Highest CD Rates In Alaska – October 2009

These are the highest CD (certificate of deposit) rates we have found for the residents of Alaska. These rates are listed in the 6 month CDs, 12 month CDs and 24 month CDs. After going through many local banks and credit unions serving the cities of Anchorage, Juneau and the surrounding state of Alaska, we have found that you may find higher rates with national banks than with local ones.

Be sure to remember that these rates are time sensitive and that the information provided may be out of date depending on the date of this article. CD rates are constantly changing so we encourage you to keep up to date with our list of the best CD rates currently available.

We have put together a list of the highest paying CD rates based on the 6 month, 12 month and 24 month terms. We already know that the longer the maturity the higher the CD rate will be, but wanted to keep our list simplified.

Highest 6 Month CD Rates In Alaska, AK:

  • Nexity Bank – 6 month CD yields 1.65% APY with a minimum deposit of $1,000. This is a national bank and will accept deposits from any state.
  • Advancial Federal Credit Union (Anchorage branch) – 6 month CD yields 1.48% APY with a minimum deposit of $1,000.
  • Denali Alaskan Federal Credit Union (Juneau branch) – 6 month CD yields 1.35% APY with a minimum deposit of $500.

Highest 12 Month CD Rates In Alaska, AK:

  • Tongas Federal Credit Union (Metlakatla, AK) – 12 month CD yields 2.35% APY with a minimum deposit of $500.
  • Alps Federal Credit Union (Sitka, AK) – 12 month CD yields 2.25% APY with a minimum deposit of $500.
  • Denali Alaskan Federal Credit Union – 12 month CD yields 2.06% APY with a minimum deposit of $500.

Highest 24 Month CD Rates In Alaska, AK:

  • Hudson City Savings Bank – 24 month CD yields 2.50% APY with a  minimum deposit of $5,000. This is a national bank and will accept deposits from any state.
  • Alps Federal Credit Union – 24 month CD yields 2.32% APY with a minimum deposit of $500.
  • Denali Alaskan Federal Credit Union – 24 month CD yields 2.30% APY with a minimum deposit of $500.

All of the above banks and credit unions are federally insured by either FDIC or NCUA. Always be sure your bank or credit union is federally insured before giving them your money. If you live in or around Alaska and know of better rates please let us know.


Highest CD Rates In Minneapolis, MN – October 2009

These are the highest CD (certificate of deposit) rates for the residents of Minneapolis, Minnesota. These rates are in the form of 6 month CDs, 12 month CDs and 24 month CDs. After going through many rates from local banks and credit unions serving Minneapolis as well as the whole state of Minnesota, we found that you will find slightly higher rates from national institutions or online banks.

Remember that CD rates are ever changing, so the rates posted below may be out of date depending on the date of this article. Be sure to check out the most current CD rates from national banks.

As you may know, the longer the maturity date of a CD, the higher the interest rate you will find. Since we did not want to strictly list the highest yielding CDs, we have posted the best rates we have found for the specified time periods.

Highest 6 Month CD Rates In Minneapolis, MN:

  • People’s Bank of Commerce (Edina, MN) – promotional 7 month CD yields 1.90% APY with a minimum deposit of $5,000.
  • TruStone Financial – 6 month CD yields 1.86% APY with a minimum deposit of $500.
  • Union Bank and Trust – 6 month CD yields 1.76% APY with a minimum deposit of $10,000.

Highest 12 Month CD Rates In Minneapolis, MN:

  • TruStone Financial – 12 month CD yields 2.27% APY with a minimum deposit of $500.
  • HiWay Federal Credit Union (St. Paul, MN) – 12 month CD yields 2.10% APY with a minimum deposit of $10,000.
  • Vision Bank (Saint Louis Park, MN) – 12 month CD yields 2.07% APY with a minimum deposit of $1,000.

Highest 24 Month CD Rates In Minneapolis, MN:

  • Hudson City Savings Bank – 24 month CD yields 2.50% APY with a minimum deposit of $5,000. This is a national bank and can accept deposits from any state.
  • 1st Regents Bank (Blaine, MN) – 24 month CD yields 2.50% APY with a minimum deposit of $10,000.
  • HiWay Federal Credit Union – 24 month CD yields 2.50% APY with a minimum deposit of $5,000.

