XCEL Federal Credit Union’s Exceptional 3 Year CD Rate: 3.0% APY!

We just got word that XCEL Federal Credit Union (based out of New Jersey) is offering a fantastic 3 year CD (certificate of deposit) promotion. Currently, if accepted to the credit union and with a minimum deposit of just $500 you can open a 3 year CD yielding a whopping 3.0% APY. To put this offer in perspective the current national average for 36 month CD’s sits at just 1.60% APY. This offer almost doubles it!

Thanks to BankVibe.com reader Tom Quigley for tipping us off on this outstanding promotion!

Now here is the bad news…

Unfortunately for most of us, this offer may be off the table considering the relatively exclusive membership eligibility checklist. Below are the complete details for joining:

First – Membership is established by opening a regular XCEL Savings Account and maintaining a $5 minimum balance. Once established, you can take advantage of your XCEL membership services for life – even if you change jobs, move or retire – as long as you maintain your XCEL account.

Second – Membership in XCEL Federal Credit Union is only open to employees and family members of a select group of employers.

See how this offer stacks up against other CD rates in New Jersey.

36 month “step up” CD through Darby Direct

Darby Direct is offering another noteworthy savings product this month. A few months ago Darby Direct stepped on the scene with a lucrative high yield savings account providing a 3.0% interest rate. Unfortunately that account carried a variable interest rate and has since declined. However, this product comes with fixed rates and of course, is FDIC insured.

Here is how the account works:

Upon opening your account you will receive a 3.0% APY. This account will then be “stepped up” on August 15 of 2010 to a whopping 4.0% APY, then again on August 15 of 2011 to an even more impressive 5.0% APY.

To put this unique offer in perspective the average 12 month CD is yielding only 1.60% APY and the average 36 month CD yields 2.20% APY.

Terms and Conditions:

(as seen on their promo page)

• $500 minimum deposit requirement
• Annual percentage rates will change ONLY on the dates specified
• Substantial penalty will be imposed for early withdrawal
• Fees will reduce earnings
• Offer effective as of August 1, 2009
• FDIC insured

Washington Federal Savings Bank CD rates (WA and ID)

Washington Federal Savings Bank is offering some fairly respectable returns on their FDIC-insured savings products. If you visit their website, however, you will not be able to find any savings rates posted. They may want to reconsider this (in our opinion) given the competitiveness of some of their current rates.

For terms up to 18 months they offer rates which are pretty much on par with the national average, however their 24 – 36 month CD rates are substantially above it.

After reaching out to a representative I found that these rates are available in both Washington state and Idaho. If you do not live in one of these two state you may want to dig through our archive of best cd rates to find products in which you CAN take advantage of.

Washington Federal Savings Bank CD Rates:

(available in Washington and Idaho)

• 24 month CD yielding 2.50% APY for deposits between $1,000 and $89,999. This rate gets bumped up to 2.55% APY with deposits of $90k and larger. The national average for 24 month CDs currently hovers around 2.05% APY.
• 36 month CD yielding 2.75% APY for deposits between $1,000 and $89,999. This rate is bumped up to 2.80% APY with deposits greater than $90,000. The national average for 3 year CDs sits at roughly 2.20% APY.
• 48 month CD yielding 3.0% APY for deposits between $1,000 and $89,999. This rate is also bumped up 0.05% to 3.05% APY with deposits of more than $90,000. The national average for 4 year CDs currently sits at around 2.40% APY.

As it states in their bank’s name (federal savings), Washington Federal Savings Bank specializes in savings products. They offer a wide range of savings accounts which include money market accounts, CD (certificate of deposits) accounts and interest checking accounts. They also offer some loan products and credit cards as well. Their mission is to provide every customer with personal service and attentiveness, to provide their customers with deposit instruments which are highly competitive with the larger institutions and to provide mortgage loans primarily to individuals seeking to purchase or refinance a home in the Bridgeport community, as well as the greater Cook and DuPage counties of Illinois. In following this mission, Washington will be able to maintain profitability and a strong capital position necessary to continue well into the future.

Highest yielding 12 month CD rate in California

The State Bank of India’s 12 month CD may hold the highest rate for one-year maturities. Thanks to BankVibe reader Eric for submitting it.

