BBVA Compass Tops 5 Year CDs

BBVA Compass's standard 5 year CD is currently offering a high CD rate of 2% APY. This is amongst the best CD rates available for certificates with 5 year terms.

This certificate of deposit offered by BBVA Compass Bank, a very large financial institution headquartered in Birmingham, AL with 597 branch locations. Money deposited in this CD is FDIC insured up to $250,000 per depositor.

A recent review of BBVA from one of our readers:

Rick Casey writes:

I’ve been using Compass Bank for over five years now and I have had nothing but a good experience using their services. Their banking locations, hours and staff have all ways been very acceptable. Many times I’ve spoken to their staff about financial products I am interested in and they have helped me find solutions. The tellers at both the counter and the drive through have been very enjoyable to work with as well, even when the lines are quite long, they do make the effort to get you on your way quickly.

One time I needed an unsecured loan to help pay for a credit card which raised my interest rate suddenly. I walked into my local Compass Bank location and was greeted by one of their staff immediately. We spoke about my situation and he offered a solution to help me cover the balance of the credit card which a product of theirs. He was very empathetic about the situation and was able to speak to his management to arrange a loan for me. He drew up the terms and I signed the loan agreement that afternoon. Phenomenal service!

I was very thankful for their help and I would definitely recommend my bank to anyone who was interested.

Citibank CD Rates

If you have $10,000 or less in savings you may want to invest in a certificate of deposit instead of a regular savings account.

Citibank is a solid bank that has consistently provided high quality services to it's customers. Among their offerings include savings accounts, debit and credit cards, mortgages, loans, checking accounts, and many more. Citibank is a leading bank globally with 200 million client accounts and it does businesses in over 160 countries.

Citibank’s certificate of deposit is a great deal for those who have amounts of $10,000 and less. Citibank features average CD rates, but with a greater feeling of stability because it is such a big bank.

Citibank's current CD rates include .15% for short term CDs, up to .75% on long term CDs. Again, they aren't the best CD rates available but you can rest assured that your deposit will be safe with Citibank.

Doral Bank Direct CD Rates

Doral Bank Direct continues to offer competitive CD rates on it's short term CDs, particuarly the 6 month and 9 month certificates. The current rates on these CDs are 0.92% APY 6-month CD and a 0.97% APY 9-month CD. Its 18-month CD is also near the top of the rate charts with a 1.10% APY. Minimum deposit is $1,000.

The "Open an Account" link at this Doral Bank Direct page will take you to an application in which you can open and fund the CD. Funding can be done with an ACH transfer from an existing checking account. The CD rate locks when you submit the application.

The online application allows you to specify up to 3 beneficiaries. One nice thing about this beneficiary section is that it doesn't require the beneficiaries' social security numbers. The only required fields are the beneficiary name, relationship and percentage amount.

If you have experience with internet CDs, you know it's important to learn the details for not only opening the CD, but also the details for closing the CD at maturity and receiving the funds. Below are the details I received from Doral Bank Direct for closing a CD at maturity:

Upon maturity of the CD, you will receive a maturity notice. If you choose to move the funds at that time, we would ask that we receive written notification from you. We welcome notification by fax, mail, or an attachment to an email.

Upon maturity, we will be happy to ACH funds into an account we received by online application. However, if the application was received by mail, we would use a check to distribute funds.

The early withdrawal penalty will be accessed based on the term of the deposit - 90 days simple interest for terms less than 1 year; 180 days simple interest for terms of 1 year or longer. Early withdrawal penalty is calculated on the amount of the amount withdrawn. The disclosure gives the bank the right to refuse an early withdrawal.

If you plan to use interest from the CD as income, you can have it paid monthly, semi annually or annually.

Bank of America's Interest Rates - 2012 Update

So far, Bank of America's CD and savings account rates in 2012 are pretty abysmal. The best CD rate available is currently their 10 year CD, which yields 2.30% APY, meaning you won't even beat inflation.

Their promotional offers probably offer the best deal as far as Bank of America products go, but to be honest they are still quite terrible. You can get far better rates at your local credit union or with an  an online CD.

Promotional CDs and IRA CDs:

  • 9 month CD yielding 0.30% APY with a minimum deposit requirement of $5,000 for standard deposits and $2,000 for retirement accounts.
  • 12 month CD yielding 0.45% APY with a minimum deposit requirement of $10,000 for standard deposits and $2,000 for retirement accounts.
  • 18 month “Opt Up” CD yielding 0.55% APY with a minimum deposit requirement of $10,000. This product is only available as a standard CD. After 6 months you have a one-time option to raise the rate for the remaining 12 months. The new rate will be based off of current market conditions at that time.

Regular CDs (2012 Edition):

  • 7 to 89 day CD yielding 0.25% APY.
  • 90 day to 23 month CD yielding between 0.28% and 0.35%.
  • 2 year to 35 month CD yielding 0.40% APY.
  • 3 year to 47 month CD yielding 0.60% APY.
  • 4 year to 59 month CD yielding 0.85% APY.
  • 5 year CD yielding 1.10% APY.
  • 10 year CD yielding 2.30% APY.

One thing to note is that BofA automatically renews their CDs with the same duration if you do not opt out once the term is up. There is also an early withdrawal penalty for all these CDs.

Bank of America savings and money market accounts have laughable rates - the only reason you would keep your money in a BofA savings account is because they are "Too Big to Fail."

