New Highs for 1 Year, 2 Year, and 5 Year Bank CD Rates

Continuing the uptrend for CD rates this week, we now have new high rates for 1 year, 2 year, and 5 year bank CD rates. Nationwide Bank increased their CD rates this week, making their rates the best CD rates available from a bank for these CD terms. We say "from a bank" because we have credit unions offering some rates slightly higher than Nationwide Bank's rates.

Nationwide Bank has the highest 1 year bank CD rate at 1.13 percent with an APY 1.14 percent. Last week's top 1 year bank CD rate was from CIT Bank at 1.11 percent with an APY of 1.12 percent. Pentagon Federal Credit Union (PenFed) has the best 1 year credit union CD rate at 1.20 percent with an APY of 1.21 percent.

The best 2 year CD rate on our list from a credit union is at 1.50 percent with an APY of 1.50 percent from Chartway Federal Credit Union. As with any credit union, you need to join to open an account and you can join Chartway by simply donating $10.00 to their philanthropic arm, the We Promise Foundation if you don't qualify by the myriad ways they've made available to you. Usually to join a credit union you have to live, work or worship in an area or have some other affiliation to join.

The highest 2 year rate from a bank on our rate list this week is from Nationwide Bank at 1.32 percent with an APY of 1.33 percent. This tops CIT Bank's 2 year rate, which is at 1.29 percent with an APY of 1.30 percent. CIT Bank has been the leader with the top rates for a while, so it will be interesting to see if CIT Bank increases their CD rates in the coming weeks.

The highest 5 year credit union CD rate this week is also from Chartway FCU at 1.50 percent with an APY of 1.52 percent. The top 5 year CD rate from a bank is from Nationwide at 2.29 percent with an APY of 2.32 percent.

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CD Rates
Author: Brian McKay
October 23rd, 2014