Currently the State Bank of India has an FDIC insured, 1year “high-value” CD rate of 2.50% APY for balances above $50,000. As of the today, the national average for twelve month CD’s sits at roughly 1.65% APY.

State Bank of India (California) is a chartered subsidiary of the actual State Bank of India.

Here is their story…

The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2 June 1806. Three years later the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809). A unique institution, it was the first joint-stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January 1921.

Here are the CD rates offered by the State Bank of India subsidiary in California:

• 12 month CD yielding 2.50% APY with a minimum deposit of $50,000 (yields 2.30% APY with a minimum deposit of $1,000)
• 24 month CD yielding 2.65% APY with a $1,000 minimum or 2.75% APY with a $50,000 deposit
• 36 month CD yielding 2.75% APY with a $1,000 minimum or 3.00% APY with a $50,000 deposit
• 60 month CD yielding 3.25% APY with a $1,000 minimum or 3.40% APY with a $50,000 deposit

Frontier Bank’s certificate of deposit rates

Frontier Bank has several noteworthy CD rates currently available throughout the country. Unlike most of the high interest CD rates we have covered lately, these rates come with no geographical restrictions and can be opened online.

To fund these accounts you will need to conduct an ACH wire transfer and your rate will be locked in with the application so long as they receive your deposit within 5 days.

To open an account in person you will need to visit one of their branches which are located throughout Washington state and Oregon. If you’re considering opening a checking account as well with Frontier Bank they have over 13,000 ATM locations throughout the country.

Current Certificate of Deposit Rates:

(as seen on their rates page)

• 12 month CD yielding an interest rate of 2.23% with a minimum deposit of $500. If you deposit $50k or more then this rate becomes 2.27%.
• 2 year CD yielding an interest rate of 2.70% with the $500 deposit or 2.80% with the $50k + deposit.
• 3 year CD yielding 2.80% APY with $500 deposited or 3.00% APY with $50,000 or more deposited.
• 4 year CD yielding 3.05% APY with a deposit of $500 – $49,999 and a 3.25% APY with a deposit of over $50k
• Their 5 year CD yields 3.30% APY with a $500 – $24,999 deposit, a 3.40% APY with a $25,000 to $49,999 deposit and a 3.50% APY with a deposit of $50,000 or more

Frontier Bank is member FDIC and your deposits will be federally insured up to $250,000. You may also open up an account via telephone. Contact: (888) 779-4801.

If you have experience in banking with Frontier Bank, please don’t hesitate to leave a comment.

Best Certificate of Deposit Rates in Maryland (Top 3)

Below are the top 3 CD rates for residents of Maryland. These certificate of deposits come with varying maturity dates. Generally, the longer the maturity the higher the interest rate.

After researching the top CD rates for Maryland, I found the best rates coming from a 12 month CD through HarVest Bank of Maryland, a 24 month CD from Colombo Bank and a 36 month certificate of deposit from Layfayette Federal Credit Union.

Top CD Rates for Maryland Residents

(clicking on the name of the institution will bring you to their rates page)

HarVest Bank of Maryland – 12 month CD yielding 2.50% APY with minimum deposit amount of $1.00. HarVest Bank of Maryland is located in Rockville and claims to offer Maryland residents the most competitive CD rates around. They will reinvest your deposits into homes and businesses within the community. Member FDIC.

Colombo Bank – 24 month CD yielding 3.00% APY with a minimum deposit amount of $1,000. Colombo Bank is also headquartered in Rockville, Maryland and was originally named Apicella Bank in 1914. They currently have five locations, the original branch in Little Italy, three offices in Montgomery County, MD; one in Bethesda, one in Rockville, one in Silver Spring and their newest one in Washington DC. Member FDIC.

Lafayette Federal Credit Union – 36 month CD yielding 3.29% APY with a minimum deposit amount of $500. Lafayette FCU also has a very noteworthy 5 year CD yielding 4.00% APY. The one down side to this institution is that they have fairly strict eligibility requirements. You may only be eligible to join if you:

1. are employed by an agency or company within LFCU’s approved field of membership
2. live or work in the Potomac, MD. area
3. live, work, worship or attend school in Washington, D.C.
4. are an immediate family member of a current LFCU member

You may want compare these rates to some of the highest yielding CD’s which are available nationwide to ensure the best rate. If you live in Maryland or the greater DC area and know of a CD rate that has yields higher than the ones listed above please share by leaving a comment!