Salem Five offering the best CD rate promotions today!

We were forwarded two CD rate specials (from an east coast bank called Salem Five) that have APY’s beating today’s national average by a respectable margin. Salem Five is headquartered in Massachusetts and has 22 branches in the greater Boston area. Currently with a $10,000 minimum deposit you can open either a 9 month CD or 24 month CD yielding 0.75% APY and 1.75% APY, respectively. To put these offers in perspective, the national average for 6 month CDs and 12 month CDs sits at roughly .060% APY and 1.00% APY respectively. What’s nice about this offer is that it’s available throughout the country. Usually when smaller local banks such as Salem Five offer high interest bank CD’s they are only available to locals who are able to stop by a branch, however, you can open Salem Five’s CDs online or over the phone!

Salem Five’s CD Rates (Special Offers):

- 14 month CD yielding 1.35% APY with a minimum deposit requirement of $10,000.

- 24 month CD yielding 1.75% APY with a minimum deposit requirement of $10,000.

- 60 month CD yielding 2.75% APY with a minimum deposit requirement of $10,000.

- 14 month CD yielding 1.35% APY with a minimum deposit requirement of $2,000.

- 24 month CD yielding 1.35% APY with a minimum deposit requirement of $2,000.

- 60 month CD yielding 2.75% APY with a minimum deposit requirement of $2,000.

Here is what you’ll need to apply:

1) Social Security Number

2) Driver’s License Number

3) Home and Email Address

4) Joint Owner Information

5) Bank Account Number for Transferring Funds

6) Name of Bank or Financial Institution

7) Your Current Bank’s Routing Number

If you know of any promotional CD rates offered through your local bank or credit union, please share by leaving a comment!

Outstanding CD rate promotion available to some local residents

BankVibe.com reader Kurt just sent us a fantastic CD rate promotion available to some residents in Florida. Currently if you are eligible to join Miami Postal Service Credit Union you can lock in a promotional 9 month CD with an APY of 1.76%. They refer to this as a jumbo CD, however, it only requires a deposit of $5,000. The dividend rates with this CD are paid quarterly and calculated using the average daily balance method.

Complete List of CD Rates offered through MPS Credit Union (including promotional offers):

- 6 month CD yielding 1.00% APY with a minimum deposit of $1,000 required.

- 9 month CD yielding 1.56% APY with a minimum deposit of $1,000 required.

- 9 month promotional CD yielding 1.76% APY with a minimum deposit of $5,000 required.

- 12 month CD yielding 1.31% APY with a minimum deposit of $1,000 required.

- 18 month CD yielding 1.51% APY with a minimum deposit of $1,000 required.

- 24 month CD yielding 1.51% APY with a minimum deposit of $1,000 required.

- 36 month CD yielding 1.97% APY with a minimum deposit of $1,000 required.

- 60 month CD yielding 2.02% APY with a minimum deposit of $1,000 required.

Who is eligible to join?

Membership in MPS Credit Union is open to everyone who lives, works, or workships within a 15 mile radius of the three MPS Credit Union branches- that is from Homestead and Leisure City to Wilton Manors and Tamarac (Miami, Florida).

Membership is open to postal employees and retirees as well as Federal Government employees and their families.

If you’re a member, all of your immediate family are also eligible to join, regardless of where they live.

Compare this offer to other CD Rates in Florida.

S-Bank’s Grand Opening 9 month CD special – Locals Only

S-Bank, based out of Massachusetts, is offering a phenomenal 9 month CD rate of 2.33% APY to their local customers. To put this offer in perspective the national average for 6 month CDs sits at 0.90% APY and the national average for 12 month CDs is around 1.30% APY.

Many thanks to BankVibe reader Mark for sending us this offer!

Although S-Bank is calling this a “grand opening special offer” it’s available at all of their local branches (not just the new one). This product is not being shown on their website, you must stop by one of their local branches in Weymouth, Quincy or Bridgewater to take advantage of it. You can view the ad online here.

As a side note S-Bank also has some very competitive rates associated with their money market accounts. Currently if you are to maintain a balance of above $75,000, you will earn 2.0% APY. The national average for money market rates sits at roughly 1.15% APY.