Dime Savings Bank (NY) CD Rates

Dime Savings Bank continues to have high mid term and long term certificate of deposit rates:

  • 12 months           0.70% APY
  • 15 months           0.85% APY
  • 18 months           0.90% APY
  • 2 years               1.25% APY
  • 3 years               1.55% APY
  • 4 years               2.00% APY
  • 5 years               2.50% APY
  • 7 years               3.00% APY

You can start enjoying this highest CD rates when you make an initial deposit of $500 to open an account. You can also manage your account at your own convenience by enrolling to online banking. Current CD rates are subject to change without prior notice.

In case you decide to withdraw money before the maturity date, you will have to pay for the early withdrawal fee. The earnings of this money in the bank is compounded daily and paid on a monthly basis or on the maturity date. The bank will automatically renew your certificate of deposit account once it matures, so make sure to inform the bank if you want to withdraw your money at least 10 days after the maturity date.

You can take advantage of this top CD rates by completing the application form online. You can also call customer service hotline in case you have other questions with regard to current certificate of deposit rates or requirements that you will be needing to open an account thru 800-321-3463.

The bank has offices located in the cities of Williamsburg, Whitestone, Westbury, Valley Stream, Sunnyside, Soundview, Port Washington, Midwood, Merrick, Marine Park, Long Island City, Kings Highway, Jackson Heights, Hillcrest, Greenpoint, Glen Oaks, Garden City Park, Flushing, Cedarhurst, Brooklyn Heights, Boro Park, Bensonhurst, Bellmore, Bayside, and Bay Ridge in the state of New York.

Dime Savings Bank was established in 1864. Currently, they have reached over $4.13 billion in assets. The bank is also insured by the Federal Deposit Insurance Corporation with certificate number 16012.

Eloan CD Rates

E-loan has a CD rate of 1.26 percent annual percentage yield (APY) for a 1-year term. The interest rate on this certificate of deposit is current as of June 1, 2011, and can change at any time. Other online CD rates and terms include:

  • 1.05 percent APY for 9 months
  • 0.75 percent APY for 18 months
  • 1 percent APY for 2 years
  • 1.15 percent APY for 3 years
  • 1.35 percent APY for 4 years
  • 1.9 percent APY for 5 years
  • 2 percent APY for 6 years

Shorter certificate of deposit terms than those listed are also available. You’ll need a minimum of $10,000 to open a certificate of deposit at E-loan. The CD rates assume that the principal and interest will remain on deposit for the full term. Early withdrawal of funds results in a penalty fee.

E-loan also has an online savings account with tiered savings rates. The rates include:

  • 0.2 percent APY for balances of $5,000 to $9,999
  • 0.5 percent APY for $10,000 to $24,999
  • 0.55 percent APY for $25,000 to $49,999
  • 0.6 percent APY for $50,000 to $99,999
  • 0.65 percent APY for $100,000 and up

E-loan offers banking services nationwide. It is a wholly-owned subsidiary of Banco Popular North America. Accounts are insured by the Federal Deposit Insurance Corp.

Dime Direct Tops Long Term CDs

Dime Savings Bank is currently offering a 3.10% APY 7 year CD and a 2.5% 5 year CD with a minimum deposit of $500. Early withdrawal penalty is quite steep, however - if you withdraw early you'll lose 2 years interest.

Dime is currently the long term CD leader, but they’re also offering a 1.65% APY 10 month CD. You can open an account online or over the phone; however, if you don’t open an account in person you will be required to send in a copy of your driver’s license and a bill to verify your address. Dime Savings Bank is located in New York. This is only available to residents of New York.

Dime Savings Bank has a 4 out of 5 star soundness rating from Bankrate and is insured by the FDIC.

 

Bank of America Current CDs

Bank of America's featured CDs don't have the greatest rates.

BofA is  paying 0.60% for 12-month CDs opened online with a $10,000 minimum deposit. The rate if you walk into one of Bank of America’s brick and mortar is 0.45% APY.

The only other above-average CD rates at Bank of America:

  • 3-month CD rate is 0.28% APY versus an average rate of 0.20% APY.
  • 60-month CD rate is 2.01% APY versus an average rate of 1.72% APY.

If you look closely at one of the big banks, you can almost always find a decent rate or two. However you'll never usually find a rate thats comparable to the best online CD rates.

Salem Five Special CDs

Salem Five is a bank that is based in Massachusetts and has 22 branches in the Boston area. However, their online CDs are available nationwide.

They have 3 special CDs - 14, 24, and 60 month CDs. The 14 month CD has a 1.35% APY yield, the 24 month CD has a 1.75% APY yield, and the 60 month CD has a 2.75% APY yield. All CDs have a minimum deposit requirement of $10,000.

Their website has an online application where you can aply for the certificate of deposits.

Salem Five is FDIC insured.

Carthage Savings & Loan Checking

Carthage Savings and Loan Association has a High Interest Checking Account that earns 2.05 percent annual percentage yield (APY) on balances between $2,500 and $25,000.

This checking account features:

  • $25 minimum to open
  • Free nationwide ATMs
  • Unlimited check writing
  • Free checks
  • $8 monthly fee, waived if daily balance is over $2500
  • Free MasterMoney check card
  • Free online banking with bill pay
  • Free electronic statements
  • Direct deposit
  • 10 cents for each signature based debit card transaction

The checking account also has tiered interest rates.

Carthage Savings and Loan also has other checking and savings accounts with various rates of interest. For instance, you can open a 36-month certificate of deposit that earns 1.5 percent APY or a 48-month CD that earns 1.7 percent APY.

Carthage Savings and Loan is based in Carthage, N.Y. The savings and loan has been in business since 1888 and serves Jefferson and Lewis counties in New York. You can open an account at its three locations or apply for an account online. A representative will call you to complete the application process.