This week we rounded up the top 12 month CD rates from Arkansas based financial institutions and found that all the noteworthy rates for this specific term (1 year) are coming from smaller community based banks – other than one credit union which made our top-5 list.

Highest Yielding 12 Month CD Rates Arkansas (2012 Edition):

(Interest rates are accurate as of February 2012. Visit our CD rate center for updated rates available throughout the country.)

1) Unico Bank, based out of Trumann, Arkansas, is currently featuring a 12 month CD yielding 1.16% APY requiring a minimum deposit of $1,000. To put this offer – the top offer in Arkansas – in perspective, the top 12 month CD rate available online and nationwide sits at 1.15% APY and requires a $1,000 minimum deposit as well. This rate is offered by Doral Bank, a bank frequently leading the pack for 1 year deposit rates.

2) Corning Savings and Loan Association is featuring a 12 month CD yielding 1.11% APY requiring a minimum deposit of $1,000 as well. Corning Savings and Loan Association is based out of Pocahontas, Arkansas and has just one location.

3) First Security Bank is featuring their 17 month CD with an APY of 1.10% requiring a minimum deposit of $2,500. Keep in mind this is a 17 month CD, not a 12 month CD. Sometimes banks offer these oddball terms usually when they are associated with a promotional offer. Even though this promotional offer is a little less than what you can yield with the top online CD’s available nationwide we still figured it was worth mentioning since it’s offered from a local Arkansas based institution. First Security Bank has just on location in Jonesboro, Arkansas.

4) Southern Bankcorp Bank is featuring their 12 month CD with an APY of 1.06% requiring a minimum deposit of just $500. Southern Bankcorp Bank also has just one location in Trumann, Arkansas.

5) Timberline Federal Credit Union is featuring their 12 month CD also with an APY of 1.06% requiring a rather hefty minimum deposit of $10,000. Timberline Federal Credit Union has two locations in Arkansas – one in Fordyce and the other in Crossett.

Think we missed a high yielding certificate of deposit in Arkansas? Let us know about it by leaving a comment!

The first state we chose to survey was Florida. As most people know (especially those into politics or those that reside in the state) Florida’s demographics primarily consists of an aging population. A population that has made their contributions to society and have earned their wages for doing so – be it large, small or somewhere in between – and are looking for fixed income investment vehicles to stick at least a portion of their nest egg. And here at BankVibe.com we currently are recommending the 3 year CD. We find this to be the optimal time in which to invest. After the FED’s most recent meeting and public announcement, we think the 36 month deposit, if invested in today, will expire at precisely the time in which interest rates will begin to rise, thus freeing up those funds to put back into another certificate of deposit with a higher annual percentage yield.

The top 3 year CD rates in FL are listed below. Keep in mind that the current national average for 36 month certificates of deposit hovers around an incredibly low 1.0% APY.

Top Five 3 year CD Rates in Florida (February 2012)

(If you don’t live in Florida and would like to review the best CD rates available nationwide, stop by our CD rate center.)

1) Peoples Alliance Federal Credit Union (Miami, FL) has a 36 month deposit yielding 1.67% APY requiring a minimum deposit of $500.

2) American Airlines Federal Credit Union (Miami, FL) has a 36 month deposit yielding 1.61% APY requiring a steep minimum deposit of $10,000.

3) Florida Credit Union (Starke, FL) has a 36 month deposit yielding 1.61% APY requiring a minimum deposit of $1,000.

4) Flagier Bank (West Palm Beach, FL) has a 36 month deposit yielding 1.60% APY requiring a minimum deposit of $500.

5) GulfSouth Private Bank (Santa Rosa Beach, FL) has a 36 month deposit yielding 1.60% APY requiring another rather steep minimum deposit of $10,000.

Have you locked in a 3 year CD lately in the sunshine state with a higher interest rate than what we’ve listed above? If so, please share by leaving a comment!

Before mentioning the institutions and their APY’s on their 1 year CD’s we should note that as of today the national average for these products sits at a meager 0.66% APY. You may also want to compare that with the top 12 month CD rates from our database of nationally available CD’s if you reside outside of Louisiana.

Top Three 12 month CD Rates in Louisiana:

(Interest rates accurate as of January 2012.)

