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.
|Length of Term (months)||Average Promo APY||Average Reg. APY|
CD rates that beat the average
|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
|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
|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|
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