Best CD rates in New Mexico: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of New Mexico. They come in the form of 13 month CDs, 24 month CDs and 60 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the state of New Mexico, we found that for the most part, you will be able to receive slightly better rates with local institutions than with large national banks.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most current rates, compare CD rates nationwide. Also, regional banks may serve a number of states in the southwest, therefor you may want to browse through Nevada CD rates, Colorado CD rates, Utah CD rates and/or Arizona CD rates.

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.

Top 3 CD rates: New Mexico

(clicking on the institution will bring you to their home page or an internal page)

• Charter Bank: Santa Fe, NM. 13 month CD yielding 2.13% APY with a minimum deposit amount of $5,000. This is a promotional CD rate and is only available for a limited time. Charter Bank also has a “Turbo Checking Account” which yields a 4.0% APY on all balances up to $25,000 if the requirements are met. These requirements include a mandatory amount of debit card purchases per month, at least one automatic ACH payment per month, and enrolling to receive e-statements. For over 30 years, Charter has been serving the unique banking and mortgage needs of New Mexico.  Charter offers a combination of good rates, local expertise and personal service. Charter is recognized as the premiere real estate bank in New Mexico, offering loans from land acquisition to permanent mortgage in both residential and commercial real estate.
• Compass Bank: Albuquerque, NM. 24 month CD yielding 2.50% APY with a minimum balance of $5,000. Like Charter Bank’s 13 month CD, this one is also a promotional offer. The rest of their certificates of deposit offers aren’t as lucrative. In fact, their 60 month CD only yields 0.30% more than this 24 month CD. BBVA Compass is a leading U.S. banking franchise located in the Sunbelt region. BBVA Compass is among the top 25 largest banks in the U.S. based on deposit market share and ranks as the third largest bank in Alabama and the fourth largest bank in Texas. Headquartered in Birmingham, Alabama, it operates 583 branches throughout Texas, Alabama, Arizona, Florida, Colorado and New Mexico.
• Kirtland Federal Credit Union: Albuquerque, NM. 60 month CD yielding 3.79% APY – 4.26% APY depending on your deposit amount. Here is the breakdown: deposit $500-$4999 and receive an APY of 3.79%. Deposit $5,000 – $9,999 and receive an APY of 3.85%. Deposit $10,000 – $49,999 and receive an APY of 3.90%. Deposit $50,000 – $99,999 and receive 3.95%. Deposit more than $100k and receive an APY of 4.26%. Unfortunately like most credit unions, Kirtland Federal Credit Union has a strict membership eligibility checklist. Kirtland Federal Credit Union was established in 1958 and serves military and civilian personnel on Kirtland Air Force Base, U.S. Reserve Forces in New Mexico, the New Mexico National Guard, numerous Select Employee Groups, and military and other retirees, and their immediate family members.

All of the above institutions are federally insured by either the FDIC or the NCUA and your deposits are secure up to $250,000. If you live in New Mexico and know of a better rate offered by your local bank or credit union, please share by leaving a comment.

Compass Bank Checking Account

Compass Bank currently has a cash back checking account promotion which is running all summer long!

From May 18, 2009 until July 31, 2009 you can pay for gas, groceries and utilities with your BBVA Compass Visa Check Card (free with your new checking account) and receive 5% cash back. Within a couple days of each payment, you’ll receive your 5% cash back automatically deposited into your checking account.

Compass Bank Checking Account Promotion Details:

(as seen on the BBVA Compass Bank promo page)

• Utilities. Pay online, over the phone or in person using your Check Card. You can earn a rebate on just about all your household utilities, including electric, gas and water.
• Groceries. Load up your cart & swipe your Check Card.
• Gas. Save every time you use your Check Card to fill up your tank and grab a few snacks.
• $50 max per month. You can only earn up to $50 per month from this promotion
• $25 minimum for opening a new checking account
• Offer valid through July 31, 2009
• Cash back will be credited to your checking account 2 business days after the qualifying purchase has been posted

Compass Bank Credit Card Rewards Program

I’ve heard a lot of buzz surrounding the Compass Bank Credit Card (as well as the Compass Bank checking account) so I figured I would provide a brief review.

Compass Bank’s credit card rewards program allows you to earn points every time you use your card. There are no fees or costs associated with this credit card. One thing to note about the Compass Bank credit card is that it’s rewards program has come up as controversial in the past. The Rip Off Report featured some detailed complaints a couple years ago.

Compass Bank Credit Card Rewards Details:

(as seen on their website)

• It’s free – there’s no fee to participate.
• You’re automatically enrolled with your BBVA Compass Visa Platinum Card, or Visa Platinum Personal Line of Credit.
• Earn 1 point for every dollar spent using your BBVA Compass credit cards
• Credit card holders also earn 1 CompassPoint^® for every 2 dollars spent using your Check Card for signature-based purchases.
• Redeem points for free travel or a huge selection of cool merchandise.
  

If you haven’t checked out your credit report lately, you may want to get a free credit score.