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Nationwide Cutting Top 3-Year CD Rate

When the year began just a few short weeks ago, two banks were paying the top nationally available return of 1.70% APY on 3-year CDs.

By tomorrow it will be 1.45% APY – a terrible start to the year if we ever saw one.

Current leader Nationwide Bank will reduce its return from 1.50% APY to 1.45% APY on Monday for all new certificates of deposit under $100,000.

If you invest $100,000 or more you’ll continue to qualify for the 1.50% APY yield. But we know that minimum deposit is too high for most savers to meet – or to qualify that rate for our rankings.

That reduction will drop the online bank owned by the giant insurance company back into an eight way tie for the best national deal on our CD Rates Leaderboard.

Here are banks that will now share the top spot with Nationwide: Click here to read more

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Leading 6-Month CDs Show No Sign Of Life

I hate to ruin a perfectly good Sunday by bringing up 6-month CD rates.

I know that we stopped talking about 3-month CDs long ago because they were so depressing.

But we’ve continued to update savers on nationally available 6-month rates even though they stopped showing any signs of life.

Current leader Doral Bank Direct pays 0.82% APY — that’s even less than the (still sad) 0.90% APY that led the term a year ago.

The online bank of Doral Bank, the leading community bank in Puerto Rico that has five branches in northwest Florida and two in New York City, requires a $500 minimum deposit.

The second highest rate, 0.80% APY, is from EH National Bank, which has a single branch in Beverly Hills, California, and requires a $10,000 minimum deposit. Click here to read more

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Northwest Deal: 1.61% On 15-Month CDs

Horizon Credit Union has a history of offering decent specials to Idaho, Montana and Washington State savers.

This time around, it’s paying 1.61% APY for 15-month CDs.

That’s nearly a half point more than you can earn from the best nationally available 12-month deal on our CD Rates Leaderboard.

A hefty $10,000 minimum deposit is required to buy this CD, and it must come from what the financial industry calls “new money” — funds that aren’t already on deposit at Horizon.

There’s also a $20 membership fee to join Horizon, but once you’re in, certificates of deposit are sold online, over the phone and at any of the credit union’s 16 branches.

Highest CD Rates Roundup For January 24

Check out all of the top returns we’ve found at credit unions and community banks across the country. These local deals pay more than the best nationally available CD rates.

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Top Return On 5-Year CDs Falls Again

Last week we said all of the momentum 60-month CDs gained in 2014 had probably been lost.

Now we’re sure of it.

The top nationally available 5-year CD rate on our CD Rates Leaderboard has fallen for the second time this year.

First Citizens State Bank, which had been paying the best nationally return of 2.35% APY since last fall, decided to only sell CDs to local customers at its four north Florida branches.

That pushed CIT Bank into the lead with a rate of 2.30% APY.

Today the online consumer bank of CIT Group Inc., a New York-based company that finances small and midsize businesses, cut its return to 2.25% APY.

That drops CIT into a tie with four other banks for the best national deal on 5-year certificates of deposit: Click here to read more

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Chase Car Loans Start At Less Than 2%

Chase Bank has some of the cheapest car loans around this winter with the lowest reserved for the bank’s checking account customers.

It’s offering 48-month new-car loans for as little as 1.93% APR, and 60-month loans starting at 2.04% in many parts of the country.

That’s more than two percentage points less than the current average cost of those loans and half a point less than Chase was charging just last spring.

Chase offers its best rates for checking account customers with excellent credit who sign up to have their auto loan payments automatically deducted from their account.

If you borrow $23,000 at 2.04% with a 5-year loan, the monthly payment is $403. Borrow that same $23,000 for five years at the average rate of 4.07%, and the monthly payment rises to $424.

The Chase rate saves $21 a month, or $1,260 over the entire length of the loan. Click here to read more

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Indiana Deal: 1.50% On 26-Month CDs

Here’s a little something that should cheer up at least some disappointed Colt fans.

Link Federal Credit Union is paying Indianapolis area savers 1.50% APY for 26-month CDs.

That’s more than the best nationally available 24-month return of 1.35% APY on our CD Rates Leaderboard.

Link mostly serves special employee groups. It started out as the credit union for employees of Link-Belt Companies. Ninety groups are now in its fold, as well as residents of designated areas in Indiana’s Marion and Hendricks counties and Sparta, Tennessee.

Although this special certificate of deposit requires a hefty $20,000 minimum deposit, members have lots of ways to buy them — online, over the phone or at Link’s two offices in Indianapolis and Sparta.

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Jumbo Mortgage Deal: 3.75%, No Points

Citizens Bank is offering one of January’s best deals on 30-year, fixed-rate jumbo mortgages to borrowers in 21 states from Maine to Tennessee.

It’s charging just 3.75% for a purchase with no points and anywhere from $479 to $759 in lender fees, depending on the state. It comes with a 60-day rate lock period.

To refinance the balance on an existing loan, the terms are the same, but the rate moves up to 3.875%.

That rate for purchase is nearly a quarter of a percentage point less than the national average of 30-year jumbos — 3.95%, according to our latest survey of major lenders. It’s nearly a tenth of a percentage point less than the average if you’re refinancing.

This deal is available in Connecticut, Delaware, Illinois, Indiana, Kentucky, Massachusetts, Maryland, Maine, Michigan, North Carolina, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia, Vermont, West Virginia and the District of Columbia.

Live somewhere else?

Use this deal as a blueprint if you’re purchasing. Find a similar deal from a lender in your area, and you know you’ve found a winner.

You can get started by searching Bankrate’s database for the best mortgage rates from scores of other lenders in your area. Click here to read more

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CIT Begins Year With IRA CD Promotion

CIT Bank is offering bumped-up CD rates to current customers who open IRA CDs.

It features a 0.08% increase over posted rates for 2-year CDs and 0.10% tacked onto posted rates for 3-, 4- and 5-year CDs.

With CIT already offering the best nationally available returns on 24- and 60-month CDs, this means you’re making a good deal even better.

Adding an extra tenth of a point to CIT’s 3-year certificate of deposit pushes it past the top yield on our CD Rates Leaderboard.

Based on CIT current posted rates, the bump-ups result in the following yields for 2-, 3- and 5-year CDs:

  • Term CDs ($1,000 minimum deposit): 1.33% for 2-year, 1.55% for 3-year and 2.40% for 5-year.
  • Jumbo CDs ($100,000 minimum deposit): 1.48% for 2-year, 1.75% for 3-year and 2.50% for 5-year.
  • RampUp Plus and RampUp CDs ($25,000 minimum deposit): 1.45% for 2-year and 1.55% for 3-year (no 5-year CD available).

Click here to read more

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Top 5-Year CD Rates Stall In New Year

We’re only two weeks into the year, and all of the momentum 60-month CDs appeared to be gathering in 2014 seems to have passed.

After watching savings rates fall since late 2008, the return on these certificates of deposits had begun to recover.

Here are four banks paying 2.65% APY on 60-month certificates of deposit, which are very good CD rates.

December ended with the top nationally available yield at 2.35% APY — two-tenths of a point higher than when the year began and up more than half of a point from the record low of 1.80% APY reached in late 2012 and early 2013.

We hadn’t seen a 5-year CD rate that high in more than three years, going all the way back to September 2011, when the top deal fell from 2.50% APY to 2.25% APY in a single day.

Unfortunately, we’d already hit a slowdown in this recovery.

When Citizens State Bank raised the yield on its 5-year CDs to 2.35% in September, not a single bank challenged or even followed its lead. Click here to read more

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