Colorado Federal Savings Bank was founded in 1990 and headquartered in Greenwood Village, Colorado. They were originally chartered as a savings institution, however they were acquired in 2008 by new ownership and expanded their product line to include real estate lending solutions for commercial clients. That said, they still maintain a heavy focus on consumer deposit accounts.

Colorado Federal Savings Bank is a direct banking platform complete with FDIC-insurance but with no physical branches.

In our review below, we will focus on Colorado Federal Savings Bank’s CD rates (certificates of deposit). They offer nine CDs to choose from with terms ranging from just 1 month to 5 years. All of their current yields beat the national average by a considerable margin and even beat many of the best yields from online banks. Continue reading below for current rates and more details.

Colorado Federal Savings Bank CD Rates + Account Details

All of Colorado Federal Savings Bank’s nine CDs come with a minimum deposit of $5,000 to open an account. All deposits are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts.

CD Rates

Term	APY
1 month	1.00%
2 months	0.75%
3 months	2.55%
6 months	4.40%
11 month No Penalty	3.10%
12 months	5.15%
18 months	4.90%
24 months	4.35%
36 months	3.95%
60 months	3.95%

To put these yields into perspective, the current national average for a 12 month CD and a 60 month CD sit at just 1.54% APY and 1.37% APY, respectively, according to FDIC data.

Compounding Interest

Interest is compounded daily and credited to your account on the last day of each month. You will start earning interest on the night that your application is processed and funded.

Early Withdrawal Penalties

If you need to make a partial or full withdrawal of your CD funds prior to maturity you will encounter a fee.

Early withdrawal fees are as follows:

CD Term	Fee
1 month	1 months of interest
2 months	1 months of interest
3 months	1 months of interest
6 months	3 months of interest
12 months	3 months of interest
24 months	6 months of interest
36 months	6 months of interest
60 months	6 months of interest

If you’re opening the 11 month No-Penalty CD, you are allowed to withdraw any or all of your funds without incurring a penalty fee after 7 days of opening the account. Please note that no withdrawals of any kind are allowed during this 7-day period.

Funding Your CD

Funding your CD and receiving your funds upon maturity are pretty straight forward. You may send or request funds via an external bank. This must be initiated from your CFSB online account. There are no fees for ACH transfers.

Other Deposit Accounts Offered

Colorado Federal Savings Bank offers two additional deposit accounts that earn interest. These are:

1. High Yield Savings account featuring an APY of 4.00%.
2. Premier Savings account featuring an APY of 4.05%.

The high yield savings account comes with a minimum balance of just $1.00 while the premier savings account comes with a much steeper minimum balance requirement of $50,000.

You must also be a new customer to Colorado Federal Savings Bank to open the Premier Savings account. A new customer is defined as someone who has not had a bank account with them in at least 60 days.

Both accounts are FDIC-insured up to the applicable limits. Accessing your funds is only available through ACH transfers. You are allowed up to 6 free ACH transfers per monthly statement cycle. If you exceed this amount, you will be charged $25 per transfer after the sixth.

Merrick Bank was founded in 1997 and has just one location in South Jordan, Utah – which also serves as their headquarters.

Their primary business focus is on credit cards and helping consumer’s rebuild their credit. They have been recognized as a top 20 credit card issuer in the United States and claim almost 3 million cardholders with a total of ~$6 billion in credit issued.

Although not their main business, Merrick Bank also offers several CDs (certificates of deposit) to consumers that currently feature some very competitive APYs (annual percentage yields).

Merrick Bank is federally insured by the FDIC and all consumer deposits are insured up to $250,000 per depositor or $500,000 for joint accounts.

They currently offer seven CDs with terms from 6 to 60 months. To see if these deposit accounts are right for you, continue reading our review below.

Merrick Bank CD Rates + Account Details

Merrick Bank’s CDs come with a steep minimum deposit requirement of $25,000 to open. This is significantly higher than most online banks which tend to keep their minimums to $1,000 or less.

CD Rates

Term	APY
3 months	4.75%
6 months	4.90%
9 months	4.95%
12 months	5.15%
18 months	4.95%
24 months	4.70%
36 months	4.40%
48 months	4.30%
60 months	4.15%

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at just 1.54% APY and 1.37% APY, respectively, according to FDIC data.

