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CD Rates Index – Week of January 28, 2013

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On average, CD rates are struggling to keep up with most high yield savings accounts at online banks, unless you are willing to stow your cash away for years at a time. The trick to utilizing CDs, however, is to look for bonus rates, or simply do your homework to find the best rate among local banks and credit unions as well as online banks. Be wary of too-good-to-be-true banking offers, however, and always verify that your institution is federally insured by the FDIC or NCUA. Last week, we reported on one case of an outrageous CD offering at an unchartered credit union.

Below are some examples of accounts that are outperforming most of the competition.

Reference Table:

Length of Term (months) Average Promo APY Average Reg. APY
3 0.23% 0.17%
6 0.43% 0.26%
12 0.53% 0.40%
18 0.51% 0.46%
24 0.64% 0.61%
30 0.85% 0.63%
36 0.78% 0.80%
48 0.88% 0.97%
60 1.23% 1.20%

CD rates that beat the average

Short-term CDs

Institution State Term APY Notes
SouthWest Community CU UT 11 months 3.00% $1,000-$20,000; Requires Direct Deposit
Country Heritage CU MI 6 months 0.91% Min $1,000
West Virginia Central CU WV 6 months 0.85% Min $1,000

1-2 year CDs

Institution State Term APY Notes
PenFed DC, HI, MD, NC, NY, TX, VA 2 years 1.60% Min $1,000
Industry State Bank TX 12 months 1.11% Min $500
Beal Bank FL 12 months 1.01% Min $1,000

3+ year CDs

Institution State Term APY Notes
Complex Community FCU TX 5 years 2.10% Min $500
Kraftman FCU LA 5 years 2.02% Min $1,000
Partner Colorado CU CO 4 years 1.42% Min $500

Banking image via shutterstock