CD Rates | Compare the Best CD Rates at Banks by Searching our CD Rates List. We Maintain a list of the Highest CD Rates at RatesORama.comSearch and compare the highest CD rates available locally and nationally using our CD Rate list below. We maintain a list of the best certificate of deposit rates available at local banks, national banks and credit unions. Use our rate list to find the best CD rates available. Our CD database of rates is updated daily since CD interest rates change all the time.CD Rates Updated Wed May 16, 2012 Quick, someone pinch me, I must be dreaming. Did you hear that a bank increase some CD rates and savings rates? Yes, this isn’t a dream, CIT Bank which had already been offering some of the highest rates around increased the rate they pay on some deposit products. Granted the increase in rates wasn’t significant but you can’t expect rates to be moving much in either direction. The biggest increase in rates on on CIT Bank’s savings account for account balances of $25,o00 or more. The savings account APY was raised from 0.90% to 1.05%. While 15 basis points isn’t much the percentage increase was over 16%! Not bad when practically all banks have been lower rates the past several years. The increase in the bank’s CD rates wasn’t as much. CIT Bank’s 1 year CD rates on their Achiever certificate of deposit was increased from 1.07% to 1.09%. The APY was increase from 1.08% to 1.09%. CIT Bank which also offers 2 year Achiever CDs increased the 2 year rate from 1.19% to 1.24%. The APY was increased from 1.20% to 1.25%. CIT Bank’s Achiever CDs have a minimum opening deposit of $25,000. Achiever CDs also allow you to add to your CD account one time at any point you choose throughout the CD term. Current CIT Bank CD rates and Savings Account Rates: Achiever CD Rates (minimum $25,000 deposit)
Jumbo CD Rates (minimum $100,000 deposit)
Term CD Rates (minimum $1,000 deposit)
CIT Savings Account Rates
Hat’s off to CIT Bank for bucking the trend and raising deposit rates! Depositors have been suffering with the lowest CD interest rates in a generation. 5 year CD interest rates which top out at 1.79% right now are lower than 1 year CD rates were just a few years ago. 1 year rates at banks and credit unions are mostly under 1.00% these days. The national average rates are even lower. With the FDIC’s rate cap financial institutions have been forced to lower rates to say within the cap of a maximum of 75 basis points above the average rates. Many banks have been forced to lower rates as a result. Third Federal Savings and Loan is offering one of the best CD rates around for a 5 year certificate of deposit. Current 5 year rates at Third Federal are currently offered at 1.78% with an APY of 1.80%. While this rate is considerably lower than it was a few years ago it’s still better then the national average of 1.10%. Other national banks offering rates far above the average for a 5 year CD include Discover Bank and Barclays Bank at 1.73% with an APY of 1.75%. All these banks rates are within the FDIC’s 5 year rate cap of 1.85%. Discover has a minimum opening deposit of $2,500 and Barclays has no minimum. Ally Bank CD rates on 5 year CDs are being offered at 1.68% with an APY of 1.69%. There is no minimum opening deposit for this rate and yield at Ally Bank. Many investors face a conundrum when investing in CDs right now. Just when you think rates can’t go any lower they do. Investors might be enticed to lock in a 5 year rate right now to avoid riding the rate wave even lower. While I don’t know where rates will be in 5 years I do recommend going with a bank that has a lower early withdrawal penalty. If rates go up in the next 5 years you can cash in your CD, pay an early withdrawal penalty that doesn’t sting as bad and still take advantage of rising rates.
Recent economic data pointing to an economy that is slowing will put even more downward pressure on rates. Banks still don’t seem to be interested in collecting deposits to make loans which is also keeping CD rates and savings rates low. Forget getting any decent rates from any of the large banks like Chase, Bank of America, Citibank or WellsFargo. These big national banks are all offering 1 year rates that are around the FDIC’s national average 12 month rate of 0.30%. To get 1 year CD interest rates above 1.00% you’ll have to search out local credit unions or some online banks. Several banks offering 1 year rates higher than 1.00% include Doral Bank at 1.14%, CIT Bank at 1.07%. MetLife Bank at 1.04% and Ally Bank at 1.03%. The Federal Reserve is also putting downward pressure on all interest rates by keeping the Fed Fund’s rate in a targeted range of zero percent to one quarter percent. The Fed plans to keep the rate at these levels until the end of 2014. If CD rates, savings rates and other rates stay as low as they are now into 2014 that will be one of the longest periods of ultra low rates. How i long for the days of even a 3% rate on a 1 year CD. I remember back in 2008 just before the financial crisis Washington Mutual (remember them?) was offering a 1 year CD rate at 5.25%. Platinum Federal Credit Union CD rates are very competitive on both the short term and long term yield curve. Platinum Federal Credit Union’s CD rates are tiered and based on the account deposit amount. The dividend CD rates are better than most credit union CD interest rates and better than most bank CD rates. 6 month CD rates are at 0.75% for account balances of $1,000 to $9,999. Have more than $9,999 to deposit into a CD account? Well if you do you can earn a 6 month CD rate of 0.85%. Regardless of whether you have less than 10K or more than 10K to deposit the credit union’s 6 month CD rates are some of the highest CD rates around. When compared to the national average 6 month CD rate of only 0.19% the rates look even better. Platinum Federal Credit Union is also offering other share CD rates including 1 year, 2 year, 3 year and 5 year CD rates. Of course the highest CD rates are on 5 year share certificates at 1.75% for deposits of 1k to 10k. Deposits of 10k or more earn a rate of 2.00%. These rates might not seem like much historically speaking but when compared to the national average 5 year rate of 1.10% this credit union’s rates are some of the best CD rates around. Platinum Federal Credit Union CD RatesDeposits of 1k to 10k
Deposits of 10k or more
As with any credit union you have to join Platinum Federal Credit Union to open a CD account. You also have to be eligible to open an account. You can find out eligibility requirements at platinumfcu.org. If you’re unable to join this credit union you still can get some of the best CD rates at national banks. For example right now Ally Bank is offering 12 month CD rates at 1.03%. Other banks offering 1 year bank CD rates above 1.00% include CIT Bank at 1.08% and MetLife Bank at 1.05%. Ally Bank’s CD rates have come down over the past few years just like all bank CD rates. The good news is Ally still offers one of the best CD rates around for a 1 year certificate of deposit. The current 1 year Ally Bank CD rate is at 1.01% with an APY of 1.02%. Last June 1 year Ally Bank CD rate was 1.19% with an APY of 1.20%. You might think a CD rate just north of 1.00% isn’t that high, well generally speaking the rate isn’t high but when you compare it to the FDIC’s national average 12 month CD rate of 0.30% it looks a lot better. Ally Bank CD rates on other certificate of deposit terms are also some of the highest CD rates around. The longest CD term, 5 year, has a current bank CD rate of 1.73% with an APY of 1.74%. Much higher than the national average 5 year CD rate of 1.11%. To tell you the truth I wouldn’t open a 5 year CD interest rate at 1.73%. Why do you ask? CD rates at banks and credit unions have been dismal for the past 4 years and are going to finally head higher in the coming years. That being said you should stick to shorter term CD rates so you can ride the wave of higher CD rates in the years to come. Ally Bank’s shortest term CD, their 3 month CD, has a current CD rate of 0.39% with an APY of 0.39%. This rate is more than 4 times the national average 3 month rate of 0.09%. Opening a CD account at Ally Bank is easily done online. Ally Bank’s website is easy to navigate and intuitive. You can also talk to an Ally Bank rep over the phone or via chat anytime of day. For more info go to ally.com. |
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Pathetically low 
