We have seen certificate rates decreasing more and more again this month. Healthy banks are averaging below 1.25% for 1-year CDs. Banks showing distress are still popping in around 1.50%. A little bird told us about a bank in Puerto Rico offering a 2.25%, but only for local credit unions. Sooner or later rates have to go up, but it keeps leaning more and more towards later.
1-Year CDs
Northpointe Bank has a 2.05%. But it doesn't come without a catch. In reality, they have a 2-year CD with no penalty to close after 1-year. But a liquid CD after 1-year is a good feature. Bank does have some weakness though. Alliant Credit Union has a 1.75%. We've listed their rates previously. They have a 3 to 4 star rating depending on whom you ask.
18-Month CDs
Two institutions have a 2.00%. They are Alliant Credit Union and First City Bank of Florida. First City has a 1-star rating. Aurora Bank FSB (formerly Lehman Brothers Bank) has a 1.78%. They have a 2-star to 3-star rating. And like Ally Bank (formerly GMAC Bank) they are trying to leave their past behind them.
2-Year CDs
We have a bank with a 2.50%. They are 3 to 4 star rated. Alliant has a 2Y at 2.25%. Alliant came on the scene a few years ago and has continued to keep their rates quite competitive. And of course as I mentioned above, Northpointe has a 2.05%.
3-Year CDs
First Federal Bank of the Midwest has a 37-month at 2.75%. They have a 4-star rating. Alliant Credit Union comes in second with a 2.50%. Pentagon Federal Credit Union also has a 3-year at 2.50%. They have a 4-star rating.
5-Year CDs
Acacia Federal Savings Bank has a 3.20%. They have a 2-star rating. Nationwide Bank has a 3.10% and only a 6-month penalty to close. Ally Bank is supposed to have a 60-Day penalty and their rate is 2.99%. At least they could have made it an even 3.00%.
All reported banks are FDIC insured and the credit unions are NCUA insured. Please remember that although we strive for accuracy mistakes can be made. Please verify federal insurance, rates, and ratings with any institution you are looking to make deposits with.
Chris Duncan is a FINRA Registered Representative. He works for Jumbo CD Investments, Inc., a leading CD research and placement firm. He specializes in helping clients find the highest CD rates nationwide. His clients include individuals, financial institutions, corporations, and public agencies. Visit us for Great CD Rates
Other Rate Source: Michigan CD Rates
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