2011 Rising-rate CD survey: Bump-up CDs

2011 rising-rate CD survey

cds

By Bankrate.com

Today's rates on certificates of deposit are among the lowest they've been since Bankrate began archiving rates in 1983. But a bump-up CD allows an investor to increase a CD's rate one or more times during its term.

Bump-up CDs tend to provide the greatest benefit at longer maturities, since they give you more time to reap the rewards of your bumped-up rates. That's why it was disappointing that nearly 78 percent of the bump-up CDs in Bankrate's survey had maturities of 24 months or less.

Included in Bankrate's CD survey results are a listing of the banks, their locations, and their CD's maturity and annual percentage yield. You can also find the best CD rates at Bankrate.com.

Institution name	Market	Maturity	Initial annual percentage yield (%)	Conditions
Bank of America	New York Metro	18-month	0.75	Bank of America, New York Metro, 18-month Opt-Up CD: $10,000 minimum to open (maximum $250,000 if opened online). Rate can be increased one time after six months.
Citibank	New York Metro	12-month	0.25	Citibank, New York Metro, 12-month Option CD: $500 minimum to open; open online, by phone or at a branch. Allows you to transfer the entire balance during the term to a Citibank one-year CD without penalty.
Sovereign Bank	New York Metro	12-month and 36-month	0.35	Sovereign Bank, New York Metro, 12-month and 36-month Rising-Rate CD: several terms and tiers for each. You can request that the interest rate be increased one time during the term. $500-$9,999 yields 0.35%; $10,000-$49,999 yields 0.40%; $50,000-$99,999 yields 0.45%. Also available with same APYs for an IRA.
Sovereign Bank	New York Metro	24-month	0.15	Sovereign Bank, New York Metro, 24-month Rising-Rate CD: several terms and tiers for each. You can request that the interest rate be increased one time during the term. $500-$9,999 yields 0.15%; $10,000-$49,999 yields 0.20%; $50,000-$99,999 yields 0.25%. Also available with same APYs for an IRA.
Sovereign Bank	New York Metro	12-month and/or 36-month with Premier Checking or Business Owner Premier Checking	0.60	Sovereign Bank, New York Metro, 12-month and/or 36-month with Premier Checking or Business Owner Premier Checking $500-$9,999 yields 0.60%; $10,000-$49,999 yields 0.65%; $50,000-$99,999 yields 0.70%.
Sovereign Bank	New York Metro	24-month with Premier Checking or Business Owner Premier Checking	0.40	Sovereign Bank, New York Metro, 24-month with Premier Checking or Business Owner Premier Checking $500-$9,999 yields 0.40%; $10,000-$49,999 yields 0.45%; $50,000-$99,999 yields 0.50%.
Bank of America	Los Angeles	18-month	0.75	Bank of America, Los Angeles, 18-month Opt-Up CD: $10,000 minimum to open (maximum $250,000 if opened online). Rate can be increased one time after six months.
Citibank	Los Angeles	12-month	0.25	Citibank, Los Angeles, 12-month Option CD: $1,000 minimum to open (Calif.); open online, by phone or at a branch. Allows you to transfer the entire balance during the term to a Citibank one-year CD without penalty.
Bank of America	Chicago	18-month	0.75	Bank of America, Chicago, 18-month Opt-Up CD: $10,000 minimum to open (maximum $250,000 if opened online). Rate can be increased one time after six months.
BankFinancial	Chicago	18-month	0.60	BankFinancial, 18-month Jump Rate: $1,000 minimum to open. Rate can be increased one time during the term.
Bank of America	San Francisco	18-month	0.75	Bank of America, San Francisco, 18-month Opt-Up CD: $10,000 minimum to open (maximum $250,000 if opened online). Rate can be increased one time after six months.
Citibank	San Francisco	12-month	0.25	Citibank, San Francisco, 12-month Option CD: $1,000 minimum to open (Calif.); open online, by phone or at a branch. Allows you to transfer the entire balance during the term to a Citibank one-year CD without penalty.
Bank of America	Philadelphia	18-month	0.75	Bank of America, Philadelphia, 18-month Opt-Up CD: $10,000 minimum to open (maximum $250,000 if opened online). Rate can be increased one time after six months.
Sovereign Bank	Philadelphia	12-month and 36-month	0.35	Sovereign Bank, Philadelphia, 12-month & 36-month Rising-Rate CD: several terms and tiers for each. You can request that the interest rate be increased one time during the term. $500-$9,999 yields 0.35%; $10,000-$49,999 yields 0.40%; $50,000-$99,999 yields 0.45%. Also available with same APYs for an IRA.
Sovereign Bank	Philadelphia	24-month	0.15	Sovereign Bank, Philadelphia, 24-month Rising-Rate CD: several terms and tiers for each. You can request that the interest rate be increased one time during the term. $500-$9,999 yields 0.15%; $10,000-$49,999 yields 0.20%; $50,000-$99,999 yields 0.25%. Also available with same APYs for IRA.
Sovereign Bank	Philadelphia	12-month and/or 36-month with Premier Checking or Business Owner Premier Checking	0.60	Sovereign Bank, Philadelphia, 12-month and/or 36-month with Premier Checking or Business Owner Premier Checking $500-$9,999 yields 0.60%; $10,000-$49,999 yields 0.65%; $50,000-$99,999 yields 0.70%.
Sovereign Bank	Philadelphia	24-month with Premier Checking or Business Owner Premier Checking	0.40	Sovereign Bank, Philadelphia, 24-month with Premier Checking or Business Owner Premier Checking $500-$9,999 yields 0.40%; $10,000-$49,999 yields 0.45%; $50,000-$99,999 yields 0.50%.

