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CD Rates Index – Week of November 19, 2012

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As we look forward to a day of feasting and spending time with loved ones this Thanksgiving, savers who were able to lock in a high cd rate a few years ago should be especially thankful. Even 3 year CDs, with average yields below 0.90% are struggling to keep up with some of the best online savings accounts. Average rates declined a few basis points this week for most terms, and even promotional rates are not offering significantly improved yields.

What can be done? In keeping with the spirit of shopping around for Black Friday deals, consumers can still work to find the best CD rates possible and make the best of a bad situation. See below for some of the highest yielding accounts.

Reference Table:

Length of Term (months) Average Promo APY Average Reg. APY
3 0.37% 0.18%
6 0.38% 0.28%
12 0.46% 0.42%
18 0.58% 0.48%
24 0.66% 0.63%
30 0.94% 0.66%
36 0.86% 0.84%
48 1.13% 1.01%
60 1.32% 1.25%

CD rates that beat the average

Short-term CDs

Institution State Term APY Notes
HomeBanc N.A. FL 3 months 1.50% SPECIAL: New Money, Min $10,000
Utah Power CU UT 6 months 1.15% Min $1,000
Fort Dodge Family CU IA 6 months 1.00% Min $500

1-2 year CDs

Institution State Term APY Notes
Riverdale CU AL 2 years 1.59% Min $500
Ed-Med FCU NY 2 years 1.51% Min $1,000
AB & W CU VA 2 years 1.50% Min $1,000

3+ year CDs

Institution State Term APY Notes
Northwoods CU MN 5 years 2.26% Min $1,000
Telcoe FCU AR 5 years 2.17% Min $1,000
Delta County Credit Union MI 5 years 2.17% Min $1,000

Online Feature

Credit unions and community banks aren’t for everyone. Online banks are excellent options for savers, especially when it comes to CDs. They tend to offer rates much higher than the average.

Ally Bank offers a convenient 12-month CD with no minimum balance required to open and you’ll earn a respectable 1.04% APY on the balance.
Banking image via shutterstock