Highest CD Rates February 5, 2014: PenFed Ups 1 Year CD Rates to 1.16% APY

We have a new leader on our 1 year CD rates list, Pentagon Federal Credit Union (PenFed) increased their rate to 1.15 percent with an APY of 1.16 percent. Prior to PenFed increasing their 1 year "money market certificate", AloStar Bank of Commerce held the top rate at 1.10 percent with an APY of 1.11 percent. Update: PenFed has since lowered their CD Rates.

PenFed has increased all their certificate rates the past month with the biggest increase coming on their 5 year CD when the rate was increased to 3.00 percent. Unfortunately PenFed recently reduced their 5 year rate back down to 2 percent, but even that rate puts them in the top five of our list of 2 year CD rates.




As with any credit union you'll have to join PenFed to open a certificate account, you also have to be eligible to join, you can see if you're eligible to join PenFed here: PenFed membership application. If you're not eligible to join PenFed you can still find the best bank CD rates on our rate table.

Highest 1 Year CD Rates


PenFed and AloStar Bank of Commerce hold the top 2 spots on our 1 year rate list at 1.15 percent and 1.10 percent. The third highest rate on our list is held by two banks. CIT Bank's 1 year CD rate and GE Capital Retail Bank's Optimizer Plus 1 year CD rates are currently at 1.04 percent with an APY of 1.05 percent. The minimum opening deposit at both banks to earn that rate is $25,000.

If you don't have $25,000 to invest in a CD account, you can still get a very good rate on our table. The fourth best 1 year rate on our list is at 1.00 percent with an APY of 1.01 percent. We currently have two banks offering that rate and yield, My e-BAnC by BAC Florida Bank and VirtualBank.

The fifth best 1 year rate on our list is held by three different banks, The Palladian PrivateBank, GE Capital Retail Bank and Colorado Federal Savings Bank. All three banks are currently offering 1 year CD interest rates at 1.00 percent with an APY of 1.00 percent.

Highest 2 Year CD Rates


PenFed and AloStar Bank of Commerce also have the top rates on our 2 year certificate of deposit rate list. PenFed's current rate is at 1.25 percent and an APY of 1.26 percent.  AloStar Bank of Commerce rate is currently at 1.24 percent with an APY of 1.26 percent. Both PenFed and AloStar Bank of Commerce  have a minimum opening deposit of $1,000.

The third highest rate on our list this week is from CIT Bank at 1.19 percent with an APY of 1.20 percent. CIT Bank's minimum opening deposit to earn this rate and yield is $25K. The fourth highest rate this week is from GE Capital Retail Bank and Barclays Bank at 1.14 percent with an APY of 1.15 percent. GE Bank has a minimum opening deposit of $500 and Barclays Banks has no minimum opening deposit.

Highest 3 Year CD Rates


The highest CD rates on our 3 year rate list is also from PenFed, in fact this credit union tops our rate list for CD terms ranging between 1 year and 4 years. PenFed's 36 month rate is currently at 1.50 percent with an APY of 1.51 percent. The second best rate on our 3 year list is from Intervest National Bank at 1.44 percent with an APY of 1.45 percent. Intervest National Bank's minimum deposit to earn this rate and yield is $2,500.

Barclays Bank and AloStar Bank of Commerce are offering the third top rate on our list at 1.34 percent with an APY of 1.35 percent. Barclays doesn't have a minimum opening deposit and AloStar Bank of Commerce's minimum is $1,000. Salem Five and GE Capital Bank are offering the fourth top rate at 1.29 percent with an APY of 1.30 percent. Salem Five's minimum opening deposit is $10,000 and GE Bank has a minimum of $500.

Highest 4 Year CD Rates


The best 4 year rate this week is from PenFed at 1.75 percent with an APY of 1.76 percent. The second top 4 year rate is from Nationwide Bank at 1.66 percent with an APY of 1.67 percent. Two Banks, Intervest National Bank and Barclays Bank, are offering the third highest 4 year rate at 1.64 percent with an APY of 1.65 percent.

The fourth highest 4 year rate this week is from EverBank at 1.61 percent with an APY of 1.62 percent. EverBank's minimum opening deposit to earn this rate and yield is $1,500. The fifth top 4 year CD rate this week is from State Farm Bank at 1.59 percent with an APY of 1.60 percent. The miminum opening deposit to earn this rate and yield at State Farm Bank is $500.

Highest 5 year CD Rates


Barclays Bank currently holds the top spot on our 5 year certificate of deposit rate list with a rate of 2.13 percent and an APY of 2.15 percent. The second best 5 year CD rate this week is from EverBank at 2.10 percent with an APY of 2.12 percent. The third best rate this week at 2.03 percent with an APY of 2.05 percent from State Farm Bank.

The fourth best 5 year rate this week is from PenFed and Virtual Bank at 2.0o percent with an APY of 2.02 percent. Virtual Bank's minimum opening deposit to earn that rate and yield is $10,000. The fifth top rate this week is from GE Capital Bank at 1.98 percent with an APY of 2.00 percent.
 
Author: Brian McKay
February 6th, 2014