Best CD rates at Oregon banks and credit unions

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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%

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