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New Leader In 60-Month CDs Pays 2.27%

Who would have believed it would get worse for CD savers before it gets better?

That seems to be the take-away as our CD Rates Leaderboard again suffers a blow, with yet another top national rate taken off the table this morning.

Since the Federal Reserve raised rates in December, E-Loan has moved its chart-topping rates in the opposite direction of expectations, deflating the top yield in three terms at this point.

The online portal of Popular Community Bank, E-Loan today dropped its 60-month return from 2.30% to 2.20% APY.

In doing so, it has passed the crown for the top nationally available bank yield on our Leaderboard to First Internet Bank of Indiana’s 2.27% APY.

While it’s true this lowers the top national return just three basis points, the plotline goes further back than today’s news.

Three weeks ago, E-Loan was paying 2.45% APY, a return it had been offering since late July.

But then E-Loan lowered rates across three CD terms, to levels that kept its leader or co-leader status intact, while offering savers less on their deposits.

Today is the first time since E-Loan’s dramatic across-the-board rate increases last summer that the bank has willingly given up the lead by dropping its yield below the top competition. Click here to read more

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CommunityWide FCU Offers Can’t-Miss Nationwide Deal on 17- and 24-Month CDs

Our roundup of the country’s best credit union and community bank CDs is always full of about a hundred local and regional deals that outdo the best nationally available bank yields.

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But today we’ve added two new credit union CDs that anyone in the country can open – and they’re worth it because they beat virtually every nationwide certificate out there.

The newsmaker is CommunityWide Federal Credit Union, and for a $2,000 mimimum deposit it’s offering:

  • 17-month CDs at 1.50% APY.
  • 24-month CDs at 2.00% APY.

Both easily outperform the top nationally available bank returns on our CD Rates Leaderboard of 1.35% APY for 12 months and 1.50% APY for 24 months.

Even looking to credit unions, only one nationwide deal exists that pays more than CommunityWide, and that’s USAlliance’s 15-month certificate paying 1.51% APY.

Membership in Indiana-based CommunityWide is based primarily on being an employee or retiree of a long list of employers. Click here to read more

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First Internet Bank Of Indiana Takes The Lead On 24-Month CDs, Offering 1.51%

Folks, we have a winner.

Before the Federal Reserve hiked interest rates in December, we imagined that once the increase arrived, we’d see some banks revising their entire rate sheet upward, even if only by small increments.

But until today, that hadn’t happened once.

Sure, we’ve had banks boost a CD rate here or there, or even a handful of them. But we’ve also had banks lower several rates.

It’s been a total letdown for anyone expecting the Fed’s move to trigger better returns.

Today, though, I award an unofficial prize to First Internet Bank of Indiana.

With increases this morning on every CD it offers, the online bank out of Indianapolis is the first to elevate its rate sheet across all seven terms we track on our CD Rates Leaderboard of nationally available certificates. Click here to read more

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New Promo Deal Pays 1.60% In Florida and Alabama

It’s been awhile since we’ve had any Florida deals to pass along.

So we were delighted to discover the sunny new promotion that Gulf Winds Federal Credit Union has unveiled for savers in northern Florida and southeast Alabama.

With a modest $500 minimum, the certificate pays 1.60% APY on 19 months, which is a tenth of a percentage point more than the best nationally available 24-month yield from the banks on our CD Rates Leaderboard.

It also earns Gulf Winds its first-ever appearance in our constantly updated roundup of the country’s best credit union and community bank CDs. Click here to read more

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Take Home 2.30% With Top National 5-Year CDs, Up To 3.05% On Local Deals

Hand grabbing money out of a jar

It seemed a logical, reasonable thing to expect.

That after seven years of the Federal Reserve keeping interest rates anchored at record lows, it would implement its first rate hike in a decade and finally trigger some relief for American savers.

The Fed’s increase did come, in mid-December.

But the relief for savers? That’s still nowhere in sight.

The story would be sad enough if it stopped there. But worse than a lack of rate increases for savers, we’ve actually seen a number of decreases, deepening the pain for everyone looking to earn more than pennies on their savings.

Nowhere is the bad news more acute than for 60-month CDs, where the top nationally available return from the banks on our CD Rates Leaderboard recently dropped from 2.45% to 2.30% APY.

