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CD Rates Index – Week of November 26, 2012

Nov. 26, 2012
Banking, CDs
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

The holiday shopping season is still in full swing, so saving money is probably far from most consumers’ minds. However next up is the New Year, for which millions of people will decide to set resolutions for 2013. Whether or not you blew all your extra cash on a new TV and clothes this past weekend, saving more money should be one resolution to consider. Certificates of deposit may be just the tools to help you achieve that goal. Your deposits will earn more interest, on average, than a regular savings account and you’ll face a penalty for withdrawing your savings too early. What better way to incentivize saving than to impose penalties for drawing down your balance?

Rates are at an unfortunate low, but with a little bit of shopping around for the best offers, you can still come out ahead compared to most savings accounts (and definitely compared to the stash under your mattress).

Reference Table:

Length of Term (months) Average Promo APY Average Reg. APY
3 0.36% 0.17%
6 0.38% 0.28%
12 0.52% 0.41%
18 0.59% 0.48%
24 0.64% 0.63%
30 0.93% 0.66%
36 0.84% 0.83%
48 0.91% 1.01%
60 1.31% 1.24%

CD rates that beat the average

Short-term CDs

Institution State Term APY Notes
Digital FCU MA 8 months 1.50% SPECIAL: Limited Time Offer; Min $1,000
Wymar FCU LA 3 months 1.21% Min $5,000
Gulf Coast FCU TX 6 months 1.10% Min $500

1-2 year CDs

Institution State Term APY Notes
San Patricio County Teachers FCU TX 2 years 1.85% Min $2,500
Encompass CU IN 2 years 1.76% Min $500
Tuscaloosa CU AL 2 years 1.51% Min $500

3+ year CDs

Institution State Term APY Notes
SeaComm FCU NY 5 years 2.49% Min $1,000
Birmingham Police CU AL 5 years 2.38% Min $1,000
General Electric CU OH 5 years 2.33% Min $500

Banking image via shutterstock