Top IRA Certificate of Deposit Rates - October 2009

The big player seems to be Alliant Credit Union. Believe it or not you can find CD rate specials here frequently. If you are a current member the process is much faster than trying to become a member and then completing a certificate of deposit. So even if you run out of time, I think it would be a good idea to open a membership. The hardest thing is Alliiant won't lock the rate beyond the current day. So if you put the IRA process into gear and the rate drops, your out of luck. Anyone can become a member by first joining the National PTA. This is $25, I believe. You then can complete the Alliant member application. Be forewarned that their online process has proven difficult for many in the past. It asks a series of questions about information it pulls from the credit bureaus and I've known several people that claimed the information was erroneous and thus they couldn't complete it online. You can always go the route of snail mail if necessary. The current IRA rates are:

1y -- 2.30% APY

2Y -- 2.55% APY

3Y -- 3.00% APY

5Y -- 3.25% APY

Their NCUA# is 67955 and they are based in the windy city of Chicago, IL. They are large for a credit union with over $6 Billion in assets. As of March 2009 data, they have a 4-star rating.

Another big player is Ally Bank, but they don't offer rates for IRA CDs. People's Trust Federal Credit Union has an 18-month IRA for 2.12% APY. They are based in Houston, TX. They have a 2-star rating. People's NCUA # is 177. Looks like they have been around for a while. I did have to make quite a few clicks to get to the rates. I hate that. This is true for many banks and credit unions. They really should make it much easier.

If you're wanting to stick with a bank try Nationwide Bank, FDIC# 34710. Their process isn't too difficult. They are about $2.25 Billion in assets, had a nice second quarter profit, and 4.5 stars. Rates are:

1Y -- 1.95% APY

2Y -- 2.35% APY

2Y -- 2.25% APY

3Y -- 2.45% APY

I think that is a pretty good window into IRA rates across the internet. Let me know what you are finding.

Happy Investing.

cd :O)

Chris Duncan is a NASD Registered Representative. He specializes in helping clients find the best and highest CD rates nationwide. His clients include individuals, financial institutions, corporations, and public agencies. Check out our CD Rates offers or our California CD rates

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