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Suburban St. Louis Credit Union Touts CD


Scott Credit Union has special 30-month CD rates for its 243,000 members in Illinois and Missouri.

The credit union, which has 15 branches in the St. Louis suburbs on the east side of the Mississippi River, is paying 1.59% APY with a $1,000 minimum deposit.

That beats the top nationally available 36-month CD rate on our CD Rates Leaderboard by nearly a tenth of a percentage point.

Of course, you have to join Scott Credit Union to purchase these special certificates of deposit.

Most members live or work in St. Louis County, Missouri, and 17 counties in Illinois — Madison, St. Clair, Monroe, Randolph, Perry, Franklin, Jefferson, Washington, Clinton, Marion, Bond, Macoupin, Montgomery, Fayette, Effingham, Williamson and Jackson.

But since Scott Credit Union was originally created to serve the personnel of Scott Air Force Base, active and retired military across Illinois can also join.

Learn more about Scott Credit Union at www.scu.org or by calling 618-345-1000 or 800-888-4728.

Highest CD Rates Roundup For October 31

Check out all 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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More Banks Push Returns On Savings Accounts Back To 1% — Or Beyond

It’s lucky seven for savers.

Seven banks are now paying at least 1.00% APY on nationally available savings accounts — something we haven’t seen in nearly three years.Hand grabbing money out of a jar

Over the past month, UFB Direct made a splash when it rejoined our rankings after a 32-month absence.

It’s paying 1.25% APY on savings accounts, putting it far in the lead in our savings rankings.

CIT Bank also bumped up its top rate from 0.95% APY to 1.00% APY to land it among the national leaders.

UFB Direct is a division of San Diego-based BofI Federal Bank. Although it charges no monthly fees you must have at least $25,000 in your account to earn 1.25% APY. Lower balances are paid just 0.20% APY. Click here to read more

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HAB Offers Special CDs In Three States


Savers in California, New Jersey and New York may want to consider special deposit rates now being offered at local branches of HAB bank.

Rates for three CD terms are noteworthy:

  • 1.30% APY for 12-month CDs at California branches; 1.25% APY for 12-month CDs at New Jersey and New York branches.
  • 1.35% APY for 18-month CDs at New Jersey and New York branches.
  • 1.55% APY for 36-month CDs at all branches.

The California 12-month rate beats by 0.05% the top nationally available 12-month rate on our CD Rates Leaderboard. Click here to read more

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NASA Federal Drops Rate Change Clause

magnifying glassIt looks like NASA Federal Credit Union no longer claims the right to unilaterally lower the rate on outstanding CDs.

Back in July and August, I wrote two posts about NASA.

The first complained of the difficulty I had getting my hands on Truth in Savings Act disclosures for its CDs.

The second complained about what I found in those disclosures when NASA finally added a link to them on its website (www.nasafcu.org).

Those disclosures contained the following extraordinary language about certificates of deposit: The rate will not change during the term of your certificate unless the Credit Union notifies you at least 30 calendar days prior to any rate decrease.

NASA was asserting, in effect, the right to lower the rate on outstanding CDs. Click here to read more

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Top-Paying Bank Seized, Deposits Moved

We’re not seeing nearly as many bank failures as we did during the recession — fewer than two a month so far this year.

But federal regulators swooped in and closed the National Republic Bank of Chicago last Friday, transferring most of its deposits to the State Bank of Texas.

Of course, all of that money is guaranteed by the Federal Deposit Insurance Corp., so everyone’s savings are safe.

What we don’t know is whether the State Bank of Texas intends to honor all of the interest rates on National Republic CDs going forward.

It doesn’t have to. It can cut the return on the CDs it inherited. Click here to read more

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Banks Keep Pushing Up 1-Year CD Rates

pile of cashTwo more banks have boosted 12-month CD rates this month, but not enough to catch the term leader.

In September, CSBdirect.com (www.csbdirect.com) treated savers to the highest nationally available rate in more than three years.

Given that the 1.25% APY was a huge step up from the previous lead rate of 1.10% APY on our CD Rates Leaderboard, we thought it might take a while for other banks to respond.

Enter Nationwide Bank (www.nationwide.com), which just last week raised its 1-year return to 1.14% APY.

So, at least we’re now within spitting distance. Click here to read more

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Tropical Savers Bask In 7-Month CD Deal

Tropical Financial Credit Union has quite a deal on 7-month CDs for its 54,000 members down in Florida, paying them a surprising 1.25% APY.

The top nationally available 6-month CD rate on our CD Rates Leaderboard is well under 1%.

To qualify for this special, you must invest at least $2,500 in new money, or funds not already on deposit at Tropical Financial.

You also have to join the credit union. Membership is open to anyone who lives or works in Miami-Dade, Broward, Palm Beach and Sarasota counties, or belongs to a long list of employee groups.

CDs are usually sold at Tropical Financial’s nine branches in Coral Springs, Fort Lauderdale, Miami, Miramar, Pembroke Pines, Plantation and West Palm Beach.

But members who live outside southeast Florida, such as those in Sarasota, can buy them through the mail.

Learn more about Tropical Financial at www.tropicalfcu.com or call 888-261-8328.

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Don’t Miss This Long Island CD Special

Teachers Federal Credit Union has a special 18-month CD for its 243,000 members on New York’s Long Island.

It’s offering them 1.50% APY with a $1,000 minimum deposit.

That’s nearly as good as the top nationally available 24-month CD rate on our CD Rates Leaderboard, which climbed to 1.55% APY at the beginning of September.

You have to be a member of Teachers Federal Credit Union to purchase these special certificates of deposit.

Membership is available to those who live, work or worship in Nassau County; or in the towns of Huntington, Babylon, Smithtown, Islip, Brookhaven, Riverhead and Southold, or on the Poospatuck Reservation, in Suffolk County.

Once you’ve joined, you buy CDs online or at one of the credit union’s 26 branches located across Long Island.

Learn more about Teachers Federal Credit Union at www.teachersfcu.org or by calling 631-698-7000.

Highest CD Rates Roundup For October 24

Check out all 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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Synchrony Yanks Early Withdrawal ‘Perk’

A bank can giveth, and a bank can taketh away.

This thought occurred to me after I received amended account disclosures from Synchrony Bank in Saturday’s mail.

Last March, I posted favorably about the CDs being offered for Individual Retirement Accounts by Synchrony (then known as GE Capital Retail Bank).

I particularly liked the language in its disclosures permitting penalty-free early withdrawals “when an account is an IRA and the owner … reaches the age of 59 1/2.”

Then considering renewing an IRA CD, I was assured by a customer service representative that early withdrawals could be made for any purpose and in any amount, and that Synchrony considered this a key feature distinguishing its IRA CDs. Click here to read more

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