That said, some of the top CD rates offered by online banks are now above the 5.00% and 4.60% APY mark for the same respective terms.

Compounding and Crediting Interest

Merrick Bank CDs feature daily compounding interest. They credit this interest to your account monthly on roughly the same day you opened the CD.

If you would like to have this interest paid out to an external bank account, you may contact them to set up a monthly ACH transfer at 1-866-638-6851.

Grace Period and Early Withdrawal Fees

You’ll have 10 calendar days upon your CDs maturity ‘the grace period’ in which you may add or withdraw any or all funds without incurring a penalty. If the 10th day falls on a non-business day, then the grace period will be extended to the next business day.

If you need any of your funds prior to your certificate’s maturity, then you will incur a penalty fee.

Early Withdrawal Fees

CD Term	Penalty
Less than 1 year	90 days’ interest
1 – 3 years	180 days’ interest
4+ years	270 days’ interest

Opening and Funding your CD

Applying, opening and then funding your Merrick Bank CD can be done online and in a few short steps.

Here’s what you’ll need to start and finish the process:

• Email Address
• Social Security Number,
• Date of Birth (Account Owners must be at least 18 years old),
• valid U.S. street address. No P.O. Box addresses allowed.

Funding:

• Current bank account number where funds will be coming from
• Your bank or credit union’s routing number

Banking Experience and Consumer Sentiment

Although Merrick Bank’s CDs come with highly competitive rates, they do have low review ratings on the BBB (Better Business Bureau).

That said, nearly all the reviews have to deal with their credit card products and not with their certificates of deposit.

Regardless, they have just a 1.08 star rating out of 5 with over 289 reviews as of the time of this writing.

In terms of their mobile apps, Merrick Bank receives much higher marks.

Their IOS app has a 4.5 star rating out of 5 with over 6,300 consumer ratings and their Android app has a 4.6 star rating out of 5 with over 12,900 consumer reviews.

The only type of deposit accounts Merrick Bank offers are its CDs. They don’t currently offer checking accounts, savings accounts or money market accounts.

There are also no ATMs nor is Merrick Bank a member of any ATM network.

Apple Bank serves the New York Metropolitan area, but has a storied history being founded in 1863 in Harlem in the aftermath of the Civil War.

Harlem was a primarily Dutch suburban village, not yet a part of New York City and the country was undergoing fundamental change. One element of this change was through financial reforms that brought about the formation of many regional banks.

Apple Bank was one of the few banking institutions that stood the test of time through the depression era, the 2008 financial collapse and up to present day.

Today, their coverage still remains in New York City and you must visit a local branch and speak with a banker to open one of their deposit products.

If you can manage that, you’ll find the APY (annual percentage yields) provided on some of their CDs are fairly competitive when compared to the national average(s), but don’t stack up as well against the best rates from FDIC-insured online banks.

For a full review of Apple Bank’s certificate of deposit suite, continue reading below.

Apple Bank CD Rates + Account Details

Apple Bank currently offers CDs with six terms ranging from 6 months to 3 years. Apple Bank is member FDIC and consumer deposits are federally insured up to the applicable limits. They also offer CDARS (certificate of deposit account registry service) which can offer FDIC insurance into the millions of dollars [learn more here]. We should note though that these accounts simply leverage the FDIC insurance of other institutions. Therefore they may come with different terms and conditions than what Apple Bank provides. You can speak with your Apple Bank representative for more information on how these products work and which banks they’ve partnered with.

Standard FDIC insurance covers consumer deposits up to $250,000 and $500,000 on joint accounts.

All Apple Bank CDs come with a minimum deposit requirement of $1,000.

CD Rates

CD Term	APY
3 months	4.75%
6 months	3.50%
9 months	3.75%
1 year	4.00%
18 months	4.25%
2 years	3.50%
3 years	3.50%
4 years	3.50%
5 years	3.50%

The CD rates above were surveyed on May 11, 2023 and apply to IRA CDs as well.

