Small Credit Union in Maryland Eeking Out 1.0% APY on 6 Month CD’s

If you live in Maryland and are in the market for a short term bank CD, you may want to check out Allegany County Teachers Credit Union. They’re offering 6 month CD’s yielding 1.0% APY with minimum deposit requirements of $500 for those able to join. They have two branches in Lavale and Cumberland, MD, and accept local funds by members only – check out teachersfcu.org for further information regarding membership.

For those that live in Maryland and aren’t able to join ACTCU, you still have some solid options for six month deposits relative to current interest rate conditions.

HarVest Bank of Maryland, for example, offers almost the same APY on their 6 month CD’s (0.98%) and has four locations throughout the state with their main offices in Rockville, MD.

Following the above two institions is Chessie Federal Credit Union of Lavale, MD who features 6 month CD’s yielding 0.95% APY with minimum deposit requirements of just $500. Chessie Federal Credit Union has five locations in MD and requires membership before opening one of their deposit products.

If you’re stricitly after high rates, you may even want to check out neighboring institutions in Virginia. The top 6 month CD rates in that state are sitting comfortably above the 1.0% APY mark.

Charter Bank and Trust Company (Independence, VA) has a 6 month CD featuring yields of 1.20% APY on deposits of $2,500 or greater if opening the CD at one of their eight branches throughout Virginia and North Carolina.

And if Charter Bank is a little out your way, you can also check out the 6 month rates offered from URW Community Federal Credit Union of Danville, VA, which features a 1.00% APY on deposits of just $500 or more.

Know of a better local rate in the area? Let us know by leaving a comment!

Best 5 year CD rates inching over 3.0% APY

You wont find any online banks offering 5 year CD rates over the 3.0% APY threshold, however, your local credit union may be able to lift your interest rate above that mark. An example of this was sent in yesterday by BankVibe.com reader Ian who noted a substantial offer from his local credit union. If you happen to be able to take advantage of First People’s Community Federal Credit Union of Maryland’s 5 year CD rates you could currently lock in an APY of 3.10%. Although we wouldn’t recommend locking in a long term CD rates in today’s market given the historically low interest rate levels, we still thought we’d make note of this offer considering the national average for these products sits at a measly 1.80% APY.

A slight draw back with First People’s Community Federal Credit Union’s 5 year CD is that their is a fairly steep minimum deposit requirement of $5000. Compare this with most online banks and you’ll find that the online institutions offer much more leniant minimum deposits (if they even make such requirements at all).

If you looking for slightly shorter maturities from FPCCU they also have a 21-month CD special earning up to 2.10% APY) and a 39-month CD earning 2.60% APY.

Who can join First People’s Community Credit Union?

First Peoples Community Federal Credit Union serves any persons who live or work in Allegany County, Maryland, Garrett County, Maryland, Somerset County, Pennsylvania or Mineral County, West Virginia. Membership is also available to Verizon employees that headquartered in the counties of Frederick, Washington, Allegany, and Garrett in Maryland.

Check out the best 5 year CD rates from our database to find available products near you.

Phenomenal 6 month CD rates available in Maryland

Thanks to BankVibe.com reader Justin for tipping us off on some incredible 6 month CD rates being offered through his local credit union in Maryland. Currently, if eligible to join First People’s Community Federal Credit Union (Maryland), you can take advantage of a 6 month CD (share certificate) yielding a whopping 1.50% APY on deposits of at least $500. To put this offer in perspective the national average for 6 month CDs (certificates of deposit) is currently yielding just 0.65% APY.

One word of caution – their rate page has not been updated since April of this year, so these rates may be due for a change at anytime considering the national average for CD rates has dropped since then.

Eligibility Requirements for First People’s Community Federal Credit Union:

Unfortunately for most of us, these CD rates aren’t available as First Peoples Community Federal Credit Union serves any person(s) who live or work in Allegany County, Maryland, Garrett County, Maryland, Somerset County, Pennsylvania or Mineral County, West Virginia. Membership is also available to Verizon employees that headquartered in the counties of Frederick, Washington, Allegany, and Garrett in Maryland.

Complete list of CD rates offered through FPCU in Maryland:

- 6 month CD paying 1.50% APY with dividends compounded daily and paid quarterly.

