Best CD Rates (Updated!)

12 Responses to “Best CD Rates (Updated!)”

1. 1
   GaelicWench Says:
   July 15th, 2009 at 11:38 am

   I didn’t look to see if one would be better over the other, but wouldn’t it make more sense to invest in the savings installment-type of savings account, such as what Wilshire Bank offers? I know there’s always the possibility of rates getting cut, but if you go with one year, like you mentioned in your post, the risk is low.

   Just a thought….

2. 2
   no brainer Says:
   May 5th, 2010 at 8:07 pm

   I was shocked to see that American Express offer a 1.49%. I am going to try out for a year and see how the market is next year. Have you tried the Lending Club, it seems really good but it also seems very uncertain.

3. 3
   Carol Says:
   June 3rd, 2010 at 8:54 am

   We’re definitely looking for ways to store our money at a better rate, now that our house is going to be paid off in a couple months. The money will start piling up once we’re no longer making a mortgage and extra principal payment every month. We have a pretty high savings rate right now – it’s one of those high rate checking accounts. But it maxes out at $30K; won’t pay interest on balances above that. We’ve already maxed out that account. But I had hopes that CD rates would be higher than the ones on here. Bummer.

4. 4
   Isaac Says:
   September 13th, 2010 at 7:39 pm

   I wonder why Sallie Mae Bank isnt listed as one of the best. Their CD rates seem to be better than most of, if not all of the rest. Is there a problem with this bank?

5. 5
   Amber Says:
   November 1st, 2010 at 3:10 pm

   Has anyone tried the secured credit card offered by citibank? I was withdrawing some money to move to an Ally MM account @1.24%, and the banker suggested I try their secured credit card. It is supposedly set up for people with no credit to get credit, but it is tied to a CD that earns 4% over 18 months!!
   How can this be possible? My only guess is that they will discover I have good credit and deny my account, but I’m going to try anyway.

6. 6
   Amber Says:
   December 1st, 2010 at 11:39 am

   Just wanted to post an update to my above comment. I went ahead and applied for this card, sent my check in with the application (as instructed) and a couple weeks later, I am now the happy owner of a (useless) credit card that I never plan to use but also a $5,000 CD making 4% over 18 months. HAPPY ME. Downside: There is a $29 annual fee associated with the card (which of course, over 18 months, will be dinged 2x). Still – what I am making as compared to any regular CD seems ridiculous. The max you can invest is $5,000 at this time though.

7. 7
   Jay Says:
   February 5th, 2011 at 9:19 pm

   To Amber -

   After fees you’re only making about 1.5% annually.

8. 8
   Newlyfrugal Says:
   February 16th, 2011 at 1:04 am

   Go to checkingfinder.com and enter your zip code. The site will provide a list of credit unions and community banks which offer Rewards Checking Accounts. My RCA earns 4.01% interest up to $25k, requires no minimum, and has no monthly fee. I have one RCA in my name and one in my significant other’s name, so we get high interest on total of $50k if we choose this route. I leave $10k in each account because we get higher returns at Lending Club and in Vanguard and Schwab brokerage accounts.

   To earn the high interest, we must accept online statements, make one ACH transaction (I pay my credit card bill) or have direct deposit, and make 10 debit transactions. I pay for canned veggies (59 cents each) or gum ten times. If I do not meet the requirements for that cycle, I earn only .25%. I find that an RCA is a great place to park money or an emergency fund.

   I link my RCA to my Ally online accounts (savings account and Money Market.) THis way, I can use Ally to move funds between accounts in all my banks and brokerage firms.

9. 9
   Amber Says:
   February 17th, 2011 at 9:58 am

   Re: Jay – I don’t follow your math.
   A $5,000 CD early 4% interest over 18 months, even if compounded yearly (whereas Citibank claims they compound daily) will yield $303 interest. (Daily compound would yield $309). Deduct from the total the fee required that I mentioned for keeping this card ($29 annual, or $58 for the 18 months) and I still net $245. So yes, I see your point that the card fee deducts from the total interest, and that the actual final rate is closer to 3.25%. Still, if I were only earing 1.5% after fees, that would only yield $114. The satisfaction of the extra $130 is well worth the hassle it took to open this card, AND it is still earning more than any regular CD I could open today.

   Re: Newly Frugal – thanks for the link – I checked it out but only found a max rate of 2% available from my zip code. Of course my state also doesn’t allow me to participate in Lending Club, so go figure.

10. 10
    Jay Says:
    February 18th, 2011 at 11:41 pm

    Re: Amber – Hi Amber, my math was based off of what you said, “a $5,000 CD making 4% over 18 months.” . 4% of $5000 over 18 months = 11.11/month. 12(year) = $133.33 – $29(fee) you are left with $104.33 which comes to 2% annual return. I think I got 1.5% return because I accidently use $58 for the fee the first time.

    I apologize for my mistake though, I took you literally when you said you’d get 4% over 18 months. Well done, and it’s a shame the limit was set at $5000.

11. 11
    Amber Says:
    February 21st, 2011 at 2:53 pm

    Sorry Jay I see the confusion. 4.07% APY would have been a more exact way to say it, and the term is for 18 months. However, all of this discussion is moot, as I just checked their site and they have recently adjusted the rate down to the market rate of 1%. It was just a marketing error that was honored well past when it should have been adjusted.

12. 12
    Vincent Peil Says:
    August 27th, 2011 at 8:33 pm

    I am seeking jumbo monthly CD rates in which yield 10-15%.I do know they exhist.Anybody with info please email me.

    Thanks