1) First NBC Bank (Terrytown, Louisiana) has a 12 month CD featuring an APY of 1.26% requiring a minimum deposit of $1,000. First NBC Bank received it’s charter to begin operations in 2006 and now controls roughly $60 million in assets.

2) Beauregard Federal Savings Bank (Deridder, Louisiana) has a 12 month CD featuring an APY of 1.25% requiring a minimum deposit of $1,000. Beauregard Federal Savings Bank, originally established in 1948, is still relatively small with just 3 locations. They acquired their latest bank in 1988 which is also located in Deridder, LA.

3) Jefferson Financial Credit Union (Metairie, Louisiana) also has a 12 month CD featuring an APY of 1.25% however, their minimum deposit requirement is slightly more steep at $10,000. To join Jefferson Financial Credit Union you must submit a written request detailing why you wish to join. Visit their website for a sample letter or give them a call at 348-2424 ext. 123 for further instructions.

Think you know of a better 12 month CD rate in Louisiana? We doubt it! But let us know by leaving a comment!

We love the ease in which one can obtain a CD through CiT Bank. It takes only minutes to set up and you can do it online with a direct deposit. The only catch is that they require a relatively steep minimum deposit requirement of $25,000.

Early this month we hinted that two year CD’s were likely the best FDIC insured deposit account to get involved at this time. Ben Bernanke and the FED has made note that these record low rates will likely remain this low throughout 2012 and most of 2013 as well. Even though he publicly stated this recently it doesn’t mean it’s set in stone, but it is more than likely the most probable outcome. Unless the economy as a whole takes a rapid turn for the better, interest rates in general will likely not budge.

The reason 2 year CD’s pose an enticing term is because your CD will mature at the precise time deposit rates may begin to rise – allowing you to re-invest your funds into a more lucrative CD rate with an alternative term.

An important reminder when investing in bank CDs is this: always call your bank ahead of time (as in one to two months before you CD matures) to make sure they know you would like your funds removed from the deposit account. In almost all situations banks and credit unions alike will automatically reinvest your funds in the exact same deposit product they were in beforehand unless you take the proactive approach in contacting them directly. We routinely receive complaints on our comment sections of people enraged at their bank or credit union for failing to do this.

Top 2 year CD Rates Available Nationally and Online (January 2012 Edition):

1) CiT Bank features a 2 year CD with an interest rate of 1.25% compounded daily (1.26% APY) and requires a $25,000 deposit.

2) VirtualBank holds the number 2 spot featuring a 2 year CD with an interest rate of 1.20% compounded daily (1.21% APY) and requires a $10,000 deposit.

3) USAA Bank and Discover Bank are tied for the third spot featuring 2 year CD’s with an interest rate of 1.19% compounded monthly for USAA Bank and 1.19% compounded daily for Discover Bank. USAA Bank requires a $1,000 minimum deposit while Discover Bank requires a $2,500 minimum deposit.

As of January 2012, members of AACU can open a 4 year CD yielding 2.02% APY with a $10,000 minimum deposit and a 5 year CD yielding 2.47% APY also with a $10,000 minimum deposit. To put these offers in perspective the current national average for 60 month CD’s sits at roughly 1.60%. And when we conduct our regular surveys of the highest yielding deposits available in individual states, American Airlines Credit Union almost always holds the number 1 spot in states in which they have physical branch locations.

Unfortunately though for most of us these products are off the table. American Airlines Credit Union opens their doors to anyone working in the air transportation industry only. This includes all employees of airports from janitors to traffic controllers as well as government employees such as TSA, FAA, etc. If you have a distant family member who falls under one of these categories you may also be eligible.

Other noteworthy interest bearing accounts from American Airlines Credit Union:

- “Priority Checking Account” yielding 2.27% APY on balances up to $5,000.

- Share IRA certificate ladders with 3 different options. The first option features yields of 2.0% APY on 30 month deposits and 3.25% APY on 60 month deposits. The second option features yields of 0.95% APY on 12 month deposits, 1.31% APY on 24 month deposits, and 2.12% APY on 36 month deposits. The third option features yields of 0.95% APY on 12 month deposits, 1.31% APY on 24 month deposits, 2.12% APY on 36 month deposits, 2.83% APY on 48 month deposits, and 3.29% APY on 60 month deposits.

