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CD Rates Index – Week of November 12, 2012

Nov. 12, 2012
Banking, CDs
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Yesterday (Sunday, November 11) we honored our nation’s servicemen and women for Veteran’s Day. In keeping with this holiday, NerdWallet spent last week covering topics of concern to current or former members of our Armed Forces, from recognizing veteran-owned small businesses to recommending military finance blogs.

Unfortunately, when it comes to savings vehicles everyone is feeling the pinch of low yields (even for long-term CDs). Veterans and civilians alike can find some relief through credit unions, or using online tools like NerdWallet’s to find the best CD rates for your savings.

Reference Table:

Length of Term (months) Average Promo APY Average Reg. APY
3 0.37% 0.18%
6 0.37% 0.28%
12 0.51% 0.42%
18 0.57% 0.49%
24 0.65% 0.64%
30 0.87% 0.66%
36 0.86% 0.84%
48 0.94% 1.02%
60 1.34% 1.25%

CD rates that beat the average

Short-term CDs

Institution State Term APY Notes
Navy Army Community Credit Union TX 3 months 1.00% Min $1,000
Texar Federal Credit Union TX, AR 6 months 0.90% Min $1,000
Cole Taylor Bank IL 6 months 0.85% Online only special; new money only; min $1,000

1-2 year CDs

Institution State Term APY Notes
Texas Workforce Credit Union TX 2 years 1.51% Min $5,000
Utah Power Credit Union UT 12 months 1.40% Min $1,000
University of Iowa Community Credit Union IA 16 months 1.25% Special rate; Min $1,000

3+ year CDs

Institution State Term APY Notes
Denver Fire Department Federal Credit Union CO 5 years 2.09% Min $1,000
First NBC Bank LA 5 years 2.02% Min $1,000
Beacon Credit Union IN 34 months 1.61% Special rate; Min $10,000

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.

Discover Bank offers CDs with rates up to 1.75% APY (for a 5 year term). With just $2,500, even a short-term 3 month CD can yield customers 0.40%, far more than twice the average for comparable accounts.
Banking image via shutterstock