To put the offers above in perspective, the current national average on a 12 month CD and a 5 year CD sit at just 1.54% and 1.37% APY, respectively according to FDIC data. However, the best CD rates from online banks are near 5.00% and 4.60% APY for the same respective terms.

Compounding and Crediting Interest

All Apple Bank CDs feature daily compounding interest that is credited to your account either monthly or quarterly.

By default interest payments will go back into the CD for further compounding but you may arrange to have this transferred to an Apple Bank checking, savings or money market account. This is ideal for those who plan on using interest payments for living expenses.

Early Withdrawal Penalties & Grace Period

If there’s a chance you may need some of your funds prior to the maturity of your CD, you may want to shop around for other banks or credit unions or go with a variable rate savings product that allows for fee-free withdrawals. CDs are designed to provide a fixed rate for a fixed period of time.

If you do need access to your funds prior to maturity, here is what you will pay with Apple Bank.

Apple Bank Early Withdrawal Penalties

CD Term	Penalty
1 year or less	$50 + 1% of amount withdrawn
1 year or more	$50 + 3% of amount withdrawn

Many banks and credit unions have early withdrawal penalties on their CDs, however, Apple Bank’s are quite aggressive. Fees usually chip away at interest earnings, but don’t always eat into the principal quite like Apple Bank’s fee structure could.

If you’re intending to open an IRA CD however, you may be able to avoid some or all of an early withdrawal fee depending on your individual circumstance.

For example, if you turn 70.5 years of age this calendar year, you’re allowed to withdraw up to 20% of the principal from an IRA CD penalty-free. You’ll want to reach out to a certified advisor or tax professional to understand the tax implications.

Grace Period

Apple Bank also has a limited grace period when compared to other banks and credit unions.

The grace period is the time after your CD matures in which you can add or withdraw funds without incurring any fees.

Most banks have a grace period of 10 days. Apple Bank, however, has a grace period of just 5 days.

If nothing is done during this time, Apple Bank will renew your CD with the same terms at the going APY.

They will send you a notice of your grace period prior to its start, but we would recommend setting your own notifications as well if you intend to withdraw or add funds after your CD matures.

How Much Can You Earn With an Apple Bank CD?

How much you earn with an Apple Bank CD is going to depend on the CD you chose, its term and APY as well as your deposit size. Below is a table showing total earnings via interest payments from a handful of Apple Bank’s CDs. It assumes a deposit size of $10,000.

CD Term	APY	Earnings
3 months	4.75%	$116.69
9 months	3.75%	$279.95
18 months	4.25%	$644.23
5 years	3.50%	$1,876.86

How do Apple Bank’s CD Rates Compare?

Want to see how Apple Bank’s best CD rates hold up against the best CD rates offered from other major banks? Take a look at the table below.

Bank	Best CD Rate (APY)
Apple Bank	4.75%
Bank of America	4.50%
Fifth Third Bank	4.55%
Huntington Bank	5.13%
TD Bank	4.50%

Washington Federal Bank based out of Seattle, Washington operates 235 branches in 8 states in the Western United States. They have been in business since 1917 and have over $20 billion in assets.

They offer a number of CDs (certificates of deposit) with terms ranging from just 14 days to 5 years. They offer both standard CDs and 3 CD Specials that come with higher yields.

If you’re in the market for a CD and live within Washington Federal’s geographical footprint, then you may want to browse through offers to see if they’re a good fit.

The 8 western states that Washington Federal Bank accepts customers from are:

1. Washington
2. Idaho
3. Oregon
4. Nevada
5. Utah
6. Arizona
7. New Mexico
8. Texas

Washington Federal Bank CD Rates + Account Details

Washington Federal Bank is member FDIC and all deposits held with them are federally insured up to the applicable limits.

Their CDs come with customizable terms (by the month) ranging from 14 days to 60 months and have a minimum deposit requirement of $1,000. If you’re opening a CD as a minor, your minimum deposit is just $500 and if you’re opening a CD in an IRA (i.e. an IRA CD) then the minimum deposit is just $100.

(Special) CD Rates

Washington Federal Bank offers two “CD Specials” at the moment. They come with either a 7 month term or a 13 month term and pay a slightly higher APY if you also have a checking account with WaFd.

