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CD Rates Index – Week of December 10, 2012

Banking, CDs

CD rates continue to seem unappealing to many consumers, with yields close to 1% APY for even the longest terms. However,  NerdWallet’s December Savings Rate Index revealed that the options are not much better for other savings options – with a national average savings account yield of just 0.15%. At these levels, a short-term CD could easily outpace a typical savings account.

 

Reference Table:

Length of Term (months) Average Promo APY Average Reg. APY
3 0.36% 0.17%
6 0.39% 0.28%
12 0.55% 0.41%
18 0.57% 0.48%
24 0.65% 0.63%
30 0.94% 0.65%
36 0.84% 0.83%
48 0.92% 1.00%
60 1.31% 1.23%

This week, we saw little change in the average CD yields for any term length, but you can still shop around for an account that beats the average.

CD rates that beat the average

Short-term CDs

Institution State Term APY Notes
Citizens State Bank TX 6 months 1.00% Min $1,000
Utah Central CU UT 6 months 1.00% Min $10,000
Everyones FCU NM 6 months 0.95% Min $10,000

1-2 year CDs

Institution State Term APY Notes
Arrowhead Central CU CA 12 months 2.01% SPEC: Min $1,000, Max $2,500
Local Federal CU TX 2 years 1.75% Min $500
Jefferson Financial CU LA 2 years 1.50% Min $10,000

3+ year CDs

Institution State Term APY Notes
Charles Street Community FCU IN 5 years 2.58% Min $500
Security 1st CU TX 5 years 2.38% Min $10,000
One Source FCU TX 5 years 2.27% Min $1,000

Banking image via shutterstock