Higher Yielding IRA CDs — October 2009

Posted on 2009-10-09, 20:07, by ChrisCD, under Financial Services.

October has some banks and credit unions offering higher yielding IRAs. One, a small community bank in Texas, had a 2.53% APY for 2-years with a one-time bump option. But, they pulled the rate and really aren't that big. I won't give their name today, but… However, I might in the future so you may want to stay in touch. Wink, Wink, nod, nod.

The big player seems to be Alliant Credit Union. They actually have CD rate specials quite often. If you are an existing member, the process is much faster than trying to become a member and then get a CD done.

So even if you run out of time, I think it would be a good idea to complete their process. The hardest thing with them is they don't guarantee the rate beyond the current day. So if you put the IRA process into gear and the rate drops, you're out of luck. Anyone can become a member by first joining the National PTA. This is $25, I believe. You then can complete the Alliant member application. Be forewarned that their online process has proven difficult for many in the past. It asks a series of questions about information it pulls from the credit bureaus and I've known several people that claimed the information was erroneous and thus they couldn't complete it online. You can always go the route of snail mail, if necessary. Anyway, the current rates are as follows:

1Y — 2.30% APY
2Y — 2.55% APY
3Y — 3.00% APY
5Y — 3.25% APY

Their NCUA# is 67955 and they are based in the windy city of Chicago, IL. They are quite large with over $6 billion in assets. As of March 2009 data, they have a 4-star rating.

Another big player is Ally Bank, but they don't offer rates for IRA CDs. People's Trust Federal Credit Union has an 18-month IRA for 2.12% APY. They are based in Houston, TX. They have a 2-star rating. People's NCUA # is 177. Looks like they have been around for a while. I did have to make quite a few clicks to get to the rates. I hate that. The link below should save you some time.

If you're wanting to stick with a bank, try Nationwide Bank, FDIC# 34710. Their process isn't too difficult. They are about $2.25 billion in assets, had a nice second quarter profit, and 4.5 stars. Rates are:

1Y — 2.05% APY
2Y — 2.35% APY
3Y — 2.60% APY
5Y — 3.20% APY

Looking for best CD Rate Sacramento? Just do a little searching.

Happy investing.

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