CD Term	APY (w/o checking)	APY (w checking)
3 months	5.00%	5.00%
7 months	4.35%	4.45%
13 months	4.15%	4.25%

To put these offers into perspective, the current national average for a 6 month and 12 month CD sit at just 1.03% and 1.54% APY, respectively, according to the FDIC. That said, a number of online banks and credit unions with nationwide acceptance are starting to pay just over the 5.00% APY mark on both terms.

(Standard) CD Rates

Their standard CD rates are much less competitive and don’t keep up with the national average at this time.

CD Terms	APY	APY ($90k +)
14 Days – 2 Months	NA	0.10%
3 months	5.00%	5.00%
4 – 5 months	5.00%	5.00%
6 – 11 months	0.15%	0.20%
12 – 17 months	0.20%	0.25%
18 – 23 months	0.20%	0.25%
24 – 35 months	0.20%	0.25%
36 – 47 months	0.20%	0.25%
48 – 59 months	0.25%	0.30%
60 months	0.30%	0.35%

Any of these CDs – both the special offers and the standard ones – can be opened online or by stopping by a branch. If you choose to open one online, you’ll still need to provide an address that is within their geographical footprint to be approved.

Compounding and Crediting Interest

The interest on all Washington Federal Bank CDs is compounded daily and credited back to the CD monthly. For those depositing $10,000 or more, you may elect to have the CD interest payments sent to you each month rather than deposited back into the CD for further compounding.

Grace Period and Early Withdrawal Fees

Upon the maturity of your CD you will have a 10 day grace period in which you may modify the CD or close it out. If nothing is done during this grace period your CD will automatically renew into a new CD with the same term and the going APY at that time.

If you need access to the funds in your CD prior to its maturity you will incur an early withdrawal fee. The fee structure is as follows:

CD Term	Early Withdrawal Fee
1 year or less	90 days’ interest on amount withdrawn
>1 year and less than 4 years	180 days’ interest on amount withdrawn
4 years or more	365 days’ interest on amount withdrawn

How Open and Fund the CD

As mentioned, if you live within WaFd’s geographical footprint you may open the CD online or in a local branch.

If you’re opening the CD online you’ll need the following information to expedite the process:

Personal Information:

• full legal name
• email
• phone
• address
• social security number
• drivers’ license

Once you’ve set up the CD account you’ll need to fund it. If you’re funding the account from an external bank, you’ll need the following information:

• current bank or credit union’s routing number
• bank account number where funds will be withdrawn from

📌 Please note: WaFd Bank will not pull your credit score from the 3 main credit bureaus. They will, however, review your personal information on OFAC (Office of Foreign Assets Control) and ChexSystems.

NASA Federal Credit Union of Upper Marlboro, Maryland has some fantastic CD (certificate of deposit) rates at the moment and the credit union is easy to join for pretty much any US citizen or legal resident nationwide.

NASA is federally insured by the NCUA (FDIC equivalent for credit unions) and all deposits are protected up to $250,000 per depositor.

NASA Federal Credit Union was founded in 1949 with just 7 members and $2.00 in deposits. Today, they service 200,000 members and have over $3 billion in assets.

To see if this credit union and their CD rates are right for you, continue reading our review below.

NASA Federal Credit Union CD Rates + Account Details

NASA Federal Credit Union’s CDs come with a minimum deposit of $1,000 for their standard CD accounts and $10,000 for “new money” promotional accounts. These are available as normal CDs or for IRA accounts.

CD Rates

Term	Min. Deposit	APY
6 months	$1,000	4.70%
9 months*	$10,000	5.50%
12 months	$1,000	4.65%
15 months*	$10,000	5.30%
24 months	$1,000	4.50%
24 month bump rate	$1,000	4.40%
36 months	$1,000	4.35%
36 month bump rate	$1,000	4.25%
48 months	$1,000	4.10%
49 months*	$10,000	4.60%
60 months	$1,000	4.15%

To put these yields into perspective, the current national average on a 12 month CD and a 60 month CD sit at just 1.54% APY and 1.37% APY (annual percentage yield), respectively, according to FDIC data.

