Solid short term CD rates available in Tennessee

We were just tipped off on some fairly noteworthy short term CD rates (5 month CDs and 6 month CDs) with some annual percentage yields that are beating the current national average be decent margins. Because the current market for FDIC insured savings products is nothing short of abysmal, we’d recommend keeping your deposit investments in either short term bank CDs or liquid, interest-bearing accounts such as online savings accounts and/or money market accounts. (Side Note: Sallie Mae’s FDIC insured online savings account is currently offering the top rate at 1.10% APY)

If you happen to reside in Tennessee you may want to mosey over to your local Northeast Community Credit Union as they are offering both 5 month CDs and 6 month CDs with an APY of 1.00% (and a minimum deposit requirement of just $500). We know a 1.0% interest rate is nothing to get excited over, however, considering the national average for 6 month CDs sits at just 0.60% APY, we found these offers to be fairly lucrative by contrast.

Thanks to BankVibe.com reader Craig S. for tipping us off on these deals!

List of Deposit Products and Rates offered through NECCU:

Unfortunately for most of us, these offers are off the table due to geographical restrictions. To check out CD rates available nationally or in your area visit our CD Rate Center.

For further info on the above products visit bemyco.org.

5 month CD, 5.0% APY with a $500 minimum deposit!

It’s called the 5-5-5 promotion and it’s being offered through People’s Trust Financial Credit Union. Generally with credit unions, either you’re eligible to join or not, and there’s not much middle ground. However People’s Trust FCU out of Houston, Texas, is allowing anyone to join with a mere $5.00 donation to their foundation (no, this is not part of the 5-5-5 promotion, just happens to be a coincidence).

Recently we did a report on the best money market accounts in Texas and BankVibe reader Doug posted this amazing deal in the comments section. Thanks Doug!

Here’s the scoop…

Watch your money grow with a 5-5-5 Term Share Certificate. The 5-5-5 certificate offers a 5-month term, 5.00% APY, and a $500 minimum deposit. This account also allows deposits in $5 increments up to the maximum account balance of $5,000. Make a new deposit to the account as often as you like throughout the five month term.

So I guess the only downside to this promotion is that you can only invest $5000, however this is a great opportunity for first time savers or anyone looking for a high yield on their hard earned cash!

5 month CD special yielding rate of 5.0% APY!

Wow! You don’t see this very often these days, thanks to BankVibe reader Tim for sending it in!

Point Breeze Credit Union out of Maryland is offering a fantastic deal for new money (aka new members) to entice them in to their institution. Currently, when you bring $2,500 in as a new customer they will grant you a 5 month certificate of deposit yielding 5.0% APY. The interest rate on this CD hardly beats their loan rates which hoover between 4.50% to 6.50% APR.

Here is the catch. First, you must become a member and as you may already know with credit unions this can be particularly tough. To become a member of Point Breeze you must work for one of their participating companies which are situated within 20 miles of one of their branches. There are a total of 700 participating companies in Maryland, Baltimore and Hartford counties. See their membership page for further details.

Second, the maximum deposit and minimum deposit are the same. You may only invest $2,500, no more no less. The interest rate is fixed at 5% once you open the account, however this is a promotional offer and is subject to change without notice.

You may want to compare local CD rates in Maryland or take a look at CD rates available nationwide.

18 month CD at 4% OR 5 month CD at 3.75%

BankDeals is reporting on some decent CD rates underway at Hyde Park Bank. Although I believe Hyde Park Bank has actually tweaked the rates slightly since BankDeal’s report came out.

Currently, here are their three best CD rates:

1. 18 month CD with a rate of 4.0% and a minimum deposit of $10k

2. 5 month CD with a rate of 3.75% and a minimum deposit of $10k

3. 9 month internet CD with a rate of 3.80% and a minimum deposit of $10k

Here are the terms and conditions:

A minimum of three (3) withdrawals per statement cycle in a Triangle Interest Checking Account is required to obtain the stated interest rate. Failure to have three (3) withdrawals in any one statement cycle will result in the reduction of one half of one percent of the current interest rate on the certificate of deposit and the loss of the Bump-Rate option. Subsequent activity in the Triangle Interest Checking Account will not effect this change. Qualifying withdrawals include those conducted via ATM, debit card, check, bill pay, phone transfer and online transfer.

Phone – 617.361.6900.