May 10, 2016 in CDs

2016 rising-rate CD survey: Callable CDs

Today’s rates on certificates of deposit are among the lowest they’ve been since Bankrate began archiving rates in 1984. However, a callable CD promises higher returns than a regular CD. On the downside, it can be called in prior to maturity at the bank’s discretion.

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The yields on callable CDs surveyed fell well shy of yields on comparable maturities of nationally available, traditional CDs. However, yields on callable CDs were more competitive over the time horizon on which the CD might actually be called.



Callable CDs
Institution name Market Maturity APY Conditions
Institution name: Astoria Bank Market: New York Metro Maturity: 10-year APY: 1.25% Conditions: $20,000 deposit. At the discretion of Astoria Bank, the account may be called, for any reason, at any time after 1 year from the date the account was opened. If the account is called, the balance and the accrued interest will be transferred to a Statement Savings Account.
Institution name: ESL FCU Market: Top 50 CU Maturity: 24-month APY: 0.55% Conditions: Call Certificate -$500 to open; can be called anytime after 6-months.
Institution name: ESL FCU Market: Top 50 CU Maturity: 60-month APY: 0.95% Conditions: Call Certificate -$500 to open; can be called anytime after 12-months.
Institution name: PNC Bank Market: Detroit Maturity: 36-month APY: 0.5% Conditions: Callable CD – $10,000 to open – CD can be called on after the first 12 months. The funds in the CD can be accessed without penalty for a 10-day period following the call, or be allowed to remain in the certificate, which will then renew as a 12-month CD at the rate currently in effect for the fixed rate 12-month CD.
Institution name: PNC Bank Market: Detroit Maturity: 60-month APY: 1.1% Conditions: Callable CD – $10,000 to open – CD can be called on after the first 24 months. The funds in the CD can be accessed without penalty for a 10-day period following the call, or be allowed to remain in the certificate, which will then renew as a 12-month CD at the rate currently in effect for the fixed-rate 12-month CD.
Institution name: PNC Bank  Market: DC Metro Maturity: 36-month APY: 0.5% Conditions: Callable CD – $10,000 to open – CD can be called on after the first 12 months. The funds in the CD can be accessed without penalty for a 10-day period following the call, or be allowed to remain in the certificate, which will then renew as a 12-month CD at the rate currently in effect for the fixed-rate 12-month CD.
Institution name: PNC Bank  Market: DC Metro Maturity: 60-month APY: 1.1% Conditions: Callable CD – $10,000 to open – CD can be called on after the first 24 months. The funds in the CD can be accessed without penalty for a 10-day period following the call or be allowed to remain in the certificate, which will then renew as a 12-month CD at the rate currently in effect for the fixed-rate 12-month CD.
Institution name: PNC Bank  Market: Philadelphia Maturity: 36-month APY: 0.5% Conditions: Callable CD – $10,000 to open – CD can be called on after the first 12 months. The funds in the CD can be accessed without penalty for a 10-day period following the call, or be allowed to remain in the certificate, which will then renew as a 12-month CD at the rate currently in effect for the fixed-rate 12-month CD.
Institution name: PNC Bank  Market: Philadelphia Maturity: 60-month APY: 1.1% Conditions: Callable CD – $10,000 to open – CD can be called on after the first 24 months. The funds in the CD can be accessed without penalty for a 10-day period following the call, or be allowed to remain in the certificate, which will then renew as a 12-month CD at the rate currently in effect for the fixed-rate 12-month CD.
Institution name: Salem Five Market: Boston Maturity: 36/6-month APY: 0.9% Conditions: Callable CD – $25,000 to open; bank can call CD anytime after the 15th day of the month following the first 6 months.
Institution name: Salem Five Market: Boston Maturity: 36-month APY: 0.9% Conditions: Callable CD – $25,000 to open; bank can call CD anytime after the 15th day of the month following the first 12 months.
Institution name: Salem Five Market: Boston Maturity: 60-month APY: 1.3% Conditions: Callable CD – $25,000 to open; bank can call CD anytime after the 15th day of the month following the first 12 months.

A total of 150 institutions — the 10 largest banks and largest thrifts in each of 10 U.S. markets, plus the nation’s 50 largest credit unions — were surveyed March 8-16, 2016, for their offerings on liquid CDs, bump-up CDs, step-up CDs and callable CDs. Some of the offers appear in more than 1 category if they contain features of more than 1 type of product.

Included in Bankrate’s CD survey results is a listing of the banks, their locations and their CDs’ maturities, initial annual percentage yield and yield to maturity. You also can find the best CD rates at Bankrate.com.



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