The best yields from FDIC-insured online banks and nationally available credit unions are now topping 5.00% APY and 4.60% APY, respectively, for the same terms as mentioned above, putting Nasa Federal Credit Union among the rate leaders.

These CD rates may not last too long either as the Fed likely won’t raise rates again in the near term following their 10th consecutive rate hike on May 2nd, 2023. You can read more about where we think CD rates are headed in our outlook here.

Bump Rate CD Details

As the name implies, the Bump CDs – both 24 and 36 month terms – allow you to bump up the rate on the CD one time during its term.

For both Bump CDs you will be provided with the going rate for those CD terms (either 24 or 36 months) at the time you choose to bump it.

These products are only beneficial in rising interest rate environments such as the one we’re currently experiencing.

Add-On CD

Nasa FCU has one “Add-On” CD that comes with a 12 month term and minimum initial deposit requirement of just $250.

Add-On CD Rate

Term	APY
12 months	4.55%

With the Add-On CD you are allowed to add between $25 and $2,500 to your deposit each month. The monthly transfers will have to come via automated means such as account-to-account transfers, eBranch recurring or non-recurring transfers, etc.

This CD will automatically renew into standard 12 month CDs if nothing is done with your CD funds at maturity.

Compounding and Crediting Interest

Interest is compounded monthly and credited monthly. Interest will begin accruing on the same business day that you make your deposit.

Grace Period and Early Withdrawal Fees

NASA FCU provides a 10 calendar-day grace period upon your CD’s maturity in which you may add-to or withdraw any/all CD funds without incurring a penalty fee. If nothing is done during this grace period, your CD will automatically renew for the term disclosed at the certificate opening unless instructed otherwise.

If you do need access to your funds prior to your CD’s maturity you will incur a fee. The early withdrawal fees are as follows:

CD Term	Fee
0 – 24 months	182 days’ interest on amount withdrawn
>24 months	365 days’ interest on amount withdrawn

How to Join

NASA Federal Credit Union provides aspiring members with a full membership when joining the National Space Society.

You’re also eligible for instant Nasa FCU membership by joining one of their affiliated associations. Some of these associations require up to $50 to join. You can read more here or see the list below:

• American Association for the Advancement of Science (AAAS)
• American Astronautical Society
• American Astronomical Society
• American Geophysical Union
• American Institute of Architects
• American Society of Microbiology (ASM)
• Consumer Electronics Association (CTA)
• HR Alliance
• The Mars Society
• Mathematical Association of America
• Moon Society
• National Space Society
• The Montgomery County Road Runners Club
• Women in Aerospace (WIA)

APY GUY tracks and publishes noteworthy APYs (annual percentage yields) on both fixed and variable rate deposit products from hundreds of banks and credit unions nationwide.

In this May 2023 report, we’ve published what we’ve found to be the top CD rates available to residents in Florida looking for FDIC or NCUA insured, fixed-rate certificates of deposit. While we do our best to keep rates updated on a monthly basis at the minimum, we advise that you check with each financial institution individually to get updated CD and savings rates.

We should also note that although all of the CDs on this list are available to residents in the state of Florida, many are issued by institutions based outside of the state and/or without locations in the state.

According to FDIC state profile data (download here) there are 256 banks serving the state of Florida with combined deposits of just over $468 billion in Floridians’ hard earned cash.

There are also 131 credit unions with headquarters in Florida serving 7.07 million members with combined assets of just over $108.25 billion according to CreditUnionsOnline.com.

The largest credit union in Florida by member size and assets held is Suncoast Credit Union, serving just shy of 1,126,192 members in the state and holding $14.96 billion in assets.

Credit unions and banks of all sizes within the state of Florida and throughout the country offer federally insured CDs with varying terms, generally ranging from a few months to 5 to 10 years. The FDIC insures bank deposits up to $250,000 per depositor and the NCUA insures credit union deposits up to $250,000 per depositor.

Generally speaking, with fixed-rate CDs, the longer you lock up your funds (i.e. the greater the term) the higher the APY you will earn.

