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Hot Deal: NorthStar Pays 5.00% On 5-Month CDs, 1.50% On 21 Months

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NorthStar Credit Union really knows how to celebrate.

The Chicagoland credit union is commemorating the opening of two new branches with a pair of CD deals: one excellent and one stratospheric.

It’s paying a double-take rate of 5.00% APY on 5-month certificates, which we don’t need to tell you dwarfs any rate in any term on our CD Rates Leaderboard of the top nationally available bank certificates.

The one catch is that this promotion stipulates a maximum investment of just $5,000.

For those wanting to invest more while still earning a chart-topping rate, NorthStar’s more down-to-earth offer is 1.50% APY on 21-month certificates, which matches the top 2-year rate on our Leaderboard.

The 21-month promotion has the opposite stipulation, requiring a minimum investment of $5,000.

As always, it’s smart to check Bankrate’s extensive database of the day’s best CD rates before locking your funds into any certificate of deposit. But we suspect NorthStar’s 21-month offer will be tough to beat, never mind its 5% offer. Click here to read more

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3-Year CD Rates Roundup: Earn 1.70% Nationally, 2.33% Locally

The top return among national 3-year CDs received a boost recently, and from a newcomer, which we’re always happy to see.

But the bump was too minor to change the term’s status as one of the worst off compared with levels seen before the Federal Reserve’s December rate hike.

Among the seven terms of nationally available bank certificates we track on our CD Rates Leaderboard, two have moved up from pre-Fed levels, three are unchanged, and 3- and 5-year returns are decidedly below their December marks.

That means the case is as strong as ever for mid-term CD shoppers to capitalize on chart-topping rates from the country’s best-paying credit unions and community banks.

Indeed, we’ll tell you where to find more than three dozen offers that beat the national leader, including the top-paying local deal of 2.33% APY.

As for what will finally move banks toward an improvement in 3-year returns, we’ll tell you what you should know about the Fed’s plans. Click here to read more

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CD Leaderboard: Top National 1-Year CD Gets A Co-Leader

CD rates Leaderboard

While Monday saw Live Oak Bank significantly dropping one of its CD rates, today sees it raising another, and high enough to share the national lead.

Live Oak’s 12-month yield went from 1.25% to 1.30% APY this morning, which is the same rate that Bank of Baroda is offering at the top of our CD Rates Leaderboard of nationally available bank certificates.

Eighteen months ago, the top national 12-month return hit 1.30% APY for the first time since 2011.

But since then, the lead has bobbed up and down incessantly, dropping back to 1.21% and climbing as high as 1.36% APY, where it sat for most of this past spring.

Most recently, it was stuck at 1.26% APY, until Bank of Baroda elevated the lead to 1.30% nine days ago.

Live Oak is no stranger to our Leaderboard, having held the lead in various terms over the past few years.

Its pattern is not predictable, however. Sometimes it has pulled a leading rate after less than two weeks, other times it has kept a chart topper in place for months.

In any case, Live Oak’s certificates of deposit require a $2,500 minimum investment, as compared with Bank of Baroda’s $1,000 minimum. Click here to read more

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Stand Tall With Navy Fed’s 20-Month CD

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Navy Federal Credit Union typically unveils any new CD specials on the first of the month.

But it’s been quite a while since flipping a page on the calendar has brought us any deals worth writing about from the world’s largest credit union.

Enter its August offer, which is a bonafide winner for military-affiliated savers across the country, as well as their families.

Navy Fed is currently paying 2.00% APY on special 20-month certificates, with a minimum $20 deposit.

Compare that with the 1.50% APY you can earn from the top nationally available 2-year certificate from the banks on our CD Rates Leaderboard or the 4-year term it takes to earn 2% on our Leaderboard.

It’s also enough to put Navy Fed back in our constantly updated roundup of the country’s top-paying CDs from credit unions and community banks. Click here to read more

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Alliance Credit Union Offers Tough-To-Beat Deal On 4-Year CDs

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In an unexpected pairing, savers in the Bay Area and those in and around Wilmington, North Carolina, are being treated to the same chart-topping CD offer.

San Jose-based Alliance Credit Union operates in both of those locations and is matching the 2.00% APY that tops our CD Rates Leaderboard of nationally available 4-year bank certificates.

Alliance’s 48-month CD requires a $500 minimum deposit, versus the $1,000 required by national bank leader Bay State Savings Bank.

But Bay State is a bit of an outlier, with the next-best national bank offer coming in far below, at 1.78% APY.

