While Sallie Mae CD Rates lead the pack of national best 5 year CD rates with a now 2.75% APY, Chicago’s local choice at Mutual Federal Bank offers a much better deal.

Right now Mutual Federal is offering a 60 month certificate of deposit with a 3.10% APY.

That is .30% higher then the national best cd rates have to offer. On top of that you only need a minimum deposit of $500 to get in.

Mutual Federal other CD rates are as follows:

• Term                            Min Dep.   Rate     APY
• 3 MONTH CERTIFICATE    $1,000    0.60%    0.60%
• 6 MONTH CERTIFICATE    $1,000    0.75%    0.75%
• 1 YEAR CERTIFICATE        $500        1.24%    1.25%
• 2 YEAR CERTIFICATE        $500        1.59%    1.60%
• 3 YEAR CERTIFICATE        $500        1.99%    2.00%
• 4 YEAR CERTIFICATE        $500        2.23%    2.25%
• 5 YEAR CERTIFICATE        $500        3.05%    3.10%

Just like all certificates there is some fine print.  The one you need to be aware of the most is there is an early withdraw penalty.  The penalty is 180 days of interest but this is a common guideline for 5 year cd’s.

If you want to check out more information or read the fine print go here.

We have been noticing that credit unions have been offering better deals on certificate of deposits then banks have  (see Northeast Community CU 2.50% APY on a 12 Month CD).  Although Navy Federals CD rates are not the best they do have a great starter package.

Check out the nations Best CD Rates.

It is called their EasyStart Certificate and here are the details.

• 12 month term
• 1.15% APY
• Only a $100 Minimum Deposit

With a $100 minimum deposit almost anyone, new to CD’s or not, can take advantage of this deal.  Most of the best 12 month CD rates we see have minimum deposits in the thousands.

So if you are new to certificates and do not have much money to get started this NFCU EasyStart Certificate may be a great introduction to CDs for you.

For the fine print and other details for NFCU visit here.