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Four Years And Counting Without 3% CDs

This is an anniversary we just hate to mark every spring.

But here we are, commiserating together again.

It has now been four years since any of us could earn 3% or more on a nationally available 5-year CD.

The morning of May 25, 2011 began with tiny American Savings Bank in Portsmouth, Ohio, selling its 60-month CDs to savers across the country for 3.00% APY.

But during the day it restricted that deal to local customers, kicking off a spectacularly fast and awful decline in national yields.

Just one year later, the top 60-month rate was a shocking 1.81% APY.

That’s equivalent to losing a tenth of a percentage point every month for a full year.

After that, the rate bobbed up and down a number of times, but settled at an even worse 1.75% by May 2013.

Thankfully, last year’s anniversary brought better news, with the top national rate having climbed to 2.30% APY.

Today, we appear to be on a plateau, holding for almost three months now at 2.25% APY.

To be clear, breaking below 3% wasn’t the start of the collapse in savings rates. That began in 2007.

Nor was it the last time any community bank or credit union offered local customers or members 3%. Click here to read more

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Alliant Credit Union Boosts Shorter CD Rates But Cuts Longer Ones

Since we last posted about Alliant Credit Union, back in February, this Chicago-based institution offering deposit accounts nationwide has been tinkering with its CD rates.

Yields on certificates of deposit with maturities between 12 and 47 months have all increased. Returns on its 48- to 60-month CDs have dropped.

Here are Alliant’s current rates:

New Alliant Credit Union CD Rates

Length of Term Regular CD with $1,000 minimum deposit
Jumbo CD with $25,000 minimum deposit
12 to 17 months 1.15% APY 1.20% APY
18 to 23 months 1.20% APY 1.25% APY
24 to 35 months 1.30% APY 1.35% APY
36 to 47 months 1.50% APY 1.55% APY
48 to 60 months 1.85% APY 1.90% APY

All of these rates—except for the 60-month term—can be considered competitive.

In fact, the yield on Alliant’s 36-month CD equals — and on its 36-month jumbo CD beats — the top nationally available return from the banks on our CD Rates Leaderboard. Click here to read more

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National Deal: 4-Year, 1.8% CD Rates

All savers can take advantage of special 48-month CD rates at America’s Credit Union.

It’s paying 1.80% APY with a $10,000 minimum deposit of new money.
closeup of a $50 bill
Although we we don’t track 4-year yields on our CD Rates Leaderboard, this deal fits in nicely between the top nationally available returns those banks offer on 3-year and 5-year CDs.

The credit union’s 36-month CD promotion pays 1.50% APY, which matches the best national deal.

Membership is open to active, retired and reserve members of the armed forces and to anyone who works for one of the credit union’s select employer groups, listed on the website.

But everyone else can qualify by taking out a civilian membership in the the Association of the United States Army for $34.

Certificates of deposit are sold over the phone or in person at one of the credit union’s 12 branches in Washington State’s Pierce and Thurston counties, southwest of Seattle.

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Capital One 360 Launches Savings Bonus

Capital One 360 is offering savers across the country a cash bonus of up to $500 simply for opening a savings account and keeping their money in the online bank for a few months.

It’s the second major surprise from Capital One in recent days. Last week the McLean, Virginia, based bank gave its CD rates a major boost, joining the top-paying banks in the country.

To qualify for the savings bonus, all you have to do is open a 360 Savings account by July 15 and leave your money on deposit for 90 days. The more money you put in, the larger the bonus you’ll receive.

If, for example, you open a savings account with $5,000, you’ll receive a $50 bonus after 90 days. Deposit and keep $10,000 in your account, and you’ll get a $100 bonus. A $20,000 bonus will net you $200, and so on. The bonus is capped at $500 for a deposit of $50,000 or more.

On top of the bonus, your 360 Savings account will earn 0.75% APY with no monthly fees. Click here to read more

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CIT Bounces To Top Of 2- And 3-Year CDs

CIT Bank has made its presence felt once again on our CD Rates Leaderboard.