Institution name	Market	Maturity	Initial annual percentage yield (%)	Conditions
Bank of America	Detroit	18-month	0.75	Bank of America, Detroit, 18-month Opt-Up CD: $10,000 minimum to open (maximum $250,000 if opened online). Rate can be increased one time after six months.
Bank of America	Boston	18-month	0.55	Bank of America, Boston, 18-month Opt-Up CD: $10,000 minimum to open (maximum $250,000 if opened online). Rate can be increased one time after six months.
Sovereign Bank	Boston	12-month and 36-month	0.35	Sovereign Bank, Boston, 12-month and 36-month Rising-Rate CD: several terms and tiers for each. You can request that the interest rate be increased one time during the term. $500-$9,999 yields 0.35%; $10,000-$49,999 yields 0.40%; $50,000-$99,999 yields 0.45%. Also available with same APYs for IRA.
Sovereign Bank	Boston	24-month	0.15	Sovereign Bank, Boston, 24-month Rising-Rate CD: several terms and tiers for each. You can request that the interest rate be increased one time during the term. $500-$9,999 yields 0.15%; $10,000-$49,999 yields 0.20%; $50,000-$99,999 yields 0.25%. Also available with same APYs for IRA.
Sovereign Bank	Boston	12-month and/or 36-month with Premier Checking or Business Owner Premier Checking	0.60	Sovereign Bank, Boston, 12-month and/or 36-month with Premier Checking or Business Owner Premier Checking $500-$9,999 yields 0.60%; $10,000-$49,999 yields 0.65%; $50,000-$99,999 yields 0.70%.
Sovereign Bank	Boston	24-month with Premier Checking or Business Owner Premier Checking	0.40	Sovereign Bank, Boston, 24-month with Premier Checking or Business Owner Premier Checking $500-$9,999 yields 0.40%; $10,000-$49,999 yields 0.45%; $50,000-$99,999 yields 0.50%.
Bank of America	Houston	18-month	0.70	Bank of America, Houston, 18-month Opt-Up CD: $10,000 minimum to open (maximum $250,000 if opened online). Rate can be increased one time after six months.
BBVA Compass	Houston	24-month	1.00	BBVA Compass, Houston, 24-month Bump-Up: $5,000 minimum to open. Rate can be increased one time during the term. You may also make one additional deposit during the term.
BBVA Compass	Houston	36-month, 48-month and 60-month	1.00	BBVA Compass, Houston, 36-month, 48-month and 60-month Bump-Up: $5,000 minimum to open. Rate can be increased two times during the term. Also, you may make one additional deposit during the term. Available for three-, four- and five-year terms.
Bank of America	Dallas	18-month	0.70	Bank of America, Dallas, 18-month Opt-Up CD: $10,000 minimum to open (maximum $250,000 if opened online). Rate can be increased one time after six months.
BBVA Compass	Dallas	24-month	1.00	BBVA Compass, Dallas, 24-month Opt-Up CD: $10,000 minimum to open (maximum $250,000 if opened online). Rate can be increased one time after six months.
BBVA Compass	Dallas	36-month, 48-month and 60-month	1.00	BBVA Compass, Dallas, 36-month, 48-month and 60-month Bump-Up CD: $5,000 minimum to open. Rate can be increased one time during the term. You may also make one additional deposit during the term.
Colonial Savings, FA	Dallas	36-month	1.67	Colonial Savings, FA, Dallas, 36-month Triple-Option CD: $10,000 minimum to open. Within the term you may do one of the following: penalty-free withdrawal of up to 50% of balance, add funds, bump up.
OmniAmerican Bank	Dallas	10-month	0.75	OmniAmerican Bank, Bump-Up CD: $500 minimum to open. Rate can be increased one time during the term.
Bank of America	DC Metro	18-month	0.75	Bank of America, DC Metro, 18-month Opt-Up CD: $10,000 minimum to open (maximum $250,000 if opened online). Rate can be increased one time after six months.

