We’ve been keeping our fingers crossed for a more promising 2011 for savers (especially those in the market for bank CDs) but haven’t yet seen any reason for much optimism. When discussing the current state of abysmal CD rates we began to think of all the great rates we were so accustomed to seeing in the past. Below is a highlight reel – if you will – of some of the top CD rates of the last two years. Some of these were local offers and some were national ones, and if you happen to be a regular here at BankVibe and specifically remember a sweet product you took advantage of in the past, feel free to dig it out of our archive of CD rates promotions and bring it to our attention!
1) The top deal we found in our archives was a 7 Month CD promotion that we found coming out of Connexus Credit Union (Wisconsin) back in February of 2009. With this product they were offering an astounding 5.00% APY for the 7 month term with deposits of $100k or more, 4.50% APY on deposits between $50k and $99k and still respectable 3.50 % APY on deposits between $1k and $49k. Today, they still offer very noteworthy rates given the current CD rates market, however, you’ll need one of their checking accounts to accompany these deposits. With this checking account you can lock in 6 month CDs with a 1.50% APY, 12 month CDs with a 1.75% APY and 5 year CDs with a 3.0% APY.
2) Regal Financial Bank (out of Seattle, WA) had a promotional 12 month CD yielding a whopping 4.0% APY that could be opened online or over the phone from customers around the country. It was called their “MVP CD” and it came with an minimum deposit requirement of $2,500.
3) Urwin Union Bank’s CD rates were decent but they had one promotion that was phenomenal. Back in June of 2009 they were giving away a free HDTV when you opened an 11 month CD with a minimum deposit of $20k. You might think the abnormally high minimum deposit warranted the free TV, however, they were still shelling out an interest rate of between 1.75% and 2.60% on the deposit to boot!
4) The fourth best deal came from Shore Bank (Virginia). This would have easily been the best offer of the last 5 years throughout the entire country had it come with more flexible deposit amount terms. They had a promotional 3 month CD yielding an astounding 10% APY! The catch? You could only deposit up to $1000 in the account. Still a very incredible offer and a great opportunity for a younger, first-time saver.
5) Another unheard of interest rate came from Elevations Credit Union (out of Colorado) who had a promotional 7 month CD yielding a whopping 7% APY! The catch with this was similar to Shore Bank’s in that you could only deposit $2,000 in the account. Again, not too shabby for any new-B just beginning to shop around for an FDIC insured savings product.
Why show you all these rates on CDs that are no longer eligible and only stand to make you more frustrated? As a sign of hope for 2011. Perhaps, with a bit of luck, towards the end of this year we could see banks competing for our money yet again by throwing promotions like these out on the market for savvy investors to swoop up. Fingers crossed.