It’s just raised the return on its 2-year RampUp Plus CDs from 1.35% to 1.40% APY. That means it now has sole possession of the Leaderboard’s top spot for nationally available 24-month bank CDs.

In addition, it’s upped the yield on its 3-year Term CDs and 3-year RampUp CDs from 1.45% APY to 1.50% APY. This move ties it with three other banks for the number-one position for 36-month CDs.

The 2-year RampUp Plus and 3-year RampUp CDs each require a $25,000 minimum deposit. The 3-year Term CD has a $1,000 minimum deposit requirement.

The 2-year RampUp Plus CD permits the customer to add to the deposit amount once during the term (which CIT can limit to $250,000). Click here to read more

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Spring CD Deal For New England Savers

Jeanne D’Arc Credit Union has special 48-month CD rates for its 64,000 members in Massachusetts and New Hampshire.

It’s paying 2.00% APY with a $250 minimum deposit, down a little from the 2.15% APY it was offering last fall.

We love a 48-month CD rate that crosses the 2% threshold — especially considering that the top nationally available 36-month CD rate from the banks on our CD Rates Leaderboard is 1.50% APY.

It also falls near the top of our rankings of the highest CD rates from credit unions and community banks.

Membership in Jeanne D’Arc Credit Union is open to anyone who lives, works or attends school in the:

  • Massachusetts counties of Middlesex or Essex, and towns of Fitchburg, Leominster, Harvard and Lancaster.
  • New Hampshire counties of Hillsborough or Rockingham.

Once you’ve joined, these special CDs can be purchased by phone or at one of seven branches in Chelmsford, Dracut, Lowell, Methuen, Tyngsboro and Westford, Massachusetts.

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30-Year Mortgage Deal: 3.7%, No Points

Sterling Home Mortgage is offering borrowers in Illinois one of May’s best deals on 30-year, fixed-rate mortgages.

It’s charging just 3.7% with no points, no lender fees with a 30-day rate lock.

Percentage signs falling on red house

That’s more than a quarter of a percentage point less than the national average of 30-year loans — 4.01%, according to our latest survey of major lenders.

The monthly principal and interest payment would be $460 for every $100,000 borrowed, or $921 on a $200,000 loan.

You can use this mortgage calculator to determine the monthly payments for the amount you want to borrow with this or any home loan.

It will also provide a month-by-month amortization schedule that shows how much you’ve reduced your debt and how much you still owe if you want to pay off the loan. Click here to read more

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4-Year CD Special For Louisiana Savers

The Union Bank is paying 1.90% APY on 48-month CDs to savers in central Louisiana’s Avoyelles and Rapides parishes.

basket full of money

Although we don’t track the best nationally available 4-year returns on our CD Rates Leaderboard, this yield slots in nicely between the top 3- and 5-year yields.

It also falls near the top of our rankings of the highest CD rates from credit unions and community banks.

The Union Bank only sells certificates of deposit at its branches in Alexandria, Bunkie, Hessmer, Marksville, Moreauville and Pineville. A hefty $10,000 minimum investment is required to qualify for this particular rate.

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Texas, Arkansas Deals On 2-, 3-Year CDs

TEXAR Federal Credit Union is offering its members attractive yields on two mid-term CDs.

With a modest $1,000 minimum deposit it’s paying:

  • 1.40% APY on 24 months CDs, and…
  • 1.65% APY for a 36-month commitment.

Both beat the best nationally available returns from the banks on our CD Rates Leaderboard.

But you must buy these certificates of deposit online to get the best rate. Go to a TEXAR branch in the Texarkana area and you’ll be paid a tenth-of-a-percentage point less.

Membership is open to savers who live in Miller County, Arkansas, and Bowie, Cass and most of Red River counties in Texas.

Live somewhere else? Check out all of the top local and regional CD deals we track at community banks and credit unions.

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