Whose offering 2.0% APY CD Rates?

Despite the fact that CD rates are at these ridiculous low levels, consumers – who are tired of wadding into the stock market and are just looking for guaranteed returns – are still turning to these financial instruments to store their savings. Yes their yields are pathetic and yes the rate of inflation may be trumping any real positive gains from them, but it still beats stacking cash under the mattress.

Taking into consideration that the current national average for 1 year CD rates and 3 year CD rates sits at roughly 0.80% and 1.20% APY respectively, we thought we’d scrounge up the most noteworthy CD rates we could find that were providing yields above 2.0% APY and publish them in this post. And unfortunately, after compiling this list, we found that in order to yield 2.0% returns or above on your bank CD you’ll need to invest in at least 4 year terms.

CD Rates with yields above 2.0% APY:

(Rates accurate as of September 2011.)

1) El Paso Teachers Federal Credit Union offering a 48 month CD yielding 2.72% APY with a minimum deposit of $10,000 required. *Not available nationwide.

2) American Airlines Federal Credit Union offering a 48 month CD yielding 2.42% APY with a minimum deposit of $10,000 required. *Not available nationwide.

3) Alliant Credit Union offering a 48 month CD yielding 2.35% APY with a minimum deposit of $1,000 required. Available in several states. Visit AlliantCreditUnion.org for further information.

4) SeaComm Federal Credit Union offering a 48 month CD yielding 2.25% APY with a minimum deposit of $1,000 required. Available in many states in the Southeast.

5) Tarboro Savings Bank offering a 48 month CD yielding 2.28% APY with a minimum deposit of $500 required. This is a community Bank based out of North Carolina.

Know of a community bank or credit union with CD rates above 2.0% APY? Let us know by leaving a comment!

Best 6 month CD rate found at a New York credit union

Thanks to BankVibe reader Stephanie for submitting what seems to be the highest yielding 6 month CD rate around. Unfortunately only a lucky few can actually take advantage of this product.

SeaComm Federal Credit Union out of New York is the one offering the lucrative rate. And as of today, their six month CD yields an interest rate of 2.82% APY. This currently smashes the national average by more than twice the rate (national average hovers around 1.30% APY).

They also have a number of other noteworthy savings products. They have a 1 year CD which is yielding almost the same (2.85% APY) and a two year CD which is yielding 3.03% APY. Both of those rates significantly beat the current national average.

Who can Join? (The Lucky Few!)

You are eligible to join SeaComm if you live, work, worship or attend school anywhere in St. Lawrence County or in the following municipalities of Franklin County: Bangor, Bellmont, Bombay, Brandon, Burke, Chateaugay, Constable, Dickinson, Duane, Fort Covington, Malone, Moira, St. Regis Reservation, Waverly and Westville. If you have extended family which meat this criteria you may be able to sneak in as well. I would contact a rep directly though for specifics on family member eligibility.

Residents in the state of New York have a decent list of high yielding CD rates to choose from. A few weeks back we mentioned the top 3 CD rates in New York and found that there are several local institutions offering very competitive rates.

Best certificate of deposit rates in New York

Below are the top 3 CD rates available to residents in New York (including all of New York City). The highest yielding certificate of deposit rates come in the form of 24 month CD’s, 36 month CD’s, and 60 month CD’s. As you are probably already aware of, the highest rates generally come from the longer maturities (ie a 12 month CD is going to yield a lower rate than a 5 year CD). Therefor, the rates I listed are those that beat the national average by the highest margin for their given duration.

As I mentioned with New Hampshire’s CD rates and Connecticut’s CD rates, it seems that rates offered by local institutions in the northeast are less competitive than those offered by large national banks. However, some of the local banking institutions serving the residents of New York are offering some phenomenal rates. If you reside in the northeast and know of a competitive rate offered by your local bank or credit union please share by leaving a comment!

Top 3 CD Rates (New York)

(clicking on the institution name will bring you to their rates page)

SeaComm Federal Credit Union: 24 month CD yielding 3.03% APY with a minimum deposit of $1,000. You may want to take a look at the article titled, SeaComm’s CD rates, in which I discussed the possibility that the rates listed on their website may be inaccurate. They were last updated in January of 2008 and are pretty lucrative when compared to the national average. SeaComm Federal CU has 15 branches throughout New York. Their products may be available nationwide if you are willing to stop by a local branch to fill out an application.

Massena Savings and Loan: 36 month CD yielding 3.18% APY with a minimum deposit of $1,000. On March, 24th, 1924, an organization certificate of the Massena Savings & Loan Association was submitted to the New York State Banking Department. The application was signed by twenty-eight business men with a total subscription value of $47,400. On May 21, 1924 the State of New York Banking Department approved the Certificate of Organization of the Massena Savings & Loan Association. Messena Savings and Loan is a member of the FDIC, the Federal Home Loan Bank of New York, America’s Community Bankers, and The Community Bankers Association of New York.

Hudson River Community Credit Union: 60 month CD yielding 3.75% APY with a minimum deposit amount of $500. Hudson River Community Credit Union (HRCCU) was founded in 1954 by the employees of International Paper Company in Corinth, New York as IPCO Federal Credit Union. Today, Hudson River Community Credit Union is a state-chartered community credit union. That is, anyone who lives, works, worships, attends school or a business or legal entity, such as churches, associations, etc., located within Saratoga, Warren, Washington, Rensselaer counties or the Towns of Cohoes, Watervliet or Green Island are eligible to join.

SeaComm Federal Credit Union’s certificate of deposit rates

Well I’m not sure what to make of SeaComm Federal Credit Union’s CD rates. (Thanks to BankVibe reader Sean for forwarding me their rates page, but I am a bit skeptical)

First, the rates advertised on their website are phenomenal. However, I am not sure how much stock I would hold in these being accurate. Why? Apparently they haven’t updated their savings rates page in over a year and a half (since January of 2008 to be exact) and anyone who is in or has been in the market for bank deposits knows that rates vary on a very regular basis.

Here are some of the best CD rates SeaComm Federal CU has listed…

• A 12 month CD yielding 2.85% APY
• A 2 year CD yielding 3.03% APY
• A 3 year CD yielding 3.13% APY
• A 5 year CD yielding 3.49% APY

All of these products are available with a $1000 minimum deposit.

How to Join SeaComm? (as seen on their website)

On February 4, 2000, The National Credit Union Administration granted SeaComm Federal Credit Union approval to provide financial services to all of St. Lawrence County and fifteen municipalities in northern Franklin County. Now all residents and businesses in these areas will have access to membership benefits such as competitive savings rates, low-interest loans and a diverse package of affordable financial services.

They go on to state that all you need to do is drop by one of their 15 locations, fill out an application, and deposit $5 into a “Regular Share Savings Account,” then you may take advantage of all their bank has to offer.

…So you may not need to reside in the counties listed above so long as you are able to stop by to open an account.

If you have any experience with this credit union or can attest to their advertised rates being accurate please share by leaving a comment.