Compare CD Rates

Mutual Bank has just started a CD promotion with some competitive rates. It includes a 4.00% APY 18-month CD and a 4.50% APY 54-month CD. The minimum deposit is $2,500. It’s also available in an IRA.

It has been awhile since Mutual Bank has offered decent CD rates. There were several times last year when Mutual Bank had several very competitive CD specials.

CDs can be opened by mail from any state. In addition to opening the CD by mail, you can also open the CD at one of Mutual Bank’s branches. Branches are located in the Chicago metro area; in Staten Island, New York; Edison, New Jersey; and Houston, Texas.

Mutual Bank’s rating is currently at 2 out of 5 stars (below peer group). The bank is FDIC insured Please see this post to see ways to be FDIC insured for balances over $100K.

Since the Federal Reserve started cutting its short-term interest-rate target last fall, yields across certificates of deposit, savings accounts and money-market accounts have plummeted. But recently, yields on long term CDs have been rising, in part because of a rise in longer-term Treasury yields this month and investors’ expectations for higher inflation.

Some banks are already responding. While average CD rates have been relatively flat in April, a handful of banks offering high-yield CDs — such as Capital One Financial Corp, Advanta Bank and E*Trade Financial Corp. — have recently bumped up yields on some of their CDs stretching out three to five years.

KeyDirect recently raised rates on its longer-term CDs by 0.25 percentage point to 4.75% and 5% for its 60- and 84-month CDs, respectively. GMAC Bank raised the rates last week on its four- and five-year CDs to 4.35% from 4% and 4.15%, respectively. Bank of America has also increased rates on a variety of CDs stretching out as many as 47 months.

Some banks are also raising some of their short-term CD rates. Earlier this month, for example, ING Direct raised the rates on its six-, nine- and 12-month CDs to 3.3%, from 2.75%, 2.5% and 2.5%, respectively. Meanwhile, IndyMac Bank is offering special one-year CDs online with a yield of 4.15%.

Meriwest Credit Union is currently running two promotions. One is a special share certificate with a yield of 7.50% APY and a term of 12 months. The minimum and maximum deposit is $1,000. New membership and checking account are required. Existing members may open this CD if they refer a new member who opens this CD and a checking account.

The $1K cap applies to a member and not a household, so having more than one person open an account could increase the cap.

The other promotion is a checking account bonus in which you can earn up to $100: $50 for signing up for Direct Deposit and another $50 for setting up Online Bill Pay. The fine print details include:

• $1,000.00 per month minimum ongoing payroll Direct Deposit required to qualify for Direct Deposit bonus
• Active Bill Pay requires at least 2 bills paid with a 60-day period. Qualifying bill payments must be paid within 90 days of signing up for Online Bill Pay
• Limit one (1) Direct Deposit bonus and one (1) Bill Pay bonus per household
• Bonus may be reported as income to the IRS. Membership is required with a one-time, non-refundable $5 fee

Field of membership includes those who live, work or study in Santa Clara, Alameda, Contra Costa, San Mateo, or San Francisco County. Select Employer Groups include IBM employees and retirees. Family members and other SEG’s can also qualify. Membership requires a one-time fee of $5.

Branches are located in California cities of San Jose, Milpitas, San Mateo, Mountain View, Palo Alto, Menlo Park, Dublin and San Ramon. There are also two branches in Tucson, Arizona.

Savoy Bank is offering a special 4.71% APY 12-month CD. The minimum deposit is $2,000. It doesn’t seem to be listed at the bank’s website. A branch visit is required.

The bank was just established this January. The office is located on 1675 Broadway at 52nd Street, New York, NY 10019 (646-775-4000).

DeKalb County Credit Union has a special 5.05% APY 12-month certificate. The minimum deposit is $10,000. This is advertised on the credit union’s home page.

Membership is open to those who live or work in DeKalb, Cortland, Malta, Milan, Shabbona, or Afton Townships of Illionis. Please see the credit union’s membership page for the full details. Membership requires a minimum balance of $5 in the share savings account.

The credit union’s office is located in DeKalb, IL.

After the recent Fed interest rate cuts, many banks have been cutting their CD and savings rates as well. Bank of America’s current top CD rate has a 3.80% APY with $5,000 minimum balance.

Bank of America also offers a risk free CD with 3.35% APY and no fee early withdrawals. This means you can get the benefits of a high CD rate with the flexibility of a savings account.

This CD is only available online and not through brick and mortar Bank of America.

Washington Mutual is currently offering a 5.10% APY 10-month certificate of deposit. The minimum deposit is $1,000. It has an add-on feature that allows you to make additional deposits up to the amount of the initial deposit. The additional deposits must be at least $100. New money is required to open this account, and it requires that you have a WaMu checking account. This special is not listed at the bank’s website, but instead is being advertised in local newspapers. It is available in New Jersey, New York, Connecticut and California.

WaMu also has a pretty good deal on its online CDs. They’re offering 5.15% APY on all terms from 6 to 60 months.

If you need to open a WaMu checking account, make sure you get their Free Checking account. And if you’re going to open this Free Checking, you may want to consider also opening their 5% Savings Account. If you sign up for both online, you get the 5% APY on the savings account and the monthly fee waiver.

Washington Mutual is FDIC insured.

Hyde Park Savings Bank of Massachusetts (MA) is offering a special 5.15% APY 5-month internet CD. The minimum deposit is $1,000. It’s only available online, and it’s not available at the bank’s branches. Funding can be done with an electronic funds transfer (ACH). The online application states that you must be a Massachusetts resident.

The bank is also offering a 5% APY 18-month certificate that’s called the Triangle 18 Month Bump Rate Certificate of Deposit. The minimum deposit is $10,000. A minimum of 3 withdrawals per statement cycle in a Triangle Interest Checking Account is required to obtain the 5% APY. This certificate can be opened online or at a branch.

The bank is FDIC insured. Bankrate.com’s review gives it a 4/5 star rating.

Bank of America currently has a high yield CD with a yield of 4.85%. The CD has a 4 month term, and $5,000 minimum deposit. This is the best CD that BofA currently offers; they also have a 4.40% APY 9 month CD. This CD is unique in that you can withdraw funds prior to maturity date without a penalty.

These CDs are only available online, and not through brick and mortar physical BofA branches.

IndyMac Bank is currently offering some very competitive short term certificate of deposit rates. Their 3 month CD yields 5.00% APY and their 6 month CD yields 5.05% APY. IndyMac has always had some of the highest CD rates available online, but recently after the Fed rate cuts they have dropped their rates significantly.

Minimum balance on all of their internet certificates is $5,000. Terms range from 90 days to 5 years. A penalty with be incurred for early withdrawal. Indy Mac Bank is FDIC insured.