Three-year CDs absolutely won the week.
Let’s review — oh, and we have news, too.
First, State Farm Bank, the insurance company’s online bank, increased its 36-month CD rate, putting it in a tie for the top offer on our CD Rates Leaderboard with three other banks.
That move came just a few days after we wrote about several other banks that made their offers more competitive.
Then came the typical Friday rate change from Florida-based EverBank.
Today, this primarily online bank nudged its 36-month CD rate to 1.46% APY — the highest bank offer available to all U.S. savers in 2014. That pushed State Farm Bank (and three other banks) into second place.
This trickle upward reminds us a bit of what happened to the best 60-month CDs last summer when they gradually began to recover. Let’s hope banks keep up the competitive pressure.
For now, you can watch the moves of all of the banks we’re tracking on our list of the best 3-year CD rates.
As for the highest CD rates from credit unions and local banks, this week we added two deals:
- Fort Campbell Federal Credit Union in Kentucky (www.fcfcu.org) pays 1.50% APY on 24-month CDs with a $1,000 minimum deposit. Credit union membership is open to residents of Montgomery or Stewart counties in Tennessee, or Christian, Trigg or Todd counties in Kentucky.
- Xceed Financial Credit Union (www.xfcu.org) pays 1.50% APY on 17-month CDs with a $500 minimum deposit. Any U.S. saver can join this credit union by first becoming a member of one of six organizations listed on the credit union’s website.
We also have mostly positive news to report regarding the existing deals on our list.
Advancial Federal Credit Union increased rates in three terms for its members in Alaska, Louisiana, New Jersey, Oklahoma and Texas. Its 60-month CD now pays 2.47% APY, up from 2.41% APY; its 48-month CD now pays 2.07% APY, increased from 1.98% APY; and its 36-month CD rate jumped to 1.59% APY from 1.52% APY.
Firstmark Credit Union boosted its 40-month CD special to 1.85% APY from 1.80% APY. This offer is available to San Antonio-area savers.
USAlliance Federal Credit Union added a 25-month CD special that pays 1.26% APY, replacing a 13-month special we previously wrote about. Membership is open to all savers.
And NASA Federal Credit Union, which offers certificates of deposit to any U.S. saver who is also a member of the American Consumer Council, extended its special 49-month CD offer until Aug. 31. It pays 2.25% APY. When we first wrote about this deal over the winter, the credit union was expected to end the special in late February, but it has repeatedly extended the offer — and increased the yield from 2.00% APY.
There’s just one rate cut to report.
Third Federal Savings & Loan cut its special 49-month CD rate to 1.75% APY from 1.85% APY and its 29-month CD rate to 1.25% APY from 1.35% APY. We’ve removed the 29-month offer from our list. Anyone can buy CDs from this institution.
We’ll update our page listing the highest CD rates weekly, so you’ll always know what great deals are out there from credit unions and local banks.