About S-Bank:

S Bank is governed by a Board of Directors. They are a fully owned subsidiary of South Shore Mutual Holding Company, which is governed by a Board of Corporators. S-Bank is member FDIC and your deposits will be federally insured up to $250,000.

You may want to compare this offer with other Massachusetts CD rates.

Bartow County Bank’s 9 month certificate of deposit: 3.0% APY

Wow. Here is a great deal coming out of a small community bank in Cartersville, Georgia. Currently, Bartow County Bank has a promotional 9 month CD which is yielding an unheard of 3.0% APY with a minimum deposit amount of $500. Bartow County Bank’s overall CD rates aren’t wildly impressive. They have a 1 year CD with a rate of 1.78% APY and a 2 year CD of 2.90% APY, thus making this 9 month special pretty lucrative in comparison.

This is a promotional product offered through Bartow County Bank and it’s rate is subject to change. This is a fixed rate, meaning once you have enrolled it will remain the same until maturity. An early withdrawal penalty will apply if you need to withdraw your funds before the 9 months has ended.

Brief History of Bank:

Cartersville used to be a fairly little town located 30 minutes north of Atlanta. But, with the completion of interstate 75, things soon changed. Businesses started relocating to the area and tourists found Cartersville, with its varied culture, a nice place to stop. Many tourists even decided to stay permanently. Bartow County Bank has also grown with the area, becoming Bartow County’s largest bank. We have seen many community banks bought out by larger banks and many big banks opening locations here. Started in 1974, Bartow County Bank serves the financial needs of Cartersville and it’s surrounding areas.

For membership eligibility requirements contact: (770) 382-4223

Pacific Transportation Federal Credit Union’s 9 month CD rate

An outstanding 9 month CD rate was pointed out to us over the weekend by BankVibe reader Riza. Currently Pacific Transportation Federal Credit Union of Los Angeles, California is offering a 9 month CD yielding 3.0% APY for new money deposits. This is nearly double the national average for 1 year CD rates!

The 3.0% APY certificate of deposit with maturities under 2 years is a fairly elusive creature currently, usually only showing itself in smaller local credit unions and banks. If you happen to find a nationally available savings rate of above 3% with a VARIABLE INTEREST RATE odds are it’s a teaser rate. (Note that this rate is fixed.)

Certificate of deposit rates offered through Pacific Transportation Federal Credit Union:

9 month CD – 3.0% APY

3 year CD – 3.0% APY

4 year CD – 4.0% APY

5 year CD – 5.0% APY

All of these deposits come with a minimum investment amount $3k. Rates became effective March 30, 2009.

Who can join Pacific Transportation Federal Credit Union:

If you live or work in the greater Los Angeles area then there is a decent chance you are eligible for a membership with Pacific Transportation Fed Credit Union. If you work for one of their roughly 150 participating companies you are automatically eligible.

First Priority Credit Union CD Rates

First Priority Credit Union out of Massachusetts currently has two noteworthy CD rate promotions going on.

First is their exceptional 9 month CD special which has an interest rate of 2.97% or 3.0% APY! To put this lucrative rate in perspective the national average for 12 month CDs is currently 1.99% and the national average for 2 year CDs is 2.33%.

Second is their 5 year CD which is currently yielding 4.25% APY. The national average for 5 year CD’s sits at roughly 3.00% APY.

The only bad news about these CD rates is that you must be a member of First Priority Credit Union to apply for them. As stated on their website, First Priority Credit Union membership is available to members of the Postal Community (employees, retirees, family members) as well as those that live and work in Massachusetts’ Essex County or Suffolk County.

For further info on these CD rates or membership eligibilty contact a rep at: phone (800) 949-7628

9 month CD rates – Where to find the best rate?

Find the best 9 month CD rates below. Keep in mind that 9 month CD’s are an odd maturity time and are therefor not a common savings product offered through many banks and credit unions.

What makes the 9 month CD unique though is that many times when you see it offered it is actually a promotional rate.

Back in Feburary, Flagstar Bank was running a promotional 9 month CD rate which was available to anyone nationwide. This promo lasted several weeks and came with a lucrative rate of 3.25% APY!