So although it’s always a good idea to check the latest offers in Bankrate’s extensive database of the day’s best CD rates, Alliance’s 2.00% APY offer will be hard to beat.

Membership in the credit union is available to anyone who lives or works in three Bay Area counties (Santa Clara, Alameda and San Mateo) and three counties surrounding Wilmington (New Hanover, Pender and Brunswick). Click here to read more

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Six National Money Market Accounts Now Pay 1.08% Or More

Money Market Accounts

Two of the best money market rates recently turned out to be flashes in the pan, as both Sallie Mae and BBVA Compass offered good paying, nationally available MMAs for just a few weeks, then trimmed their rates.

Sallie Mae cut its rate from 1.19% APY to 0.90% APY and eliminated its six-month rate guarantee, while BBVA Compass cut the rate on its BBVA Compass ClearChoice Money Market from 1.10% APY to 0.85% APY.

The best MMA rates continue to come from a pair of affiliated banks from Oklahoma, All America Bank and Redneck Bank, which are paying 1.25% APY. But the top rate is only paid on balances to $35,000. Higher balances earn 0.50% APY.

Both banks require a minimum deposit of $50 to open a Mega Money Market account. You don’t need to keep a certain amount in your account to earn interest, and there are no monthly service fees.

The family that owned a trio of Oklahoma banks rolled them together last year under the name All America Bank. It’s now based in Mustang, with seven branches and Redneck Bank as an online division.

The next best rate comes from EverBank, which is paying 1.11% APY with the rate guaranteed for a year on its Yield Pledge MMA. Click here to read more

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UniWyo FCU Offers Worthy Deal On 37-Month CDs

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For savers in Wyoming and northern Colorado, a great mid-term CD deal is on offer from UniWyo Federal Credit Union.

It’s paying 1.86% APY on 37-month certificates, which handily outdoes the top 3-year return of 1.70% APY on our CD Rates Leaderboard of nationally available bank certificates.

A minimum deposit of $250 is required.

Because CD rates can change at any moment, it’s always wise to check Bankrate’s extensive database of the day’s best CD rates to find the latest deals. But we suspect UniWyo’s yield will be tough, if not impossible, to beat. Click here to read more

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Texas Deal On 2-Year CDs Beats Nationally Available Certificates

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Once again, Texas has a CD deal that tops the best national bank returns.

With a $10,000 minimum deposit, Shared Resources Credit Union is paying 1.51% APY on 24 months.

That’s a smidge better than you can do with the best-paying offer of 1.50% APY on our CD Rates Leaderboard of nationally available bank certificates.

It’s also enough to earn Shared Resources its first-ever appearance in our constantly updated roundup of the country’s best-paying credit union and community bank CDs.

Take a look through Bankrate’s extensive database of the day’s best CD rates, and you’ll be hard pressed to find offers better than this.

Membership in Shared Resources is available to anyone who lives within a 10-mile radius of the credit union’s Pasadena location. That means most residents of the eastern Houston area are eligible.

A map of that 10-mile radius is shown on Shared Resources’ website, as is a list of almost 40 affiliated companies whose employees are also invited to join the credit union.

Although existing members can open Shared Resources’ certificates of deposit through the mail, new members must visit the credit union’s single branch to join and open any CDs. Click here to read more

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Brexit Is Killing The Chances For A Fed Interest Rate Raise

Brexit Federal Reserve news

Brexit, the British vote to leave the European Union, was bad news for America’s personal savers.

Concerns about the impact Britain’s move could have on the global economy almost certainly weighed on the Federal Reserve’s decision today not to raise interest rates in July.

The news was the latest in a seemingly endless series of events that have led the Fed, the nation’s bank for banks, to keep interest rates near rock bottom.

The latest non-action by the Fed’s rate-setting committee means that everyone with certificates of deposit, savings or money market bank accounts is once again left waiting for the day when they begin to see better rates of return.

Perhaps the most frustrating part of Wednesday’s news was that the uncertainty caused by the Brexit vote offset generally good news about the health of the U.S. economy.

The healthy U.S. economy

After a weak month of hiring in May, the government’s June jobs report found U.S. employers adding a healthy 287,000 workers to their payrolls. Unemployment was 4.9%.

Wages, which have remained relatively weak even as the economy picked up, are finally showing improvement, climbing by 2.6% so far this year.

Although inflation still remains below the Fed’s target of 2%, a level it believes promotes healthy growth, the other good news could have spurred the nation’s central bankers to action.

But in today’s global economy and financial markets, everything is connected to everything else, and the possibility of a slowdown across the Atlantic raised caution here. Click here to read more

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