All of the above institutions are federally insured by the FDIC or NCUA. Be sure you make sure that the bank or credit union you deposit your month with is federally insured. If you live in or around Minneapolis, MN and know of better CD rates please let us know.


Highest 6 Month CD Rates At 1.76% – October 2009

We found the highest rates for a 6 month cd (certificate of deposit) sitting around 1.76% nationally, down roughly 0.05% from the previous week. The current national average for the 6 month CDs sits about 1.16% APY.

Ascencia Bank of Louisville Kentucky holds the current highest rate for any 6 month CD nationally at 1.76%. They are a nationwide bank and will accept deposits from any state. The minimum required deposit is $500 and your interest is compounded monthly.

Banks and Credit Unions sometimes offer promotional rates for odd maturity dates such as a 7 month CD, 13 month CD or 15 month CD. America’s Credit Union has two promotions going on with odd maturity dates. The first is a 7 month CD which pays 2.0% APY, with a minimum deposit of $500. The second promotion is a 13 month CD paying 2.15% APY with a minimum deposit of $500. These odd maturity dates usually have a higher interest rate than what is normally offered. If you know of any higher paying CDs or promotions going on that are noteworthy please send us a message.


Highest 12 Month CD Rates At 2.25% – October 2009

Highest 12 Month CD Rates – October 2009

The current highest 12 month CD rates (certificates of deposit) that are nationally available are currently paying up to 2.25% APY. Depending on where you live in the US, you might be able to find slightly higher interest rates than the national average.

The winner of the top 12 month CD rates currently goes to ING Direct at 2.25% APY. Most new CDs must be funded with new month to get the rate advertised. This is a way for the banks to get new money to lend or to create a cushion for their bank. New money is important to any bank and their financial well being. With their 12 month CD paying 2.25% APY, you will might be able to find local rates in your area higher than ING Direct’s CD rates. If you have an account with ING Direct and wish to transfer funds to this new CD, or if your current CD just matured you can still transfer money over and get a rate of 2.10% APY for the 12 month term.

The next best 1 year CD rate that is available nationally goes to UmbrellaBank which yields 2.06% APY. To get this rate you will need to deposit a minimum of $1,000, which is pretty low compared to some opening balances required for the higher paying CDs.

Discover Bank comes in 3rd with a rate of 2.0% APY on their 12 month CD and also they are throwing in a sign up cash bonus of $25.00. The minimum deposit to open this account is $2,500 and depending on how much you put in at first the sign up bonus could equal close to 1.0% more to the earnings of this 12 month CD.

If you know of other higher paying CD rates for October 2009 please let us know!


Highest CD Rates In Columbus, OH – October 2009

Here is a list of the highest CD (certificate of deposit) rates to the residents of Columbus, Ohio and the surrounding state.

These cd rates will cover at least the following cities in Ohio: Grove City, Upper Arlington, Dublin, Westerville, Gahanna, Reynoldsburg, Newark and Lancaster. These CDs will be for the 6 month CDs, 12 month CDs and 24 month CDs. After going through the local community banks and credit unions serving Columbus and most of Ohio, we have found that you may be able to find slightly higher rates with national institutions than with local ones.

Always remember that CD rates are time-sensitive in nature and can change at a moment’s notice. Please refer to the date of this article for accuracy and to use it as a reference of what CD rates were at a specific date. To find the most accurate CD rates from national banks, view our CD rates page.

How Did We Come Up With This List?

As with any CD rate, the higher the rate the longer the maturity date and since we did not want to strictly list the longest maturities, since they will boast the highest rates, we decided to list the deposit rates which beat national averages by the highest margins.

Highest 6 Month CD Rates In Columbus, OH:

  • United Midwest Savings Bank – 6 Month CD yields 1.75% APY with a minimum deposit of $500.
  • Benchmark Bank (Gahanna, OH) – 6 Month CD yields 1.50% APY with a minimum deposit of $500.
  • Columbus First Bank (Worthington, OH) – 6 Month CD yields 1.50% APY with a minimum deposit of $500.

