Last week, It's Only Money
at area banks and credit unions. While in research mode, it also logged their CD rates, because it knows people often shop for the best rates.
It thinks, in retrospect, this an exercise in futility. Rates are so low, that the difference between financial institutions might not be worth the pain and effort of moving deposits.
Consider, $2,500 invested in a
, paying the highest yielding at that maturity at 1.00% APY, will earn $25.11 in interest. The same amount at
, will earn $2.50. That's the difference between being able to buy one and ten extra cups of coffee.
Nonetheless, here's the results of the survey. It lists only rates on the institution's basic CD product with the lowest minimum deposit. The survey omits special rates, Jumbo CD rates or even checking account rates. Call the institution or click the online link provided to get those rates.
Also, read beneath the chart for ways to boost these rates without locking up all your money for five years.
Most rates below were current as of early this month.
if your institution's rates have changed, or weigh in on the comments below.
March 2011 CD rates at Oregon banks & credit unions | |||||||||||
STANDARD CD RATES | Minimum Deposit | 3 Months | 6 Months | 1 Year | 2 Years | 3 years | 4 Years | 5+ Years | As of date | Phone | Lookup online |
---|---|---|---|---|---|---|---|---|---|---|---|
BANKS | |||||||||||
Pacific West Bank | $1,000 | 0.5 | 0.7 | 0.9 | 1.3 | 1.65 | 1.9 | 2.15 | 3/4/11 | 503.905.2222 | link |
Washington Federal | $1,000 | 0.2 | 0.6 | 1 | 1.25 | 1.75 | 2 | 2.25 | 3/4/11 | 800.324.9375 | link |
The Bank of Oswego | $1,000 | 0.3 | 0.5 | 0.8 | 1.15 | 1.5 | 1.7 | 2 | 3/4/11 | 866.875.4024 | link |
Umpqua Bank | $1,000 | 0.2 | 0.35 | 3/4/11 | 866.486.7782 | link | |||||
U.S. Bank | $1,000 | 1.15 | 1.7 | 2.5 | 3/4/11 | 503.872.2657 | link | ||||
Bank of America | $1,000 | 0.28 | 0.3 | 0.35 | 0.5 | 0.75 | 1.31 | 2.01 | 3/4/11 | 888.827.1812 | link |
Chase | $1,000 | 0.25 | 0.25 | 0.5 | 1.01 | 3/4/11 | 877.682.4273 | link | |||
Union Bank | $350 | 0.15 | 0.3 | 0.4 | 0.6 | 0.75 | 1.5 | 2.5 | 3/4/11 | 503.225.3636 | |
West Coast Bank | 0.1 | 0.15 | 0.25 | 0.6 | 1 | 1.2 | 1.3 | 800.895.3345 | |||
Columbia State Bank | $500 | 0.11 | 0.17 | 0.26 | 0.38 | 0.43 | 0.64 | 0.72 | 1/3/11 | 877.272.3678 | link |
Pacific Continental Bank | $1,000 | 0.1 | 0.1 | 0.2 | 0.6 | 0.95 | 1.21 | 1/18/11 | 877.231.2265 | link | |
Key Bank | $2,500 | 0.1 | 0.1 | 0.1 | 0.1 | 0.25 | 0.4 | 0.6 | 3/4/11 | 800.539.2968 | link |
Wells Fargo | $2,500 | 0.1 | 0.1 | 0.15 | 3/4/11 | 866.245.3452 | link | ||||
CREDIT UNIONS | |||||||||||
Northwest Priority Credit Union | $500 | 0.4 | 0.9 | 1.3 | 1.65 | 3/1/11 | 800.331.0968 | link | |||
Unitus Community Credit Union | $500 | 0.15 | 0.25 | 0.55 | 1.1 | 1.5 | 1.8 | 2.35 | 3/4/11 | 503.227.5571 | link |
Oregonians Credit Union | $1,000 | 0.2 | 0.5 | 0.85 | 1.16 | 1.5 | 1.76 | 3/4/11 | 503.239.5336 | link | |
First Tech Credit Union | $500 | 0.4 | 0.7 | 1.1 | 1.6 | 3/1/11 | 503.644.4034 | link | |||
Rivermark Community Credit Union | $500 | 0.35 | 0.6 | 1.1 | 1.55 | 1.75 | 2 | 3/1/11 | 503.626.6600 | link | |
Advantis Credit Union | $500 | 0.3 | 0.6 | 1.1 | 3/14/11 | 800.547.5532 | link | ||||
OnPoint Credit Union | $1,000 | 0.3 | 0.35 | 0.6 | 0.9 | 1.4 | 1.7 | 2.1 | 3/4/11 | 800.527.3932 | link |
USAgencies | $500 | 0.3 | 0.6 | 0.9 | 1.2 | 3/14/11 | 800.452.0915 | link |
One way to take advantage of the higher, longer-term rates without tying up all your money is to build a CD ladder. In the most basic form, this involved depositing money at each year of maturity. For example, deposit $1,000 in 1-year, 2-year, 3-year, 4-year and 5-year CDs. Each year, $1,000 comes due. At that point, you can either use it if you need to or buy another 5-year CD with it.
You also can simply put your money in a 5-year CD and eat the penalty if necessary. Usually, the penalty involves forfeiting at least six months' of interest (
, said Joan Doherty, marketing services manager).
At
, for example, that would cost you just under $12 for a 5-year, $1,000 CD that's earning not quite $24 a year. If you pulled your money out after one year, you'd effectively earn a rate of 1.17%. That's still better than Unitus' one-year CD rate of 0.55%