Bank CD Rates

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

GMAC Bank has some great deals on several of their CDs, with yields of over 4.00% APY. 12 month, 2 year and 3 year CDs have rates of 4.10% APY, and 4 and 5 year CDs have 4.35% APY.

Minimum deposit on GMAC Bank CDs is $500. Deposit term will begin upon receipt of initial deposit. Your interest rate will be the one in effect on that date. Interest is compounded daily. Fees could reduce the earnings on account, and there are penalties for early withdrawal. See their website for more details.

Navy Federal Credit Union is offering 5.00% APY on an 84 month share certificate. The minimum deposit requirement for this yield is $20,000. Jumbo share certificates with deposits starting at $100,000 currently yield 4.90% APY. These yields apply to both regular and IRA share certificates.

Field of membership for Navy Federal includes all Department of the Navy Personnel among others. See site for details. Navy Federal makes it easy for eligible family of current members to apply for new accounts. You just need the name, birth date, and social security number of a current member when you apply online. You then can add any additional members who are eligible by virtue of your membership on the same application.

Bank of America has dropped their rates along with the rest of the banking industry. Big banks like Bank of America have historically offered lower rates, and their current rates have not broken this trend. Bank of America’s high yield CD has a yield of 3.06% APY, with a 4 month maturity term. Minimum balance on this CD is $5,000.Their Risk Free CD offers an even lower rate of 2.75% APY and a 9 month term. However, this CD allows you to withdraw funds prior to maturity without a penalty, which makes it similar to a high yield savings account.

The Bank of America regular savings account yields a pitiful .20% APY compared to Washington Mutual’s 4.00% APY or E*Trade Financial’s 4.10% APY.

Here’s a few steps to take when trying to verify a bank’s FDIC insured status:

• Check to see if the bank website has the “Member FDIC” logo.
• Then go to the actual FDIC site to verify that the bank is indeed a member of FDIC. FDIC insured investments are insured up to $100,000.
• On the verification page compare the office address on record at FDIC with that found on the bank’s website.
• It might also help to check out the performance ratings and financial information of the bank. This is strongly recommend if you are looking for a long term relationship and/or investing a sizable amount into this CD or savings account.

TMH Federal Credit Union is offering high rates on a number of their share certificates. Jumbo yields range from 5.01% apy for a three year share certificate to 5.22% apy for a five year share certificate. The minimum deposit for these rates is $99,000. Lower, but very competitive rates are available for deposits at the $1,000, $5,000, & $10,000 deposit levels.

Field of membership in TMH Federal Credit Union is extended to those who are employees, independent contractors, or self-employed persons who regularly work in the Health Care Industry in the Florida Counties of Leon, Wakulla, Gadsden, Jefferson, or Liberty or the Georgia Counties of Grady, Thomas, or Decatur.

With the recent Fed rate cuts, Wells Fargo has lowered their rates on their online CD special to 3.50% APY. Minimum balance on this certificate is $5,000, and the term to maturity is 5 months.

Aside from this special, Wells Fargo CD rates are a bit low, ranging from 1.50% to 3.00% APY.

At maturity, CD will automatically renew for the Renewal Term stated above, at the interest rate and APY in effect for CDs not subject to a Special Rate, unless the Bank has notified you otherwise.

This CD is only available online and not through brick and mortar Wells Fargo Banks.

FirstLight Federal Credit Union is offering a 24-month share certificate with a yield of up to 5.48% APY for a $100K minimum deposit. Lower yields are available for smaller deposits including a 5.38% for a $50K minimum, 5.27% for a $25K minimum and 5.17% for a $500 minimum. These are also available in an IRA and Business certificate.

Membership is open to anyone living, working or worshiping in El Paso County, Dona Ana County or the Fort Bliss community. Membership requires a $2 fee and a minimum deposit of $5 into the share savings account.

Branches are located in El Paso, Texas and La Cruces, New Mexico.