Colorado Federal Savings Bank is offering a competitive 1.15 percent APY 6 Month CD for deposits of $5,000 or more. The 6 Month CD rate is almost double the national average and is still better than the national average 12 month CD rate of 0.83%
A 6 month CD at 1.15% is a great deal with little risk. If rates increase in the next 6 months you will be out of this CD and ready for the next best CD. Interest rates are expected to increase later this year and into early next year so if you plan on investing long term into a CD, it would be best to wait until rates increase. Another option is to get into an Ally CD with the option of a one time rate increase. We are seeing more and more banks give this option, which allows you to lock in a higher rate while being locked into a long term CD. Without a one time option to increase your rate, you would have to get out of the CD (certificate of deposit), pay an early termination penalty and then lock into the higher rate.
Colorado Federal Savings Bank is also offering a 12 month CD at 1.45% APY and a 24 month CD at 1.95% APY, which are both higher than the national averages of 0.83% and 1.30% respectively.
They are also offering 36 month CD rates at 2.30% APY and 60 month CD rates at 2.80% APY.
For the most current rates from Colorado Federal Savings Bank, visit their CD Rates page here.