- 12 month CD paying 1.75% APY with dividends compounded daily and paid quarterly.

- 18 month CD paying 1.85% APY with dividends compounded daily and paid quarterly.

- 2 year CD paying 2.00% APY with dividends compounded daily and paid quarterly.

- 3 year CD paying 2.40% APY with dividends compounded daily and paid quarterly.

- 4 year CD paying 2.50% APY with dividends compounded daily and paid quarterly.

- 5 year CD paying 2.60% APY with dividends compounded daily and paid quarterly.

Compare these rates with other CD rates in Maryland.

TD Bank CD Rates and Review

TD Bank offers a unique set of CD (certificate of deposit) products for both consumers and businesses. What sets their deposit product offerings apart from other credit unions and banks is that they offer “Step Up” CD’s which basically come with incrementally increasing interest rates as your deposit gets closer to maturity. Below are the going rates for these CD’s. As a side note their personal CD’s are currently yielding slightly lower rates than the national average for CD rates.

About TD Bank:

TD Bank claims to be America’s most convenient bank (so much so that they’ve actually trademarked the term “America’s most convenient bank”). They are one of the 15 largest banks in the United States with $160 billion in assets, and provides customers with a full range of financial products and services at more than 1,100 retail stores throughout the Northeast, Mid-Atlantic, Metro D.C. and Florida.

Company History:

The company first opened its doors as Portland Savings Bank in Portland, Maine, in 1852, and later grew through a series of mergers and became Peoples Heritage Bank in 1983. At the turn of the millennium, the opportunity for growth presented itself again as Peoples Heritage Bank, through several acquisitions, expanded deeper into New England and took the name Banknorth.

Meanwhile, Cherry Hill, New Jersey-based Commerce Bank was turning Customers into Fans as America’s Most Convenient Bank. Founded in 1973, Commerce Bank expanded rapidly over the next 30 years into metro New York and Philadelphia, Washington D.C., and South Florida, winning new Customers with WOW! service and convenience.

In 2004, Banknorth caught the eye of TD Bank Financial Group of Toronto, Canada, a top 10 financial services company in North America. TD Bank Financial Group soon became Banknorth’s majority shareholder and the company became known as TD Banknorth. TD Bank Financial Group completed its purchase of TD Banknorth in 2007.

Looking to expand further in the U.S., TD Bank Financial Group acquired Commerce Bank on March 31, 2008, and the company rebranded as TD Bank, America’s Most Convenient Bank. TD Banknorth locations followed suit in September 2009, completing the merger of the two companies and uniting them under the TD Bank brand name.

Today, TD Bank, America’s Most Convenient Bank, remains focused on delivering award-winning Customer service and hassle-free products to Customers from Maine to Florida.

Current CD Rates offered by TD Bank:

Basic CD’s

- 9 month CD yielding 0.65% APY with a minimum deposit of $250 required. The current national average for 6 month CDs sits at roughly 0.78% APY (to put this offer in perspective).

- Other terms available, contact a local rep for current rates.

No Catch CD’s

- 6 month CD yielding 0.45% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.

- 12 month CD yielding 0.40% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.

Step Rate CD’s

- 3 year CD yielding 1.47% APY. Year 1 yields 0.90% APY, year 2 yeilds 1.24% APY and year 3 yields 2.24% APY.

- 5 year CD yielding 1.80% APY. Year 1 yields 0.75% APY, year 2 yeilds 1.00% APY, year 3 yields 1.74% APY, year 4 yields 2.23% APY and year 5 yields 3.20% APY.

* For the Step Rate CD the annual percentage yield is a Composite APY. The APY assumes each stated interest rate will be in effect for the length of time identified (one (1) year period).

TD Bank has locations in Connecticut, Washington D.C., New Jersey, New York, New Hampshire, Florida, Massachussetts, Maryland, Maine, Pennsylvania, Vermont and Virginia.

Also check out: TD Bank’s Checking Account Bonus

Best CD Rates in Baltimore, MD: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Baltimore, Maryland. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Baltimore as well as Maryland, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

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 CD current rates from national banks, compare CD rates nationwide. 

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.

