bank rates

Highest CD Rates Roundup For March 29

Bringing you the very best CD rates from credit unions and local banks.The data on bank complaints the Consumer Financial Protection Bureau released earlier this week puts certificates of deposit a distant third on the type of accounts savers have the most problems with, behind checking and savings accounts.

CD issues account for about 6% of the bank account complaints the CFPB has received in the past year.

Still, our analysis of the data found 959 complaints at 63 different institutions.

Chart showing CD complaints per bank or credit union

Unsurprisingly, the big banks accounted for many of the complaints. But, as you’ll find on the chart to the right, banks and credit unions both small and large from throughout the country were the subject of CFPB scrutiny.

A majority of the CD complaints fell under the category of “Account opening, closing, or management.”

According to the report accompanying the data, the CFPB says this category addresses “issues such as confusing marketing, denial, fees, statements and joint accounts.”

In 78 cases, the issue was resolved with “monetary relief.” The agency says the median amount of relief for all bank account disputes was $110.

Unfortunately, we don’t get any more detail about the complaints, so the data aren’t as useful as they could be.

I’d like to know, for example, if savers complained they weren’t getting the interest rate they thought they had been promised or if they had problems closing a CD before it rolled over.

All that we can really extract from this data is frequency. When choosing your next certificate, you can take into account whether your bank or credit union is on this list and whether the frequency seems on par (or not) with the institution’s size.

There are a couple banks and credit unions on this list that have made appearances on the CD Rates Leaderboard or our list of the highest CD rates from credit unions and local banks, but not many.

So, if you’re looking for the best yield, many of the banks and credit unions on the CFPB list might not be the right choice for you anyway.

As for our list, we added one deal this week:

  • Hudson Valley Federal Credit Union (www.hvfcu.org) in New York state pays 1.30% APY on special 13-month CDs with a $500 minimum deposit. This special, celebrating the credit union’s 50th anniversary, is scheduled to last until April 28. Membership is available to anyone who lives, works, worships, volunteers or attends school in Dutchess, Ulster, Orange and Putnam counties.

As for rate cuts, we lost one nationally available credit union deal after American Heritage Federal Credit Union cut its 5-year CD rate from 1.91% APY to 1.76% APY. That’s not good enough for our list.

There were some local rate cuts as well.

Alliance Blackstone Valley Federal Credit Union in Rhode Island cut its 48-month CD rate from 2.00% APY to 1.50% APY; it’s 36-month deal fell from 1.50% APY to 1.20% APY. This credit union has been removed from our list.

Collins Community Credit Union in Iowa trimmed its 60-month CD rate from 2.12% APY to 2.07% APY with a $50,000 minimum deposit and 2.07% APY to 2.02% APY with a $10,000 minimum deposit. This deal remains on our list.

You’ll find all the top-paying deals clearly marked on our highest CD rates page, showing where they are available, with a quick link back to the original post, which includes more information on the institution and its requirements.

We’ll update this page weekly, so you’ll always know what great deals are out there from credit unions and local banks.

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