Institution name	Market	Maturity	Initial annual percentage yield (%)	Conditions
Addison Avenue FCU	Credit Union	13-month	0.80	Addison Avenue FCU, 13-month Plus certificate: $500 minimum to open. Once during the term, the rate may be bumped up to the current rate offered on the 13-month Plus CD. One additional deposit during the term up to the original amount is allowed. Earned dividends may be withdrawn at any time with penalty.
Addison Avenue FCU	Credit Union	30-month	1.05	Addison Avenue FCU, 30-month Plus certificate: $500 minimum to open. Once during the term, the rate may be bumped up to the current rate offered on the 30-month Plus CD. One additional deposit during the term up to the original amount is allowed. Earned dividends may be withdrawn at any time with penalty.
America First FCU	Credit Union	36-month	1.65	America First FCU, 36-month Flex-Rate CD: $500 minimum to open. One rate increase during the term.
America First FCU	Credit Union	48-month	1.80	America First FCU, 48-month Flex-Rate CD: $500 minimum to open. One rate increase during the term.
America First FCU	Credit Union	60-month	2.00	America First FCU, 60-month Flex-Rate CD: $500 minimum to open. One rate increase during the term.
Bank-Fund Staff FCU	Credit Union	36-month	1.30	Bank-Fund Staff FCU, 36-month Step-Up CD: $1,000 minimum to open. One-time option to step up to a higher rate.
Bank-Fund Staff FCU	Credit Union	60-month	2.10	Bank-Fund Staff FCU, 60-month Step-Up CD: $1,000 minimum to open. One-time option to step up to a higher rate.
BECU	Credit Union	12-month	0.55	BECU, 12-month Bump-Up CD: $500 minimum to open. One-time option to increase rate. $50,000-$99,999.99 yields 0.60% APY; $100,000 or more yields 0.65%.
BECU	Credit Union	24-month	0.90	BECU, 24-month Bump-Up CD: $500 minimum to open. One-time option to increase rate. $50,000-$99,999.99 yields 0.95%; $100,000 or more yields 1.01%.
Bethpage FCU	Credit Union	39-month	1.75	Bethpage FCU, 39-month Bump-Up CD: $1,000 minimum to open. One-time option to increase rate.
Digital FCU	Credit Union	27-month	1.25	Digital FCU, 27-month Regular Jump-Up CD: $500 minimum to open. One-time option to increase rate. APY with relationship checking is 1.5%.
Digital FCU	Credit Union	15-month	1.05	Digital FCU, 15-month Regular Jump-Up CD: $500 minimum to open. One-time option to increase rate. APY with relationship checking is 1.3%.
Digital FCU	Credit Union	27-month	1.51	Digital FCU, 27-month Jumbo Jump-Up and IRA Jump-Up: $25,000 minimum to open for Jumbo and $500 minimum to open for IRA. One-time option to increase rate. APY with relationship checking is 1.76%.
Digital FCU	Credit Union	15-month	1.05	Digital FCU, 15-month Jumbo Jump-Up and IRA Jump-Up: $25,000 minimum to open for Jumbo and $500 minimum to open for IRA. One-time option to increase rate. APY with relationship checking is 1.55%.
Ent FCU	Credit Union	24-month	1.36	Ent FCU, 24-month Priority Certificate: $5,000 minimum to open. One-time option to increase rate. In the first year you can add up to $1,000 to balance. One-time withdrawal of up to 50% of balance without penalty.
