Compare CD Rates* - Updated 8/01/08 -- Use the below rate table for a comparison of
nationally available banks and credit unions. Rates are quoted as the Annual Precentange Yield (APY) unless noted otherwise.
| Institution | 6 Mo. | 1 Year | 2 Year | 3 Year | 5 Year |
|---|---|---|---|---|---|
| Jumbo CD Investments*
(7-year @ 5.20%, 10-year @ 5.44%) |
3.92% | 4.20% | 4.60% | 4.90% | 5.13% |
| Bank of America, NC (7-Mo @ 3.30%) | ----% | ----% | ----% | ----% | ----% |
| Capital One, VA | 3.25% | 3.50% | 4.15% | 4.50% | 5.25% |
| Citibank, NV (9-Mo @ 3.50%) | 2.00% | 2.00% | 3.25% | 3.50% | 4.00% |
| Corus Bank, IL | 3.81% | 4.10% | 3.30% | 3.30% | 3.45% |
| Element Financial, Div of Irwin Union Bank, IN | 3.60% | 3.95% | 3.60% | 3.90% | 4.10% |
| First Technology Credit Union | 3.70% | 3.80% | 3.85% | 3.90% | |
| Greystone Bank | 3.65% | 4.00% | 4.30% | 4.40% | 4.60% |
| State Farm Bank, FSB, IL | 2.80% | 3.05% | 4.20% | 4.25% | 4.40% |
| Southern Missouri Bank, MO | 2.25% | 2.81% | 3.00% | 3.34% | 4.01% |
| T-Bank, TX | 2.25% | 2.50% | 3.00% | 4.00% | 4.25% |
| Wachovia Bank, NC | ----% | 4.25% | -----% | ----% | ----% |
| Washington Mutual Bank, NV (On-line accounts) | 2.00% | 4.25% | 4.00% | 4.00% | 4.50% |
| Wells Fargo Bank | ----% | ----% | ----% | ----% | ----% |
| World Savings Bank, Now Wachovia Bank | ----% | ----% | ----% | ----% | ----% |
| Nationwide (USA) Average CD Rates | ----% | ----% | ----% | ----% | |
| California (CA) Average CD Rates | ----% | ----% | ----% | ----% | |
| Florida (FL) Average CD Rates | ----% | ----% | ----% | ----% | |
| Massachusetts (MA) Average CD Rates | ----% | ----% | ----% | ----% | |
| Michigan (MI) Average CD Rates | ----% | ----% | ----% | ----% | |
| Texas (TX) Average CD Rates | ----% | ----% | ----% | ----% |
Please be aware, we are not a bank, but a CD broker who works to help you find the best FDIC or NCUA insured CD rates. The rates on this page are provided as a free source for those that don't meet our $50,000 minimum or who are looking for free rate information.
On average, our best bank CD rates are the highest in the USA. Our best top ten rates usually are within 10 - 30 basis points of the highest. We currently track average CD rates for Texas (TX), Florida (FL), and California (CA). Whether you live in one of those states, Michigan (MI), Massachusetts (MA), New York (NY), or anywhere in the good ol' USA, the story will be about the same. Compare our CD rates, in most cases they will beat your current bank or credit union. Average CD rate information is compiled from BankRate.com.
Please note: We do not control the ads that are displayed. Our company only offers FDIC or NCUA insured CD investments from banks and credit unions. There may be ads for company's offering non-insured products. Please read all information carefully before making an investment. If you only want federally insured products, you can verify whether or not an institution is insured by visiting the FDIC or NCUA
When you compare CD rates, bigger doesn’t always mean bigger. Some of the largest banks in the US offer fairly low CD rates. Shouldn't they be able to afford to pay the higher CD rates? Probably, but why don’t they. Simply, they don't need to.
Banks are in business to make money. They want to return as large as a profit as they can to their stockholders. You may actually be better off buying their stock then putting your hard-earned savings with them. I said this tongue-in-cheek about a year ago. Now, the larger banks are in some serious trouble with the implosing of Sub-prime and Alt-A loans. But, I digress. The CD rates for large banks such as World Savings, Bank of America, Citibank, etc. are low because they have such a large base of low interest deposits such as savings accounts and checking accounts.
Banks' profits are derived primarily from two sources. First, is fee income (checking account, ATM, call center fees, etc.). The second source is the spread they make on the difference between the savings and CD rates they pay on deposits and the rates you pay for your loans through them. This isn't a perfect example, but if the average rate they pay for their combined deposits is 3.0% and the average loan rate is 6.0%, they are making a 300 Basis Point spread. On hundreds of millions in loans, that is a lot of clams.
If you compare CD rates across the country, the best rates are around 4.00%. If the big banks had to pay that for all of their deposits, they would only be making 200 Basis Points. They just can't survive on that kind of a rate margin (or so they tell us). We have some instiutions with higher rates, but we have a fee for our service. Call 800-234-4605 for details.
So compare the CD rates that World Savings, Bank of America, and Citibank are offering with other banks across the country. Our site makes this easy.
Also, don't forget to compare credit union CD rates. They often have higher CD rates then banks. The reasons though for that will be in a forth-coming article.
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