Best 6 month CD rates in Baltimore, MD:

• Arundel Federal Savings Bank has a 6 month CD and a 9 month CD yielding 1.75% APY with a minimum deposit of $10,000 required.
• AmericasBank has a 7 month CD yielding 1.60% APY with a minimum deposit of $1,000 required.
• Kopernik Federal Bank has a 6 month CD yielding 1.56% APY with a minimum deposit of $1,000 required.

Best 12 month CD rates in Baltimore, MD:

• Hamilton Federal Bank has a 12 month CD and a 15 month CD yielding 2.05% APY with a minimum deposit of $5,000 required.
• Essex Bank (Catonsville, MD) has a 12 month CD yielding 2.02% APY with a minimum deposit of $500 required.
• Nexity Bank has a 12 month CD yielding 2.01% APY with a minimum deposit of $1,000 required. They are a national bank and can accept deposits from customers nationwide.

Best 24 month CD rates in Baltimore, MD:

• Hudson City Savings Bank has a 24 month CD yielding 2.50% APY with a minimum deposit of $5,000 required. They are a national bank and can accept deposits from any state.
• Fairmount Bank has a 25 month CD yielding 2.30% APY with a minimum deposit of $10,000 required. 
• 1st Mariner Bank has a 24 month CD yielding 2.20% APY with a minimum deposit of $500 required. 

Highest yielding money market account rates in Maryland

Below are the highest yielding money market account rates serving citizens of the state of Maryland.

If you are strictly after the best 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 Maryland, we have found that in most instances you will be able to lock in more competitive rates with local institutions (if you are eligible for membership). Before committing to one of the banks/credit unions listed below, you may want to browse through our archive of best money market accounts.

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.

Top 2 MMA (money market account) rates in Maryland:

(click on the institution for more information)

• Wepco Federal Credit Union: Oakland, MD. Money market account yielding an astounding 2.53% APY on balances above $2,500. If you cannot maintain the minimum balance you will not accumulate any interest. This is a very substantial offer considering the national average for money market rates sits at roughly 1.17% APY. You are also entitled to three withdrawals or transfers per month, however each of these transactions must be in increments of $500 or more. Dividends are compounded monthly and paid montly. Membership is available to current or retired employee of Westvaco Corporation, Luke, Maryland, or any relative who is a member of WEPCO Federal Credit Union (this includes spouse, child, parent, brother, sister, immediate in-laws, related by blood, marriage or adoption. Also, anyone residing in the same household.) Anyone who lives, works, attends school, belongs to an organization, or owns a business within Allegany, Garrett, Mineral, Tucker and Preston Counties may now join WEPCO Federal Credit Union as well. If you are unsure whether or not you may join contact: (301) 729-0146
• Centra Bank: Hagarstown, MD. Money market account yielding 2.0% APY with a minimum deposit of $5000. You may open a money market account through Centra with a balance of only $1,000 but you will receive a lower interest rate. There is no monthly service fee associated with this account and you are allowed 6 transfers per month (only 3 of which can be check). Centra Bank has four locations in Maryland (Morgantown, Martinsburg, Fayette County, and Hagerstown). Centra claims that one hundred percent of the deposits and money invested in Centra Bank from local residents and businesses will stay in town and will be invested in loans that result in job creation in Maryland.

Both of the above institutions are federally insured by either the FDIC or NCUA. If you live in Maryland and know of a better money market account rate offered through your local institution, please share by leaving a comment.

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.

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!

12 month CD yielding 3.50% through E.S. Federal Credit Union

Educational Systems Federal Credit Union out of Greenbelt, Maryland, is offering a 12 month CD yielding 3.50% (national average is 2.05%) with a minimum deposit of $500.

After reviewing their “savings rates page,” I found that their rates became effective at the end of January when the national average for 12 month CD’s was slightly higher. If you are considering opening this account I would contact a representative directly to make sure it’s still accurate, however I would be shocked if they tried to refuse this rate.

Educational Systems Federal Credit Union is a non-profit financial cooperative. They do not have any outside stockholders and are owned by their members. Money deposited into the Credit Union by their members is used for the purpose of making loans to help other members of the greater education community borrow for their homes, autos, and/or other financial needs. Educational Systems Federal Credit Union claims that because of it’s size, they are able to offer products and services found at major banks while typically offering better rates.

To become a member you must be affiliated with the educational industry in some way and reside in the greater Maryland area.