Ent FCU	Credit Union	30-month	1.38	Ent FCU, 30-month Priority Certificate: $5,000 minimum to open. One-time option to increase rate. In the first year you can add up to $1,000 to balance. One-time withdrawal of up to 50% of balance without penalty.
Ent FCU	Credit Union	36-month	1.40	Ent FCU, 36-month Priority Certificate: $5,000 minimum to open. One-time option to increase rate. In the first year you can add up to $1,000 to balance. One-time withdrawal of up to 50% of balance without penalty.
Kinecta Federal Credit Union	Credit Union	18-month	0.55	Kinecta Federal Credit Union, 18-month Bump-Up Share Certificate: $1,000 minimum to open. One-time option to increase rate.
Lockheed FCU	Credit Union	12-month	0.50	Lockheed FCU, 12-month Bump-Up Rate Certificate: $1,000 minimum to open. One-time option to increase rate. Silver level ($10,000 in combined loan and core savings balance) yields 0.75% APY. Gold level ($25,000 in combined loan and core savings balance) yields 1% APY. Platinum level ($100,000 in combined loan and core savings balance) yields 1.15% APY.
OnPoint Community Credit Union	Credit Union	12-month	0.60	OnPoint Community Credit Union, 12-month Booster Rate CD: $1,000 minimum to open. One-time option to increase rate.
OnPoint Community Credit Union	Credit Union	18-month	0.75	OnPoint Community Credit Union, 18-month Booster Rate CD: $1,000 minimum to open. One-time option to increase rate.
OnPoint Community Credit Union	Credit Union	24-month	0.90	OnPoint Community Credit Union, 24-month Booster Rate CD: $1,000 minimum to open. One-time option to increase rate.
Redstone FCU	Credit Union	36-month	1.70	Redstone FCU, 36-month Bump-Up CD: $5,000 minimum to open. One-time option to increase rate.
State Employee CU (New York)	Credit Union	18-month	0.90	State Employee CU (New York), 18-month Risk-Free Share Certificate: $500 minimum to open. You may change the term and increase your rate one time within the first six months of opening. The new term must be at least 12 months.
State Employee CU of Maryland	Credit Union	60-month	2.25	State Employee CU of Maryland, 60-month Step-Up: $500 minimum to open. One-time option to increase rate during the term.
Tower Federal Credit Union	Credit Union	48-month	1.15	Tower Federal Credit Union, 48-month Bump-Up: $5,000 minimum to open. One-time option to increase rate. IRA available with same APY.
Tower Federal Credit Union	Credit Union	60-month	1.85	Tower Federal Credit Union, 60-month Bump-Up: $5,000 minimum to open. One-time option to increase rate. IRA available with same APY.
United Nations FCU	Credit Union	30-month	1.50	United Nations FCU, 30-month Flex Share Certificate: $500 minimum to open. One-time option to increase rate.
VyStar CU	Credit Union	18-month	1.01	VyStar CU, 18-month Step-Up: $500 minimum to open. One-time option to increase rate. You can also make deposits into the account up to $2,000. $50,000 or more yields 1.06% APY.

Bankrate.com surveyed the five largest banks and the five largest thrifts based on deposits in 10 large metropolitan markets across the country as well as the nation's 50 largest credit unions. The surveys were conducted from March 8 to March 18, 2011.

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