We recently rounded up the top short term CD’s from Georgia based banks (namely 6 month CD’s) are were delighted, and a tad surprised, to see a number of financial institutions still keeping their heads above 1.0% on these products.

Of course in any normal interest rate environment, no money saver would ever be ‘thrilled’ to hear about measly 1 percent returns on bank deposits, but if you put this in perspective with today’s near zero percent landscape, it’s fairly impressive – and hopefully setting a precedent.

To put the yields featured below from Georgia banks in further perspective, take a look at some recent surveys of top 12 month and 6 month CD rates we’ve conducted during the last few months:

- Top 6 month CD’s in Omaha, NE, sitting at just 0.85% APY.

- Oklahoma CD rate deals on short term deposits. Top 6 month CD’s sitting at 1.0% and top 12 month CD’s at 1.21%.

- Utah’s 12 month CDs providing yields of just 0.80% APY.

The average yield on six month deposits throughout the country currently sits at 0.44% APY as of the end of 2011 while twelve month CD’s are sitting at 0.74% APY.

Today’s Best 6 Month CD Rates in Georgia:

(Rates accurate as of December 2011)

- Bank of Dawson (Dawson, GA) featuring 6 month CD’s with APY’s of 1.15% requiring a minimum deposit of $1,000.

- First State Bank of Randolph County (Shellman, GA) featuring 6 month CD’s with APY’s of 1.15% requiring a minimum deposit of just $500.

- Commercial State Bank (Donalsonville, GA) featuring 6 month CD’s with APY’s of 1.10% requiring a minimum deposit of $1,000.

- Farmers and Merchants Bank (Valdosta, GA) featuring 6 month CD’s with APY’s of 1.10% requiring a minimum deposit of $1,000.

- Flint River National Bakn (Camila, GA) featuring 6 month CD’s with APY’s of 1.01% requiring a minimum deposit of $1,000.

For those that live in Maryland and aren’t able to join ACTCU, you still have some solid options for six month deposits relative to current interest rate conditions.

HarVest Bank of Maryland, for example, offers almost the same APY on their 6 month CD’s (0.98%) and has four locations throughout the state with their main offices in Rockville, MD.

Following the above two institions is Chessie Federal Credit Union of Lavale, MD who features 6 month CD’s yielding 0.95% APY with minimum deposit requirements of just $500. Chessie Federal Credit Union has five locations in MD and requires membership before opening one of their deposit products.

If you’re stricitly after high rates, you may even want to check out neighboring institutions in Virginia. The top 6 month CD rates in that state are sitting comfortably above the 1.0% APY mark.

Charter Bank and Trust Company (Independence, VA) has a 6 month CD featuring yields of 1.20% APY on deposits of $2,500 or greater if opening the CD at one of their eight branches throughout Virginia and North Carolina.

And if Charter Bank is a little out your way, you can also check out the 6 month rates offered from URW Community Federal Credit Union of Danville, VA, which features a 1.00% APY on deposits of just $500 or more.

Know of a better local rate in the area? Let us know by leaving a comment!

But it is true that local credit unions and banks in Rhode Island can’t put up anything worth considering when dealing with interest rates on their short-term savings account products (particularly FDIC insured deposits).

For every short term certificate of deposit, ranging from 6 months to 2 years, you’ll have much more success locking in rates from one of the banks found in our database of FDIC insured nationally available CD’s than you will from any locally based community bank or credit union in Rhode Island.

For 5 year CD’s, however, it’s a much different story. For whatever reason three locally based credit unions and one small community bank are willing to top the rates of the best nationally available deposits by a relatively significant margin.

Greenwood Credit Union (Warwick, RI) is at the top of the list (tied with NFCU) for 5 year CD’s featuring a 2.10% APY requiring minimum deposits of a thousand bucks or more. If you pop over to our database of 5 year CD’s available to residents throughout the country you’ll see that the top offer there is lagging slightly behind with just a 1.97% APY (offered from Intervest National Bank).

The other top offer from a credit union with a presence in Rhode Island is tied for the first and comes from Navy Federal Credit Union – which happens to be amongst the top 3 credit unions in the country by both member size and assets. Their 5 year CD also provides a yield of 2.10% APY with the same minimum deposit requirement as Greenwood.

