bank rates

Last Nationally Available 3% CD Is Gone

Discover Bank has cut its 10-year CD rate.Discover Bank cut its 10-year CD rates today by a half-percentage point to 2.50% APY. The online bank had been the last nationally available holdout on CDs that pay at least 3%.

You can still find some 3% deals locally in both 5- and 7-year terms.

Even as other bank rates tanked since the Fed’s announcement it would hold interest rates at record lows for two years, Discover held out for more than a month.

Discover ( whittled away other CD rates today, dropping by at least five one-hundredths of a point in the 24-, 36-, and 60-month terms, where it had been near — but not at — the top of our CD Rates Leaderboard.

As we mentioned last month, one strategy to employ in this era of bad savings is to find the longest term with the highest return.

It’s still a valid strategy, but Discover’s rate cut makes it more difficult.

Here are some credit unions I’ve found that still pay 3%. You can search locally to see if you can find some near you using

Security Service Federal Credit Union ( on its 7-year CD pays 3.50% APY with a $100,000 minimum deposit, 3.45% APY with a $50,000 minimum, 3.40% APY with a $25,000 minimum and 3.35% with a $500 minimum.

You’ll earn 3% on its 5-year CD only if you deposit $100,000 or more.

You must be a resident of Texas or Colorado and become a member of this San Antonio-based credit union to purchase these CDs.

Randolph-Brooks Federal Credit Union ( pays on its 7-year CD 3.40% APY with a $75,000 minimum deposit, 3.35% APY with a $20,000 minimum, 3.30% APY with a $5,000 minimum and 3.25% APY with a $1,000 minimum. It charges a hefty early withdrawal penalty of 420 days of interest.

On its 6-year CD, you’ll earn 3.05% with a $75,000 minimum deposit and 3.04% with a $20,000 minimum deposit.

You must live or work in the Austin and San Antonio areas to be eligible to join this credit union and buy these certificates of deposit.

GECU ( pays 3.00% APY with a $1,000 minimum deposit on 5-year CDs. Membership in El Paso, Texas-based GECU (formerly known as Government Employees Credit Union) is open to anyone who lives or works in El Paso County or in Doña Ana County not more than 25 miles from the El Paso branch at 1500 N. Resler St.

As always, you can compare these offers with the best CD rates in our extensive database.

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Comments (3)
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3 Existing Comments
  1. Kathy at Bankaholic said:
    on September 28th at 07:56 am

    Security Service FCU has dropped its rates: 7-year CDs now range from 3.25% to 3.40%, and the 5-year, $100,000 CD pays 2.85%.

    GECU’s 5-year CD rate has slipped under 3% to 2.95% APY at maturity.

  2. Kathy at Bankaholic said:
    on October 11th at 08:52 am

    Security Service FCU’s rates fall again: The 7-year CDs now range from 3.15% to 3.30% APY, and the 5-year, $100,000 CD pays 2.75% APY.

    Randolph-Brooks’ 7-year rates now range from 3.20% to 3.35%. The 6-year rates are 3.00% for a $75,000 minimum and 3.20% with a $20,000 minimum.

    GECU is still paying the slightly lower 2.95% rate on 5-year CDs.

  3. Kathy at Bankaholic said:
    on October 19th at 08:37 am

    Randolph-Brooks’ rates have slipped again: 7-year rates now range from 3.09% to 3.25%. Its 6-year rate for a $75,000 minimum deposit is 2.94%, and for a $20,000 deposit, 2.89%.