interest rate of 1.35% APY. If you deposit between $15,000 and $24,999 you will receive an interest rate of 1.85% APY and if you can make a deposit of $25,000 you will earn a very respectable 2.15% APY.

If you happen to be in the market for a secured credit card, then you may want to review Citi Bank’s 18 month CD deal, in which they packaged a fantastic CD rate with a new credit card.

Do you know of a better 18 month CD rate offered through your local bank or credit union? If so, leave a comment. Be sure to mention where your bank is located.