Behind those two offers is one from Wave Federal Credit Union (also in Warwick, RI) with a 2.02% APY on their 60 month deposit followed by (and again from Warwick, RI) Coastway Community Bank’s offer of 2.00% APY requiring a minimum deposit of $1k as well.

Think we let an offer slip under our radar? Leave a comment if you can find a better CD rate in Rhode Island!

The top 12 month CD rate from a Utah based credit union, for example, is currently featuring yields of just half of what the top 12 month CD rates can provide nationally. This awkward trend of local rates (especially those from credit unions) lagging behind the top nationally available rates is one that is becoming increasingly more common.

In early 2011, the top locally based savings rates always had a leg up over their nationally available counterparts. This however, is growing less common as CD rates continue to dwindle.

Top CD Rates in Utah (Local Institutions Only):

*Rates accurate as of December 2011

- Gunnison Valley Bank based out of Gunnison, Utah, has a 12 month CD yielding 0.80% APY requiring a minimum deposit of at least $1,000.

- Delta Community Credit Union based out of Salt Lake City, Utah, has a 12 month CD yielding 0.65% APY with a minimum deposit requirement of $1,000.

-  Western Federal Credit Union based out of Salt Lake City, Utah, has a 12 month CD yielding 0.61% APY with a minimum deposit requirement of $1,000.

Top 12 Month CD Rates Available Nationwide (Utah Residents Included):

*Rates accurate as of December 2011

- CiT Bank leads the pack on 1 year CD’s with an APY of 1.15% and a rather steep minimum deposit requirement of $25,000.

- Doral Bank ties for first place on 1 year CD rates with an APY of 1.15% and a much more manageable deposit requirement of just $1,000

- NewDominion Bank comes in third with an APY on their 1 year CD’s of 1.05% and a minimum deposit of $1,000.

Although this phenomena of nationwide institutions beating out local ones on interest rates is certainly not common throughout the country, there are a growing number of states losing their edge – and we find the timing of this to be quite disappointing.

In today’s banking environment many consumers feel a strong disconnect with their bank (especially if they bank with one of the large national powerhouses) – and smaller community based banks and/or credit unions are, by contrast, being perceived in a favorable light. Here at BankVibe.com we feel that if credit unions were able to up their game on the interest rate front just a tad it may be all that’s needed to form a tipping point of consumers turning over to smaller locally based banking institutions.

This time last year, 5 year deposits were still pumping out 3.0% returns if you knew where to look, but Ben Bernanke’s announcement of long term bond purchasing – which effectively lowers long term savings rates – was the leading factor pushing long term deposit rates down the drain this year.

If you happen to live in South Carolina or an adjacent state, you may want to sift through the offers we’ve featured below by local banks and credit unions serving residents in the region. The top two local offers feature a 5 year deposit yielding 2.15% APY with minimum deposits of $1,000. To put the offers in perspective, the top 5 year CD rates from our database of nationally available institutions sits at just 1.95% APY (from Intervest National Bank).

Top 60 Month Deposit Rates South Carolina (December 2011):

1. Carolina Federal Savings Bank (Mount Pleasant, SC) – 5 year CD yielding 2.15% APY with a minimum deposit requirement of $1k.
2. Eastman Credit Union (Gaston, SC) – 5 year CD yielding 2.15% APY with a minimum deposit requirement of $1k.
3. Navy Federal Credit Union (Parris Island, SC) – 5 year CD yielding 2.10% APY with a minimum deposit requirement of $1k.
4. Charleston Area Federal Credit Union (North Charleston, SC) – 5 year CD yielding 2.00% APY with a minimum deposit requirement of $500.
5. Coastal States Bank (Hilton Head Island, SC) – 5 year CD yielding 2.00% APY with a minimum deposit requirement of $1k.

Should you go long on CD’s?

Before committing to any of the offers above, you may want to consider a more liquid FDIC insured savings vehicle. Generally speaking, you don’t want to tie up your money in long term deposits when rates are low. These accounts are best utilized in a high rate environment, thereby locking in a favorable rate for the longest term available. In today’s landscape, looking into something like a rewards checking account may be your best bet as far as interest rates + FDIC insurance are concerned. Just be sure you can meet minimum requirements or you’ll likely miss out on the high rates.