Here are some more Read more...]]> We just got word on some excellent 6 month CD rates coming from an extremely small credit union (977 members) in New Mexico. Currently Quay Schools Federal Credit Union of Tucumcari, NM, is offering six month CD’s yielding an APY of 1.26% requiring a minimum deposit of $10,000. This rate is more than double the current national average for 6 month CDs which sits at around 0.48% APY.

Here are some more interesting facts about this tiny, exclusive credit union:

- They have just 3 full time employees. That equates to 1 full time employee for every 326 members. Ironically, they may actually be overstaffed considering the national average is 455 members to 1 full time employee for credit unions nationwide.

- They control only $4 million in assets. That’s one employee for every $1.33 million in assets.

Other noteworthy CD Rates offered in New Mexico:

(Interest rates accurate as of October 2011. Visit our CD rates center for updated offers.)

- Everyone’s Federal Credit Union, also based out of Tucumcari, has a 6 month CD yielding 1.243% APY with a minimum deposit requirement of $10,000.

- Eddy Federal Credit Union based out of Carlbad, NM, has a 6 month CD yielding 1.05% APY requiring a minimum deposit of at least $5,000.

Live in New Mexico and know of a better short term CD rate offered through your local banking institution? Let us know about it by leaving a comment!

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 Read more...]]> Below are the highest yielding money market account rates serving citizens of the state of New Mexico.

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 New Mexico, 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 New Mexico:

(click on the institutions for more information)

• Citizens Bank: Tucumcari, NV. Money market account (or “Premium high interest checking”) yielding 1.61% APY with a $2,00 minimum deposit. You are entitled to 6 withdrawals per month however if you go over this amount a $6 fee will be imposed. This account comes with free checks, free online banking and bill pay, and only a $50 minimum deposit amount. The Citizens Bank was incorporated in Aztec, NM on January 16, 1905 and has 6 locations in Farmington, Aztec and Bloomfield. Contact: (505) 599-0100
• Community 1st Bank of Las Vegas: Santa Rosa, NM. Money market account yielding 1.46% APY with a $500 minimum balance. This account comes with 6 monthly transactions, 3 of which can be made through personal check. Community 1st Bank of Las Vegas has a few branches located in Legion Park, Mora, Wagon Mound, Roy and Santa Rosa. Contact: (505) 425-7584

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

Keep in mind interest Read more...]]> 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.