Today, the best 9 month CD rates (promotional and non-promotional) are as follows…

Massillon Area Credit Union – 9 month CD yielding 3.0% APY (the national average for 12 month CD’s is less than 1.50% APY)

First Priority Credit Union – 9 month CD yielding 3.0% APY. This is a promotional rate and is subject to change without notice. First Priority came out with this promo last month (March 5, 2009).

Check with these individual institutions for exact terms and conditions. Promotional rates are frequently accompanied with deposit caps (meaning you can only invest X amount in that particular CD).

Some BankVibe readers suggest taking these CD rate offers to your local bank and credit union to see if they would be willing to match the rate. If you have a long standing relationship with your bank or CU this may be a decent route to take.

Massillon Area Credit Union’s special 9 month CD rate

Massillon Area Credit Union out of Ohio just extended their 9 month certificate of deposit special until the end of March.  This 9 month CD comes with an interest rate of 2.97% or 3.0% APY and has a minimum deposit of $1,000. The current national average for 12 month CD’s is slightly less than 2.20% which makes this a pretty lucrative deal.

If you are looking for safe and temporary investments, then 6-12 month CD’s are probably a good bet. The current rates aren’t great but if you find CD rate promotions offered by local banks and credit unions you can usually snag a rate that tops the national average for 50% or so. Another benefit of the short maturity date is that your money stays relatively liquid and gives you the flexibility to move on to more lucrative investments should they present themselves in the near future.

Massillon Area Credit Union Special 9 month CD terms and conditions:

Rates are subject to change weekly

Dividends compounded quarterly

Penalty for early withdraw

About Massillon Area Credit Union (as seen on website)

The Massillon Area Credit Union (MACU) was founded in 1958 to serve the financial needs of employees of the Massillon school system. In 2001, MACU became a Community Charter credit union. Now, all business, individuals and their families who live, work, worship, or attend school in Stark County, Ohio are eligible to join.

MACU is a full-service financial institution with over $31 million in assets and serving more than 4,500 members. The friendly staff at MACU is fully committed to servicing its membership.

Your shares, commonly known as savings, are protected up to $250,000.00 per account. This unparalleled level of protection is possible because of our affiliation with American Share Insurance, (ASI), the nation’s largest private deposit insurer.

Flagstar 9 month CD rate promotion

A lukewarm certificate of deposit rate is being offered by FlagStar Bank.  Currently they have an online promotional CD with a rate of 3.25% which is apparently available to anyone nationwide. However, I have heard that this rate drops to 3.0% for certain areas within Michigan, Indiana, and Georgia.

The minimum deposit required for this certificate of deposit is $500. FlagStar also has a 6 month CD yielding an APY of 2.86%, a 12 month CD yielding a 3.25% APY and a 48 month CD yielding a 4.01% APY.

Currently the national average for 12 month CD rates is hoovering around 2.30% which makes Flagstar’s current CD promotions somewhat noteworthy.

Since BankVibe’s review of FlagStar Bank their CD rates have dropped dramatically, however the national average has been sliding steadily as well.

9 month CD rates – MoneyAisle vs Bankrate

Part 2 of the Moneyaisle review is an examination of the infamous 9 month CD. I find the 9 month CD to be somewhat of a slug when compared to other investment vehicles primarily because of it’s yield. If you compare the following 9 month CD’s with the 6 month CD’s offered by both Moneyaisle and Bankrate you will see that the 9 month CD actually yields a lower rate.

If you are unaware of moneyaisle.com’s business model here is the short version: First, you determine which bank investment vehicle you’d like (ie. high yield savings account or Bank CD) followed by such key factors as duration of investment and deposit amount. Moneyaisle will then have it’s 85 participating banks bid on your criteria allowing the bank offering the highest rate to win your business.

This first table illustrates the 9 month CD rates I’ve locked in via Moneyaisle and the second table shows the top 9 month CD rates according to Bankrate.com.

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Compare the above with the following…

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The conclusion here is similar to Part 1 in that Bankrate touts the highest yielding 9 month CD, while Moneyaisle holds a much more consistent rate on a state by state basis.