Current C.D. Rates

Charles Schwab Brokered CDs

Current CD Rates — Fri, 18 Jul 2008 10:24:21 +0000

Charles Schwab is offering some high rates on its brokered CDs. The most competitive rates as of 7/16/08 include a 4% APY 12-month CD, a 4.45% APY 24-month CD, a 4.60% APY 36-month CD and a 5.50% APY 10-year CD.

Schwab CD OneSource is a marketplace of CDs from FDIC-insured banks across the country. As is described by Schwab, you can purchase CDs online in your Schwab account as you would a stock or mutual fund.

For an overview of brokered CDs, refer to this About.com article and this FDIC article. One of the risks of brokered CDs is that if you need to make an early withdrawal, you’ll have to sell it at the current market rate which could be at a loss. One benefit according to Schwab is that there are no early withdrawal penalties.

AmTrust Direct Raises Online CD Rates

Current CD Rates — Fri, 13 Jun 2008 08:19:10 +0000

AmTrustDirect just increased the rates on many of its online CDs. A yield of 4.00% APY is now available on all terms from 12 months to 60 months. The previous 12-month yield was 3.77% APY. The yields for the shorter terms remain the same: 3.51% APY 6-month and 3.76% APY 9-month. The minimum deposit on these accounts is $1,000.

Here are the details on their certificates:

Online application allows for funding by ACH transfer or check
IRA CDs are not available online
The early withdrawal penalty is 3 months of interest for terms 11 months or less, 6 months for terms of 12 to 23 months, 9 months for terms 24 to 47 months and 12 months for terms of 48 months or more
Accounts can be opened with up to two beneficiaries
When CD matures, you can request closure of the CD by either mail or online by a secure message

High Yield Long Term CD Rates @ US Bank

Current CD Rates — Mon, 26 May 2008 02:44:27 +0000

US Bank has increased the rate on its CD specials. The new 59-month CD yield is 4.65% APY, and the 43-month CD yield is 4.10% APY. The shorter term yields are much lower: 3.50% APY for a 23-month CD and 2.80% APY for a 11-month CD.

One important detail regarding this CD is a severe early withdrawal penalty. According to the CD disclosure, the penalty for the 59 month CD would be over 29.5 months of interest on the amount withdrawn. Here’s how it’s described in the disclosure:

If your account has an original maturity greater than one year, the penalty will be the greater of either A or B, plus a $25 early withdrawal fee.

A. One-half of the interest that would have been earned on the funds withdrawn if held for the entire term.

B. 3% of the amount withdrawn.

Early withdrawal penalties for long term CDs are typically only 6 months of interest, so this is much worse. If inflation forces interest rates to shoot up, a small early withdrawal penalty can save you a lot of money, when you want to close the CD and move the money into an account with a higher rate.

US Bank does have an online application. However, you can only open the CD online if you already have a checking account with them and you use the checking account to fund the CD. Otherwise, you have to come into one of their branches. They do not accept checks by mail to fund a CD.

US Bank has branches in 26 states. It’s a large bank with $232.8 billion in assets.

M&I Bank 4.50% 5 year CD

Current CD Rates — Mon, 21 Apr 2008 21:09:08 +0000

M&I Bank has a CD promotion with a 60-month CD with a competitive yield of 4.50% APY. The minimum deposit is $2,500. They also offer two other CD specials with less competitive rates: a 3.75% APY 40-month CD and a 3.25% APY 20-month CD.

Branches are located in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Nevada and Wisconsin. It’s a large bank with $53.7 billion in assets. Bankrate.com’s review gives it a 3/5 star rating.

Current CD Rate Trends

Current CD Rates — Wed, 27 Feb 2008 01:38:04 +0000

We can’t be lulled into thinking that this is a turning point because, as much as the Fed may want to stop cutting short-term rates to quell inflation, they seem to be more concerned with fending off a recession.

The average yield for one-year CDs dropped 4 basis points to 2.43 percent. The five-year CD average lost 4 basis points and now stands at 2.82 percent.

Jumbos fared about the same with the one-year averaging 2.64 percent and the five-year 2.97 percent, down 5 basis points and 4 basis points; respectively.

Rates are probably heading lower in the next few months.

Premier America Credit Union 7.00% APY

Current CD Rates — Sun, 10 Feb 2008 18:56:34 +0000

Premier America Credit Union has a new 7.00% certificate promotion. Unlike the previous ones that I’ve recently reported on, this one is listed at the credit union’s website. It’s a 7.00% APY 6-month certifcate with a minimum deposit of $1,000, and a maximum of $5,000. A checking account is required, and funds must be new to the credit union. There’s a limit of one certificate per member/social security number. The last day for this CD special is February 15, 2008.

Field of membership includes members of the Alliance for the Advancement of Arts & Education (AAAE). Anyone can join this organization. According to the membership page:

When you apply for membership, be sure to select “AAAE” on the company listing. Then complete the AAAE application that will be provided during online account opening.

AAAE’s one-time membership fee is $25. Premier America Credit Union will grant this fee on your behalf when you join AAAE to become a qualifying member with Premier America Credit Union. The funds will be sent to the AAAE office, and will be used to support arts and education mission.

You can qualify to join Premier without joining AAAE if you live, work, worship or attend school in parts of California or within 10 miles of our Westchase branch in Houston, Texas. In addition, you can be eligible if you’re an employee or member of a long list of companies and organizations.

Current Wells Fargo CD Rates

Current CD Rates — Thu, 31 Jan 2008 01:57:22 +0000

With the recent Fed rate cuts, Wells Fargo has lowered their rates on their online CD special to 3.50% APY. Minimum balance on this certificate is $5,000, and the term to maturity is 5 months.

Aside from this special, Wells Fargo CD rates are a bit low, ranging from 1.50% to 3.00% APY.

At maturity, CD will automatically renew for the Renewal Term stated above, at the interest rate and APY in effect for CDs not subject to a Special Rate, unless the Bank has notified you otherwise.

This CD is only available online and not through brick and mortar Wells Fargo Banks.

Wachovia Bank Certificate of Deposits

Current CD Rates — Sat, 05 Jan 2008 02:27:21 +0000

Wachovia Bank has some pretty high rates on their special promotional CD, with a 5.05% APY yield and 5 month term. Minimum deposit for this certificate is $5,000.

This CD is only available online. Other online CDs have terms ranging from 3 to 24 months, and yields from 3.16% to 4.25%. Visit Wachovia’s rate table for more information.

IndyMac Bank Top Short Term CD Rates

Current CD Rates — Mon, 17 Dec 2007 22:46:00 +0000

IndyMac Bank currently holds the top spot for the best short term CD rates, with a 5.40% APY on their 3 and 4 month CDs. Minimum deposit on this CD is $5,000. CDs can be opened and funded online, and there isn’t a hard credit pull when you apply.

IndyMac bank has had some problems recently with the mortgage subprime mess, so it would be prudent to have a deposit lower than the FDIC insured $100,000.

Countrywide Bank CD Rates

Current CD Rates — Fri, 30 Nov 2007 00:10:39 +0000

Countrywide bank currently has the highest CD rate available in the 6 month certificate category, with a 5.30% APY. They also offer 5.25% for 3 month CDs and 5.10% for 1 year CDs. Minimum deposit on all CDs is $10,000.

Countrywide is offering higher rates for business certificates of deposits, with 5.35% APY on their 6 month CDs and 5.30% and 5.15% for 3 and 9 month CDs, respectively.

With recent subprime mortgage troubles, Countrywide has been lagging behind other banks in dropping their rates. It would be wise to keep your deposits with Countrywide below the $100,000 insurance minimum.