Bank CD Rates

If you have at least $5,000 to deposit in a certificate of deposit at Capital One Direct Banking, you could earn 1.88% annual percentage yield (APY) for three years.  The bank has other CD rates for various terms that include:

• 1.24% for 2 years
• 2.18% for 4 years
• 2.47% for 5 years
• 2.96% for 7 years
• 3.2% for 10 years

CD rates for terms less than two years are also available. Jumbo CD rates are available for deposits of at least  $100,000. The certificates of deposit have fixed rates, have no fees to open or maintain an account, and are insured by the Federal Deposit Insurance Corp.

Capital One Direct Banking also has a high yield money market with no monthly fees of minimum balance. Money markets include free online transfers and checks. The money market also includes a free ATM card.

In addition to CDs, Capital One also has a high yield money market rate for all balances as of June 9, 2010, is 1.1% APY. Interest rates and APYs are variable and can change at any time. Interest is compounded daily and credited monthly. You are limited to six withdrawals from a money market during each calendar month.

Capital One Direct Banking products and services are offered by Capital One Bank (USA) N.A. and Capital One N.A.

OneWest Bank has competitive CD rates that include 2.4% annual percentage yield (APY) for two years and 3.4% APY for five years if you open an account online. Other online CD rates at the bank include:

• 1.3%  APY for three months
• 1.8% APY for nine months
• 2.1% APY for one year
• 2.8% APY for three years
• 2.9% APY for four years

To open a certificate of deposit you need a minimum opening deposit of $5,000. Interest is fixed and is compounded daily and paid or reinvested into the CD account monthly or at maturity. Certificates of deposit renew automatically at the current rate available for the same term. The CD rate you receive also will be based upon the account balance.

There is a seven-day grace period beginning the day after maturity during which you can withdraw or transfer funds to another account. You’ll pay a penalty for withdrawing money early. For example, if you withdraw money early from a CD that has a term of one year or longer, the penalty would be six months of simple interest at the rate being paid on the amount that is withdrawn.

OneWest Bank also has an online Raise Your Rate CD that allows you to request a rate increase once during the term. The maturity date will remain the same after the CD rate increase.

Giantbank, the online division of Fort Lauderdale, Fla.-based Landmark Bank, has a 12-month certificate of deposit with a 2.01% annual percentage yield (APY).  If you’re looking for a longer or shorter term, take a look at the follow CD rates:

• 91 days –  0.75% APY
• 182 days – 1.56% APY
• 9 months – 1.61% APY
• 24 months – 2.11% APY
• 36 months – 2.16% APY
• 60 months – 2.31% APY

The CD rates were current as of Sept. 2, but are subject to change. Also, certain fees may reduce the overall earnings on an account. Interest on the account is compounded daily and credited to accounts monthly.

You need a minimum deposit of $2,500 to open an account. Certificates of deposit can be opened online or by mail. Account information can be accessed either online or by telephone 24 hours a day.

If you take money out of your CD before the end of the term, you’ll pay an early withdrawal penalty. However, you can have interest that is credited in the term before maturity mailed to you or transferred to a Giantbank checking or money market account without any penalties.

Unless you notify the bank, your CD will automatically renew upon reaching maturity. You have 10 calendar days after maturity to withdraw money from the CD without getting hit with a penalty.

TriState Capital Direct is offering several competitive CD rates available nationwide. Here are their certificate of deposit rates:

• 2.10% APY CD for 12 month term
• 2.60% APY CD for 24 month term
• 3.00% APY CD for 36 month term

Some of the fine print details of their CDs include:

• Online application is available
• Free wire transfers
• ACH transfers accepted
• Rates received will be based on time of deposit
• Early withdrawal penalties apply

In addition to certificates of deposits, TriState Capital Direct also offers a 1.50% APY on their money market account. One thing to note is that the money market account requires a 95,000 minimum, which is a bit on the high side.

TriState Direct currently has a fair soundness rating according to Bankrate and BauerFinancial.

Nexity Bank, located in Birmingham, Alabama is offering some of the best CD rates available today. Check Nextiy Bank’s website for more current certificate of deposit rates.

• 3 month CD – 1.61% APY
• 6 month CD – 2.21% APY
• 9 month CD – 2.11% APY
• 12 month CD – 2.56% APY
• 24 month CD – 2.66% APY

Nexity Bank also has locations in Atlanta, Georgia, Columbia, South Carolina, Dallas/Fort Worth, Texas, Myrtle Beach, South Carolina and Winston-Salem, North Carolina.

Nexity is FDIC insured.

1st Source Bank has some competitive long-term CD rates. These yields include a 4.45% APY for a 2-year term, a 4.80% APY for terms of 3, 4 and 5 years, and a 5.00% APY for a 6-year term. The 2-year term has a $5,000 minimum deposit. All the other terms have a $500 minimum. These are also available in an IRA.

At the bottom of the rate table the bank provides a fair about of details about the CD. Some of the important details:

• Applications should be mailed and postmarked on the date that you apply. The postmark date will lock in the rate shown on our website
• Interest may be paid by check or credited to another 1st Source Bank deposit account for Certificates equal to or greater than $2,500.00
• This offer applies only to personal CDs with balances up to $100,000
• Interest is compounded annually for terms longer than 12 months
• Early withdrawal penalty equals 6 months of interest on amount withdrawn for terms over 1 year through 6 years
• 10 day grace period at maturity
• No interest is earned during grace period if CD is redeemed

1st Source Bank is based in South Bend, Indiana with over 80 branches in Indiana and Michigan. It has been FDIC insured since 1934.

Discover Bank did another increase to some of its CD rates. The long-term rates are near the top as compared to other online banks. AAA members who live in certain areas can receive 5.28% APY on a 5 year term which is 5 basis points higher than Discover’s standard 5-year yield.

Discover’s standard rates are listed at this CD rates table. To find the AAA rates at Discover’s website, start at AAA’s financial services page and enter your zip code. You should then see a Discover Bank link on the right. Note, this Discover Bank AAA accounts don’t seem to be available for all zip codes.

Digital Federal Credit Union is offering 4.00% apy on a 15 month share certificate special. This special is available as either an IRA or regular share certificate. The minimum deposit requirement for this account is $500.

Field of membership in Digital Federal Credit Union is extended to those who live, work, worship, or attend school in certain Massachusetts and Georgia communities as well to those belonging to a number of sponsoring organizations and companies. A number of these sponsoring organizations are easy for anyone to join and are listed on Digital’s website.

E-LOAN increased the rates on most of its CD terms. The largest increase was on its 60-month term. That rate increased from 4.30% to 4.60% APY.
Here are some of the details on ELOAN CDs:

• Individual, Joint and Living Trust Accounts can be opened.
• Beneficiary can be added in the application
• $10,000 minimum deposit
• No early withdrawal permitted during the first 90 days
• Eary withdrawal penalty: 3 months interest for 1 year or shorter term and 6 months for over 1 year term
• Grace period: 10 calendar days
• No interest is paid past the maturity date on accounts closed during the grace period
• Interest is compounded daily and credited monthly (same as savings)
• CD is opened like savings account with one linked checking/savings account which will fund the CD
• Linked account can be your E-LOAN savings account
• Option is available to transfer interest monthly by ACH from CD to linked account
• At maturity, you can instruct E-LOAN via the secure message system to close CD and transfer money back to your linked account