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CD Rates Index – Week of January 14, 2013

Banking, CDs

As consumers gear up to save more in 2013, they may have to be creative to find accounts offering respectable yields. You could try utilizing some tips and tricks for maximizing your savings yield, but more importantly, solid research is your best friend.

Rates on certificates of deposit seem to keep inching downwards, making them ever less attractive to many investors. However, don’t write CDs off just yet. If you know where to look, these accounts could offer a yield many times greater than an average savings account these days.

Reference Table:

Length of Term (months) Average Promo APY Average Reg. APY
3 0.25% 0.17%
6 0.45% 0.27%
12 0.53% 0.40%
18 0.53% 0.47%
24 0.63% 0.61%
30 0.87% 0.64%
36 0.80% 0.81%
48 0.90% 0.98%
60 1.25% 1.20%

CD rates that beat the average

Short-term CDs

Institution State Term APY Notes
Wymar FCU LA 3, 6 months 1.21% Min $5,000
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
Texar Federal Credit Union TX 2 years 1.85% Online Rate; Min $1,000
San Patricio County Teachers FCU TX 2 years 1.70% Min $2,500
Riverdale CU AL 2 years 1.59% Min $500

3+ year CDs

Institution State Term APY Notes
Birmingham Police CU AL 5 years 2.38% Min $1,000
One Source FCU TX 5 years 2.27% Min $500
Security Service FCU CO, TX, UT 5 years 2.15% Min $500

Banking image via shutterstock