Archive for the ‘Best CD Rates’ Category:
American Airlines Credit Union Offering Notable Long Term CD Rates
If you happen to be able to join American Airlines Credit Union you may want to check out their long term CD rates. While their 6 month to 2 year CD’s are mediocre (at best) when compared to the top CD rates nationwide, their long term CD’s are demolishing the current national average(s).
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.
Georgia Bank Rates – Get 1.10% APY or More on a Number of 6 Month CD’s
The 1.10% APY 6 month CD is certainly not extinct in Georgia.
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.
Small Credit Union in Maryland Eeking Out 1.0% APY on 6 Month CD’s
If you live in Maryland and are in the market for a short term bank CD, you may want to check out Allegany County Teachers Credit Union. They’re offering 6 month CD’s yielding 1.0% APY with minimum deposit requirements of $500 for those able to join. They have two branches in Lavale and Cumberland, MD, and accept local funds by members only – check out teachersfcu.org for further information regarding membership.
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!
Local Rhode Island CD Rates: Just as Tiny as the State
Ok, I guess that’s not entirely true.
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!
Local CD Rates in Utah Leave Residents Dissapointed
Whenever we do our regular round-up of locally based bank and credit union CD rates coming from individual states, we’re always impressed at how depressingly low Utah’s are.
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.
Plenty of 5 Year CD’s in South Carolina Yielding Above 2.0% APY
It’s been a downright free fall to our current sub-two-percent levels on 5 year CD’s this year. However, in our most recent survey of CD rates in South Carolina we found a number of local institutions still keeping their heads above the 2.0% APY mark.
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):
- Carolina Federal Savings Bank (Mount Pleasant, SC) – 5 year CD yielding 2.15% APY with a minimum deposit requirement of $1k.
- Eastman Credit Union (Gaston, SC) – 5 year CD yielding 2.15% APY with a minimum deposit requirement of $1k.
- Navy Federal Credit Union (Parris Island, SC) – 5 year CD yielding 2.10% APY with a minimum deposit requirement of $1k.
- Charleston Area Federal Credit Union (North Charleston, SC) – 5 year CD yielding 2.00% APY with a minimum deposit requirement of $500.
- 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.
Handful of Competitive 12 Month CD Rates in Virginia
Live in VA and looking to stash some cash in a short term bank deposit? Check out some of the 12 month and 14 CD rates provided by the highlighted institutions below.
Typically CD’s come with rounded terms such as 6 months, 12 months, 2 years, etc., however when an institution offers an oddball maturity it usually means it’s a promotional offer and will come with an attractive rate. This holds true for the 14 month CD offered by River Community Bank in Stuart, VA which features an APY of 1.40% on $10,000 deposits.
Thanks to BankVibe.com reader Glen for tipping us off on this offer!
River Community Bank has several locations throughout Virginia with branches in Martinsville and Dansville as well as Henry, Patrick, Charlotte, and Pittsylvania counties.
If you don’t reside near a River Community Bank but live in VA there are plenty of other local institutions offering competitive rates on 1 year CD’s. Below are the highest yielding offers from local banks and credit unions. The rates on the products featured below are accurate as of December 2011. Compare these with CD rates from around the country to see how they stack up against the competition.
Top 12 month CD rates VA:
- URW Community Federal Credit Union featuring 1 year CD’s yielding 1.27% APY requiring a minimum deposit of at least $2,500.
- Carter Bank and Trust featuring 1 year CD’s yielding 1.25% APY requiring a minimum deposit of at least $100.
- Farmers and Merchants Bank of Craig County featuring 1 year CD’s yielding 1.25% APY requiring a minimum deposit of at least $100.
- Freedom Bank of Virginia featuring 1 year CD’s yielding 1.20% APY requiring a minimum deposit of at least $2,500.
Alaksa USA Offering Top 5 Year CD Rates in WA and Greater Northwest
If you live in the Northwest and have been holding out for a CD rate above 2.5%, you can now snag a 5 year CD from Alaska USA Federal Credit Union with a 2.65% APY. Alaska FCU has now expanded their reach to Washington State and California’s high desert region to supplement their base of customers in Alaska. Founded in 1948, they are the largest credit union in Alaska and swiftly growing in Washington state. They control roughly $4.5 billion in assets and have 60 locations in AK, WA and northern CA.
Their CD rates are well above the national averages for each given duration, and their 5 year CD’s even beat the top five year rates available nationwide by more than 30%. The top 5 year CD available nationally from our database sits at 1.95% APY by NewDominion Bank while Alaska FCU’s sit at 2.65%.
