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Wednesday, May 18, 2011

Best CD Rates – Certificate of Deposit Rates


For the past few months, I've maintained this list of CD rates by hand. That worked fine for a while, but interest rates change often, and I prefer spending my time writing about personal finance.
Now, you can find daily rate updates on the highest cd rates using the certificate of deposit rate finder here. This tool monitors rates from over 200 banks and displays the top 50 highest rates.
The original post that discusses different Bank CD rate offerings will still be updated on a regular basis.

Term Rate APY Min. To Earn APY Details
1 year 3.00% $50 Special Easy Start Certificate-$3,000 maximum balance-must have direct deposit of net pay-Navy FCU checking and monthly automatic deposit of at least $15-See site for membership eligibility details.
1 year 1.75% $10,000 Rate available with active checking account - membership is available nationwide - may become a member and open account online - contact credit union for details - credit union located in Wisconsin
1 year 1.50% 1.51% $2,500 12 month CD - must open account in person - NY market area
1 year 1.50% 1.50% $1,000 Located in Iowa
1 year 1.40% 1.41% $5,000 Share Certificate - contact Melrose CU for opening paperwork
1 year 1.39% 1.40% $1,000 Internet only bank - apply online or by mail - product not available in AL, AR, CT, GA, KY, LA, ME, MS, MO, NE, NH, NC, OH, PA, TN, VT, VA, WV
1 year 1.29% 1.30% $1,000
1 year 1.24% 1.25% $500
1 year 1.22% 1.23% $1,000 Available in Colorado Market area only
1 year 1.20% 1.21% $1,000 12 Month CD
1 year 1.19% 1.20% $1,000
1 year 1.19% 1.20% $2,500
1 year 1.20% $500 Promotion CD - only available to existing customers, limited to local western New York market area
1 year 1.20% $2,500 Rate/APY may vary by location
1 year 1.16% 1.17% $500 12 Month CD - Located in Wisconsin
1 year 1.15% 1.16% $5,000 New accounts available for Maryland residents only - must open in person
1 year 1.14% 1.15% $1,000 13 month CD SPECIAL-tier $1,000 - account must be opened at a branch
1 year 1.14% 1.15% $2,500 Signature CD - FDIC insured with no market risk. Open an account online or by phone!
1 year 1.11% $1,000 Internet CD - California only
1 year 1.10% 1.11% $2,500 Giant Personal CD
1 year 1.10% 1.10% $100 Account must be opened at a branch - rates are for existing customers - Limited to Washington market area
1 year 1.10% 1.10% $1,000
1 year 1.10% 1.10% $10,000 eSavings CD - Earn 1.10% APY for 12 months if you maintain $10,000 balance, $100 to open
1 year 1.04% 1.05% $1,000 Branch and Call Center CD Rates/Southern CA residents only
1 year 1.05% 1.05% $2,500 Located in Bristow, OK
1 year 1.04% 1.05% $1,000 12 - 23 Month CD
1 year 1.01% 1.01% $1,000 12-23 Month Terms-Rates and terms specific to accounts opened online
1 year 1.01% 1.01% $10,000 Must be opened online to get this rate. Rate based on Texas area. Rate may vary by location. Rate collected for Zip Code 72205
See all bank rate listings

Version of Original Post Below
The Online CD rates (certificate of deposit) on this page are current as of 17 May 2011.
Certificates of deposit (often simply called CDs) are time deposits. You give your money to a bank and then promise not to touch it for a specific length of time. In general, the longer you agree to let the bank keep your money, the higher the interest rate you’ll receive. And historically, the best CD rates generally pay more interest than you can earn in a high yield savings account.
As we’ve seen recently, the rate of personal savings are increasing. But also recently, the active commenters on my high interest savings account page have become discouraged. Interest rates continue to drop, and they feel like they’re not getting good value for their money. “I’m now considering just getting a CD because I’m so sick of all this nonsense with the daily savings account rates!” DreaDrea wrote.
Current CD rates have also fallen, but remain high in some corners. For those hoping to eke the best return from their cash reserves, online CDs could be a great choice. To make the savings die-hards happy, I did some research on current CD rates from popular online banks. Here’s what I found.
Note: If you’re new to CDs, you can take a crash course on the subject by reading how to put your savings on steroids with certificates of deposit.
I didn’t know much about CDs until I won a $1,000 certificate of deposit, but its six month term is due to expire. It’s time for me to decide where I should put that money next. CD rates at ING have fallen since October; a 6-month CD would now only yield 0.75%!
Ally Bank CD Rates
Term APY Minimum
3 months 0.49% none
6 months 0.94% none
9 months 0.95% none
12 months 1.20% none
18 months 1.30% none
36 months 1.80% none
48 months 2.04% none
60 months 2.39% none
Savings account: 1.00%
I don’t know much about Everbank. I do know that their rates are competitive, however:
Everbank CD Rates
Term APY Minimum
3 months 0.45% $1500
6 or 9 months 0.61% $1500
12 months 1.01% $1500
18 months 1.23% $1500
24 months 1.36% $1500
30 or 36 months 1.30% $1500
48 months 1.94% $1500
60 months 2.59% $1500
ING Direct CD Rates
Term APY Minimum
6, 9, 12, or 18 months 0.75% $0
24 months 1.00% $0
30, 36, 48 or 60 months 1.25% $0
Savings account: 1.00%
HSBC Advance CD Rates
Term APY Minimum
6 or 9 months 0.10% $1,000
12 or 18 months 0.20% $1,000
24, 30 or 36 months 0.35% $1,000
48 months 0.80% $1,000
Savings account: 0.80%
The last online bank I checked was Capital One. Its CD rates are fine, but to open a certificate of deposit, you need a minimum deposit of $5,000.
Capital One CD Rates
Term APY Minimum
6 months 0.25% $5,000
12 months 0.50% $5,000
18, 24 or 30 months 0.75% $5,000
36 months 1.10% $5,000
48 months 1.25% $5,000
60 months 1.75% $5,000
84 months 2.30% $5,000
120 months 3.00% $5,000
Savings account: 1.10%
I found CDs through a few other online banks, but either their yields were much lower, or I couldn’t access a full list of CD rates. (Some banks just put a teaser out front, and you have to sign up to see the full list of rates.)
One question I have — and maybe I’m missing something here — is why would anybody open a CD at HSBC Direct, for example, when their high-interest savings account yields more? And though savings rates might drop a little lower, they’re likely to increase long-term, right? So, why would I want to lock myself into a low CD rate when I expect savings accounts to go up by the end of the year?
Can anyone explain this to me?
As I say, I’m new to online certificates of deposit. Are there things I’m not considering? Should I be looking for factors other than the best CD rates? (I’m tempted to just remain with ING Direct — or to move money over to my credit union.) Have you held certificates of deposit at any of these banks? Are there other banks that should be considered?
Have you been able to find CD rates that are even better than the ones listed here? If so, please let us know. Don’t forget to include all the details: name of the bank, state, rate, when you opened this account with this rate and whether one can you open an account online or have to come in person. I’d like to find the best CD rates to share with Get Rich Slowly readers.

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