Highest 12 Month CD Rates In Columbus, OH:

  • United Midwest Savings Bank – 12 Month CD yields 2.30% APY with a minimum deposit of $500.
  • Benchmark Bank – 12 Month CD yields 2.05% APY with a minimum deposit of $500.
  • Columbus First Bank – 12 Month CD yields 2.05% APY with a minimum deposit of $500.

Highest 24 Month CD Rates In Columbus, OH:

  • First Community Bank (Columbus branch) – a promotional 27 month CD yields 2.50% APY with a minimum deposit of $5,000.
  • Hudson City Savings Bank – 24 month CD yields 2.50% APY with a minimum deposit of $5,000. (This is a national bank and will accept deposits from any state.)
  • KEMBA Financial Credit Union – 24 month CD yields 2.30% APY with a minimum deposit of $500.

All of the above institutions are federally insured by either the FDIC or NCUA. Be sure to check with the bank to make sure they are still federally insured before giving them your money. If you know of better rates in or around Columbus Ohio please let us know in the comments.


Highest CD Rates In Baltimore, MD – October 2009

Here is the list of the highest yielding CD rates available to residents of Baltimore, Maryland. These rates come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After going through the local rates from both banks and credit unions for Baltimore and Maryland as a whole, we have found that you can get better rates from national institutions than with your local ones. Remember that local banks give out interest based on the local economy and how much the bank hopes to make from using your money.

Please keep in mind that these local rates may have changed, as all rates are time-sensitive in nature, so please refer to the date of this article for accuracy. You can always find the most current CD rates in our updated CD Rates section.

How is this information compiled?

You will find the highest CD rates on the longer maturities, but since we did not want to strictly list the longer cd rates, we have decided to list a variation of deposit rates which will beat the national average by the highest margins.

Highest 6 Month CD Rates In Baltimore, MD:

  • Arundel Federal Savings Bank – 6 month CD and a 9 month CD yields 1.75% APY with a minimum deposit of $10,000.
  • AmericasBank – 7 month CD yields 1.60% APY with a minimum deposit of $1,000.
  • Kopernik Federal Bank – 6 month CD yields 1.56% APY with a minimum deposit of $1,000.

Highest 12 Month CD Rates In Baltimore, MD:

  • Hamilton Federal Bank – 12 month CD and a 15 month CD yields 2.05% APY with a minimum deposit of $5,000.
  • Essex Bank (Catonsville, MD) – 12 month CD yields 2.02% APY with a minimum deposit of $500.
  • Nexity Bank – 12 month CD yields 2.01% APY with a minimum deposit of $1,000. (This is a national bank and will accept deposits from customers nationwide).

Highest 24 Month CD Rates In Baltimore, MD:

  • Hudson City Savings Bank – 24 month CD yields 2.50% APY with a minimum deposit of $5,000. (This is a national bank and will accept deposits from any state).
  • Fairmount Bank – 25 Month CD yields 2.30% APY with a minimum deposit of $10,000.
  • 1st Mariner Bank – 24 month CD yields 2.20% APY with a minimum deposit of $500.

These are the best rates we could find in Baltimore Maryland, but if you know of a better rate please leave a comment. All of the above banks and credit unions are federally insured by either the FDIC or NCUA.

As of this writing the national average for a 6 month CD is 1.33% and a 12 month Cd is 1.70%. CD rates increase and decrease at any time and so we suggest you check with the bank you are interested in for their current CD rate.


Highest 5 Year CD Rates Paying 3.80% APY – October 16 2009

The highest 5 year cd rates (certificates of deposit) that are nationally available are currently paying 3.80% APY. Many CD rates are based on the bank who is offering the rate and the economy of that location. Some local economies are flourishing and so are those banks, which allows those banks to offer higher than average CD rates.

The top 5 year CD rate (which are nationally available) goes to Melrose Credit Union. Melrose Credit Union has an open New York State charter and there are no geographic or group affiliation field of membership restrictions. Regardless of where you live you just may qualify for a membership.

Here are the membership requirements for Melrose Credit Union:

A $1.00 one time membership fee and a minimum opening deposit of $25.00 to open an account. However the minimum deposit for the certificates of deposit is $5,000. You must provide:

  • Valid Photo ID (Driver’s License, Passport)
  • Proof of Address (shown on a Utility Bill)
  • Social Security Number

If you can afford a larger CD, your next best bet is Apple Federal Credit Union which has one of the highest 5 year CD rates yielding 3.70% APY, however this cd comes with a minimum deposit of $50,000.