If you live in the Washington State or the greater Northwest (Oregon, Idaho, California and Alaska) here are some locally available noteworthy 5 year CD rates for the end of 2011…
- Alaska USA Federal Credit Union (Shoreline, WA) has a 5 year CD yielding 2.65% APY requiring a minimum deposit of $10,000.
- Wings Financial Credit Union (Seattle, WA) has a 5 year CD yielding 2.43% APY with a minimum deposit requirement of just $1.00.
- Washington Federal (WA, OR and CA) has a 5 year CD yielding 2.25% APY with a minimum deposit requirement of $1,000.
- Oregon Community Credit Union has a 5 year CD yielding 2.12% APY with a minimum deposit requirement of $500.
CD Rates in Omaha, NE Struggling to Keep Up With Top National Rates
We surveyed the best CD rates available to residents of Nebraska living in or near Omaha and found that local institutions are finding it difficult to meet the rates offered by nationwide banks for short term deposits.
The top 6 and 12 month CD rates offered by local institutions in Omaha falls drastically short to the rates offered by CiT Bank and Doral Bank – the top two nationally available banks for short term deposits.
At the 3 year mark the margin begins to taper off as local institutions’ CD rates start to step up their game. And for 5 year deposits it appears the tables are turned entirely with local credit unions and banks offering the top savings rates.
Top 6 month CD Rates Available in Omaha, NE:
- Virtual Bank 6 month CD yielding 0.85% APY (Available Nationwide)
- Alostar Bank 6 month CD yielding 0.76% APY (Available Nationwide)
- Discover Bank 6 month CD yielding 0.75% APY (Available Nationwide)
- Metro Health Services Federal Credit Union (Omaha, NE) 6 month CD yielding 0.65% APY (Local Only)
Top 12 month CD Rates Available in Omaha, NE:
- CiT Bank 12 month CD yielding 1.15% APY (Available Nationwide)
- Doral Bank 12 month CD yielding 1.15% APY (Available Nationwide)
- Ally Bank 12 month CD yielding 1.01% APY (Available Nationwide)
- Dundee Bank (Omaha, NE) 12 month CD yielding 1.00% APY (Local Only)
Top 36 month CD Rates Available in Omaha, NE:
- Arbor Bank (Omaha, NE) 36 month CD yielding 1.67% APY (Local Only)
- Doral Bank 36 month CD yielding 1.65% APY (Available Nationwide)
- Mutual First Credit Union (Omaha, NE) 36 month CD yielding 1.61% APY (Local Only)
- Hudson City Savings Bank 36 month CD yielding 1.50% APY (Available Nationwide)
Top 60 month CD Rates Available in Omaha, NE:
- Arbor Bank (Omaha, NE) 60 month CD yielding 2.27% APY (Local Only)
- SAC Federal Credit Union (Bellevue, NE) 60 month CD yielding 2.10% APY (Local Only)
- Great Southern Bank (Bellevue, NE) 60 month CD yielding 2.02% APY (Local Only)
- Lincoln Federal Savings Bank (Omaha, NE) of Nebraska 60 month CD yielding 2.00% APY (Local Only)
One Bank and One Credit Union in Texas With Superb 6 Month CD Rates
Here are a couple of enticing offers for Texas residents looking to stock away some spare cash in a short term bank deposit. Currently Caprock Sante Fe Credit Union out of Salton, Texas and Chasewood Bank out of Spring, Texas are offering 1.20% APY and 1.16% APY on their 6 month CD’s, respectively. In an environment where the national average for 6 month CD’s hovers around 0.50% APY, these offers are pretty substantial.
The 6 month CD offered by Sante Fe Credit Union requires a $1,000 minimum deposit and accepts local funds. You can reach a representative at (806) 828-5825. Just as a quick background, they’re a relatively exclusive credit union and unless you happen to be employed by one of their selected employers you may not be eligible. If you have relatives whom are or have been employed by these institutions you may also be eligible.
The 6 month CD offered Chasewood bank also requires a minimum deposit of $1,000 and accepts local funds. You can reach a representative at (281) 320-6777. Chasewood bank is also quite small with just 25 employees and 2 locations while controlling roughly $110 million in assets as of 2011.
You can compare the rates above with some of the top nationally available rates, but what we’ve found is that in many instances, if you can meet the often strict membership eligibility requirements of these local credit unions, you may be able to snag yourself some better rates.