That said, savings rates – both fixed and variable – at banks and credit unions are generally correlated to Federal Reserve rates which are now anchored between 5.00% and 5.25% following the Fed’s latest rate hike on May 2nd. The Fed, however, is not expected to raise rates during their next meeting in June, but will keep a close eye on inflation and jobs data until then. You can read more about where we think CD rates are heading in our CD rate forecast.

Below is our report on the best CD Rates in Florida for the month of May 2023.

Best 6 Month CD Rates

Below are the top three 6 month CD rates available to residents in Florida. These products may not be exclusive to Florida residents in all cases.

Bank or Credit Union	Min. Deposit	APY
Nasa Federal Credit Union (9 month)	$10,000	5.50%
Axiom Bank (9 month)	$500	5.00%
Banesco USA	$1,500	4.80%
Department of Commerce FCU	$500	4.55%

To put these yields into perspective, the national average for a 6 month CD sits at just 1.03% APY according to FDIC data.

There is just one institution on this list that is exclusive to Florida residents this month and that is Axiom Bank. Axiom Bank has just 7 locations throughout Central Florida.

Nasa Federal Credit Union has co-op locations in Florida that it shares with other credit unions. Their CDs can be opened online during the application process to join NFCU. The easiest way to join NFCU is to become a member of the National Space Society (NSS) which offers a complimentary membership.

Banesco USA is a state-chartered bank in Florida but offers their certificates of deposit online to consumers nationwide.

The Department of Commerce Federal Credit Union is based out of Washington D.C. and has just 3 locations in the area. Their deposit accounts, however, can be opened by anyone nationwide.

Best 12 Month CD Rates

Below are the top four 12 month CD rates available to residents in Florida.

Bank or Credit Union	Min. Deposit	APY
CFG Community Bank	$500	5.17%
Suncoast Credit Union (18 month)	$100,000	4.90%
Banesco USA	$1,500	4.60%
Department of Commerce FCU	$500	4.55%

Although CFG Community Bank has “community bank” in their name, their products are available nationally through their website.

To give the offers above some context, the average APY on a 12 month CD sits at just 1.54%. The average 12 month CD rate in Florida is 2.32% APY according to Bankrate data.

Best 2 Year CD Rates

Below are the top four 2 year CD rates available to residents in Florida.

Bank or Credit Union	Min. Deposit	APY
Bread Savings	$1,500	5.00%
Suncoast Credit Union	$500	4.90%
Department of Commerce FCU	$500	4.20%
Axiom Bank	$500	2.50%

To put these offers above in perspective, the average 2 year CD rate sits at just 1.43% APY, nationally. The average 2 year CD rate in Florida is 2.49% APY.

Bread Savings is an FDIC-insured online bank available to residents across the country.

Best 3 Year CD Rates

Below are the top five 3 year CD rates available to residents in Florida.

Bank or Credit Union	Min. Deposit	APY
CFG Community bank	$500	4.60%
Bread Savings	$1,500	4.50%
Department of Commerce FCU	$500	4.32%
Suncoast Credit Union	$100,000	3.85%

To put these offers above in perspective, the average 3 year CD rate sits at just 1.34% APY, nationally. The average 3 year CD rate in Florida is 2.63% APY.

Best 5 Year CD Rates

Below are the top five 5 year CD rates available to residents in Florida.

Bank or Credit Union	Min. Deposit	APY
CFG Community Bank	$500	4.50%
Bread Savings	$1,500	4.25%
Department of Commerce FCU	$500	4.32%
Suncoast Credit Union	$100,000	4.05%

To put these offers above in perspective, the average 5 year CD rate currently sits at just 1.37% APY, nationally. The average 5 year CD rate in Florida is 2.75% APY.

Florida CD Rates VS National Average

Banks and credit unions operating in Florida and serving the residents therein, are currently featuring higher CD rates and APYs than what we find at the national level.

We’ve compiled a chart comparing average CD rates in Florida vs average CD rates in the US using both Bankrate and FDIC data. You can see the results below. These are accurate as of May, 2023.

Average CD Rates in Florida – vs – Average CD Rates Nationally:

CD Term	Avg. APY FL	Avg. APY US
12 month	2.32%	1.54%
2 year	2.49%	1.43%
3 year	2.63%	1.34%
5 year	2.75%	1.37%