If you are only looking for online banking options for 5 year cds your best bet is to go with iGoBanking, USAA Bank, CitiBank, and FlagStar Bank all have 5 year CDs yielding 3.50% APY. These online banking options have requirements between $500 and $1,000. If you know of a better 5 year cd rate from your local bank please let us know!


When Are CD Rates Coming Back Up? Part 2

Read Part 1 To “When Are CD Rates Coming Back Up?

rates going up graphAnother reason that we’re seeing such low CD rates is that banks are able to borrow from the fed at ridiculously low rates. As of October 14, 2009, banks are able to borrow from each other at .25% and directly from a Federal Reserve bank at .50%. If this is the case, why would a bank borrow from you (for example, issuing a CD) at three, four, or five percent? The fact of the matter is that they will not.

You can use this truth to gain an advantage though, even in this economy. Banks that are doing more lending need more funds from customers, as there are minimums that banks must maintain in order to borrow from the Federal Reserve, or from other banks. These healthy banks will often offer some of the highest interest rates in order to attract more deposits. Banks really make their money on lending anyway, so it’s in the best interest of these banks to offer attractive rates.

Another way to find higher rates is to look for banks that are in trouble. You can often find the highest CD rates at these banks as they are desperate to bring in more deposits in order to hedge up their losses on loans that have gone bad. Please note that I do not advocate this method. I would rather earn a lower rate and know that my money is safe and secure. However, if you know that your funds are FDIC insured and you are okay with the possibility of having to claim your funds through the FDIC in case of a possible bank failure, go for it. Like I said, you can get some of the best rates from these banks. Be aware that FDIC insurance only guarantees the principal of a CD, not the interest earned. However, if another bank buys your failed bank, you should still get all the interest you’re entitled to.


When are CD Rates Coming Back Up? Part 1

CD Rates are Low

CD Rates are Low

Recently we’ve seen CD rates hit all time lows.  There are a few reasons for this, and understanding them is going to help you structure your CDs in a way that will maximize your interest earned.

Obviously, credit is tight right now.  The minimum FICO scores for lending have increased, banks have arbitrarily cut the limits on credit cards and lines of credit, and banks are still scared to lend in this economy.

These factors coupled with the influx of TARP funds, has created a situation where some banks have too much money.  For these banks, their deposits are beginning to exceed their demand (or desire) to lend.

In response, these banks will have some of the lowest rates in order to slow down the amount of new CDs coming in.  Why would a bank do this? Banks don’t make money on CDs unless they are lending that money out.

As the economy recovers and credit loosens up, we’ll see an increase in CD rates.  In the meantime, look for banks that are located in healthy local economies.  These banks are generally doing more lending, and as a result will generally have higher interest rates on their CDs.  Grab their 12, 18, and 24 month terms.  Don’t go any longer than two years.  If things continue the way they are, we’ll see short term CDs get back around 3% by then.

Read Part 2 of “When Are CD Rates Coming Back Up?


CD Rates Find a New Record Low

CD Rates Equal Good InvestmentThis week CD yield averages for 3 month, 6 month and 12 month CDs have hit yet another record low.  And it does not get much better for the longer term accounts.

Bankrate’s weekly survey of large banks and thrifts taken Oct. 7 found the average annual yield for a:

3-month CD fell to 0.41% from 0.43%. That’s the lowest average since the survey began tracking 3-month CD rates in March 1989.

6-month CD fell to 0.61% from 0.62% — the lowest average since the survey began tracking 6-month CD rates in January 1984.

1-year CD fell to 0.93% from 0.95% — the lowest average since the survey began tracking 12-month CD rates in October 1983.

2-year CD fell to 1.43% from 1.46% — the lowest average rate since August 2003.

5-year CD fell to 2.23% from 2.25%. That’s still slightly above the 2.15% reached in July, which was lowest average rate since the survey began tracking 60-month CDs in January 1984.

Do not let the doom and gloom of the averages stop you from checking out our Best CD Rates available nationwide.  There are still some excellent CD rates.

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