Posts Tagged ‘Arkansas CD rates’
Highest yielding money market account rates in Arkansas
Below are the highest yielding money market account rates serving citizens of the state of Arkansas.
If you are strictly after the best interest rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.
After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of Arkansas, we have found that in some instances you will lock in more competitive rates with national institutions rather than local ones (if you are eligible). Before committing to one of the banks/credit unions listed below, you may want to browse through our national money market rates tables.
Keep in mind, money market rates are time-sensitive in nature, therefor you may want to refer to the date of this article for accuracy. As with all money market accounts, the interest rates are variable and are subject to change without notice.
Top 2 money market rates in Arkansas:
(click on the institution for more information)
- Bank of Little Rock: Little Rock, Arkansas. Money market account yielding 1.51% APY with a minimum balance of $2,500. This bank has a few noteworthy accounts currently. Most notably is their “Kasasa Checking account” which is yielding 4.01% APY when qualifications are met. The qualifications consist of a required number of transactions per month, auto-debit set up and e-statement set up. You may earn this lucrative interest rate on balances up to $25,000. They also have an 18 month CD (IRA accounts only) which is yielding a very respectable 3.01% APY. Bank of Little Rock has 5 locations which are all located within the city. Contact: (501) 376-0800
- Peoples Bank Arkansas. Waldo, Arkansas. Money market account yielding 1.51% APY with a minimum balance of $2,500. You can open this account with $1,000 however you will earn a lower interest rate for any balance below $2,500. If your account dips below $1,000 you will incur a $10 monthly fee. You are entitled to 3 withdrawals per month, each additional withdrawal will come with a $10 fee as well. This bank has two branches, one in Little Rock and the other in Sheridan. Contact: (870) 942-5707
Both of the above institutions are federally insured by the FDIC. If you live in Arkansas and know of a better money market rate offered through your local institution, please share by leaving a comment.
Best CD (certificate of deposit) rates in Arkansas: Top 3
Below are the highest yielding CD rates available to residents in the state of Arkansas. The financial institutions offering these rates are local to this state but may also cover a larger regional area. If you reside in one of Arkansas’s bordering states you may also be eligible to take advantage of the savings products below, but you will need to contact a representative.
Some of the products listed below may be promotional and therefor only available for a limited time. These promotional deposit rates generally come with odd maturities (outside of the standard 6 month increments).
How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.
To get a better idea of how these local CD rates compare with national ones, compare CD rates nationwide.
Top 3 CD rates in Arkansas:
(clicking on the institution will bring you to their rates page)
- Eastman Credit Union: Batesville, AR. 24 month CD yielding 2.70% APY with a minimum deposit of $1,000. ECU offers deposit rates based on a range of maturities. For example, you will receive a 2.70% APY for 2-3 year deposits. You can opt for any duration of time within that period and lock in the same fixed rate of 2.70%. To join Eastman credit union you need to either live, work, worship or attend school in one of the counties listed on their coverage maps OR work for one of their selected group of employers.
- Arkansas Federal Credit Union: Little Rock, AR. 36 month CD yielding 3.0% APY with a minimum deposit of $1,000. This rate became effective on the first of August. Joining this credit union is a bit tricky if you fall outside of their group of selected employers. However, if you have family members whom fit within the criteria you may be able to join. The list of selected employers is largely made up of city municipalities and/or military service units such as LIttle Rock Air Force Base, Camp Pike, Camp Robinson, etc. Along with these organizations, Arkansas Federal Credit Union also has list of 500 participating small and medium sized companies within the state.
- Carter Federal Credit Union: Magnolia, AR. 48 month CD yielding 3.30% APY with a minimum deposit of $1,000. If you opt for a jumbo CD (deposit of $50,000 or more) then they will bump up this rate to 3.43% APY. Carter Federal Credit Union also has a very noteworthy high interest checking account which is yielding an APY of 5.01% on balances up to $30,000. However, you will need to meet the monthly requirements to earn that advertised interest rate. If you live, work, worship or attend school, or are a business or other legal entity in Caddo, Bossier, Webster, Bienville, Claiborne, DeSoto or Red River Parishes, and Columbia or Lafayette Counties, you can join Carter Federal. Your family members, co-workers and neighbors may also be eligible.
All of the institutions listed above are federally insured by either the FDIC or the NCUA (credit union equivilent). If you live in Arkansas and know of a better rate offered by your local bank, please share by leaving a comment.