It’s a despairing development and makes the case even stronger for finding the best local or regional deals you can qualify for. Fortunately, we can tell you where to find more than a dozen of those that pay between 2.50% and 3.05% APY.

Now that it’s been almost eight weeks since the Fed made its move, it’s hard to draw any other conclusion than that it’s going to take more than a single rate hike before banks start responding.

So when can we expect the Fed’s next increase? It’s impossible to say, but we’ll tell what we know. Click here to read more

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Nationwide Deal: Transportation FCU Offers Whooping 2.50% On 36-Month CDs

As we lament that national banks haven’t been spurred to action by the Federal Reserve’s December rate hike, it’s heartening to see a credit union significantly up the ante with a stellar nationwide CD.

Announced Tuesday, Transportation Federal Credit Union is paying a whopping 2.50% APY on just 36 months, far outdoing the top nationally available 3-year return of 1.75% APY from the banks on our CD Rates Leaderboard.

Even better, it’s two-tenths of a percentage point more than you can earn from our Leaderboard’s top-billed 60-month yield, earning Transportation Federal a prominent spot in our constantly updated roundup of the nation’s best credit union and community bank CDs.

Membership in the Washington, D.C.-based credit union is immediately available to employees and retirees of a long list of affiliated employers and associations throughout the country, including the U.S. Department of Transportation, Federal Aviation Administration, Department of Homeland Security and Transportation Security Administration.

But anyone nationwide can become eligible by joining the American Consumer Council for a $5 membership fee. Click here to read more

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New Deal Offers 1.50% On Nationally Available 24-Month CDs

For those shopping the best 2-year CDs, an attractive new offer has been added to the menu of top national rates.

Capital One 360 — the online operation of banking behemoth Capital One — today upped its 24-month yield to 1.50% APY, tying it for the best nationally available 2-year return from the banks on our CD Rates Leaderboard.

It’s the same yield being offered by E-Loan and Live Oak Bank, although Capital One 360 enjoys an advantage over its co-leaders: no minimum deposit amount.

In contrast, Live Oak, which just joined the co-lead Friday, requires at least a $2,500 deposit and E-Loan a more imposing $10,000. Click here to read more

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Earn 1.30% On 7-Month To 27-Month CDs In Two Markets

Not many would guess that Iowa’s largest bank also serves customers in Phoenix, but Bankers Trust Company is offering the same great CD deal in both markets.

It’s paying 1.30% APY on a pick-your-term certificate ranging from 7 to 27 months.

Compared with the top nationally available 12-month return of 1.35% APY from the banks on our CD Rates Leaderboard, the Bankers Trust deal is best at the shortest end of the range, where it handily beats the 1.05% APY you can earn from the top national 6-month CD.

Of course, it’s always prudent to check Bankrate’s extensive database of the day’s best CD rates in the country before committing to any certificate, but a 7-month yield of 1.30% APY won’t easily be outdone.

The rate can be improved even more for those willing to do additional business with Bankers Trust, with four relationship tiers offering CD rate boosts of up to 0.10%.

Bankers Trust certificates of deposit require a $1,000 minimum investment and must be opened at one of its 14 branches in central and eastern Iowa or its three branches in Phoenix and Sun City West, Arizona.

For dozens more local and regional deals like this one, be sure to visit our constantly updated roundup of the country’s top-paying credit union and community bank CDs.

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Earn Top Returns With Two New York CDs

Two new CD promotions are on tap in New York from First American International Bank.

The community bank with eight branches in Manhattan, Brooklyn and Queens is paying 1.20% APY on 9-month certificates, slipping nicely between the top nationally available 6- and 12-month rates from the banks on our CD Rates Leaderboard.

With the same $500 minimum deposit, First American is also offering a 26-month CD at 1.55% APY, edging out the top-billed 2-year return of 1.50% APY on our Leaderboard.

It’s enough to earn First American two spots in our constantly updated roundup of the nation’s best-paying community bank and credit union CDs, and it’s making the deal even sweeter for the longer-term CD.

As a bank catering to the Chinese-American community — but open to all — First American is offering a menu of thank-you gifts for savers who open the 26-month CD at different deposit levels. Click here to read more

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