Community Bank, with branches primarily in Mississippi is offering a 3.00% APY 15-month IRA CD. That's a terrific rate. The top 5-year CD at the moment pays only 2.75% and the top 12-month CD pays 2.01%. Average CD rates are even lower. The 3.00% APY is a relationship rate and a depositor must have another account at the bank to that rate. That's as easy as opening a checking or savings account. Without a companion account, the rate drops to 2.00% APY for the FIRA, still very competitive. The rate is also only available for new contributions to the bank. The account must also be opened in a branch, so this is a local offer only.

This is not a standard CD, but rather a retirement CD. Please visit our Fixed IRA Guide for more information on how these investments work.

Community Bank has an interesting structure. It consists of eight separately chartered banks that are tied together at the holding company level via a corporation called Community Bancshares, Inc. The company as a whole has $2.2 billion in assets. We found at least two of the eight banks that are offering the competitive rate: Community Bank, North Mississippi and Community Bank, Coast.

Community Bank, North Mississippi has $485 million in assets, up from $183 in 2006. The bank has a Texas Ratio of 46% versus the national average of 19.96%. It has eight branches scattered around North Mississippi, including Memphis.

Community Bank, Coast has $390 million in assets, up from $310 million in 2006. It has a Texas Ratio of 20.94% versus the national average of 19.96%. The bank has eight branches primarily on the gulf and southern parts of the state.

It's very likely that the other six banks also offer the IRA rate. If anyone is able to confirm that, please let us know.

Find the best FIRA CD rates in your local area. Don't settle for average rates on your money.

Previous Weekly Rate Spotlights

• March 21, 2012- First Choice Bank Offering Competitive CD Rates in New Jersey
• March 13, 2012 - The City National Bank of Metropolis Offering 1.26% APY Money Market Account
• March 6, 2012 - North Country FCU Offering 2.80% APY 60-Month CD - Northern Vermont
• February 27, 2012- El Paso Area Teachers FCU Offering 2.98% APY Five Year CD
• February 21, 2012 - Cardinal Bank Offering 2.01% APY First Choice Checking
• February 13, 2012 - Citizens State Bank Offering 4.00% APY Variable IRA
• February 6, 2012 - Liberty Bank & Trust Offering 1.31% APY Savings Account Rate
• January 30, 2012 - WYMAR Federal Credit Union Offering 2.27% APY 24-Month CD
• January 23- 2012 - Frederica Credit Union Offering 1.65% APY 12-Month CD - Open to All
• January 17, 2012 - Western Heritage Bank Offering 2-Year CD Paying 1.75% APY
• January 9, 2012 - Navy Federal Credit Union Offering 3.00% APY 20-Month IRA CD
• January 5, 2012 - Consumers Credit Union Offers 4.09% APY Rewards Checking Account - Nationally Available

Check back next week for a new bank deal. Email any deals you know about to ratedeal (at) bestcashcow.com. Feel free to also share them below. If you're a bank and have a great deal not listed on BestCashCow, register for access and add the deal to the site.

Email Rate Updates for BestCashCow Readers

Users can now register to receive the best bank rates via email every Monday. You can choose to either receive the best rates for banks across the country, or you can receive the best rates for your state. You can cancel delivery at any time and also login to change which product rates you receive for which state. This email service is free. You can register for the service here.

Investing in An IRA CD

Investing in an IRA CD is a bit different from a regular certificate of deposit.

As I wrote in the BestCashCow Fixed Rate IRA Guide:

Fixed Rate Individual Retirement Accounts (also called CD IRAs) are certificates of deposit held within a traditional Individual Retirement Account (IRA) or a Roth IRA. As a result, any interest on the certificate of deposit accumulates according to the tax advantages of the IRA. In a traditional IRA, pre-tax income is deposited into the account where it accumulates until retirement age. At that point, when the money is withdrawn, the user is taxed at their prevailing tax rate.

North Country Federal Credit Union is offering a very competitive 60-month CD that pays 2.80% APY. That's the top rate in Vermont and one of the best rates in the country. In checking through the database, there were almost zero CD rates above 3.00% APY. The minimum balance to open the CD and receive this rate is $500.

Membership to North Country FCU is open to anyone who lives, works, studies or worships in northern Vermont (Addison, Caledonia, Chittenden, Essex, Franklin, Grand Isle, Lamoille, Orange, Orleans and Washington Counties). The disadvanatage of most credit unions is this restricted field of membership. Unlike many banks, credit unions generally exist to serve specific communities, organizations, or groups of individuals. If you do not belong to one of these groups, then you are unable to join. Luckly, there are over 7,000 credit unions across the country and it's a good bet that there is one that is close, has good rates, and has membership criteria to which you belong.

Find a local credit union near you

North Country FCU is headquartered in South Burlington, VT and has five branches scattered across the northern part of the state. Financially, it has a Texas Ratio of 14.44% versus the national credit union average of 10.34% (lower is better with Texas Ratio). Although its Texas Ratio is a bit higher than the national average, most experts agree that a bank is not in trouble unless its ratio is close to or above 100%. Banks that are closed by the FDIC generally have Texas Ratios above 200%. In another analysis I performed, I found that banks (and most likely credit unions) that offer higher rates are generally more stable than their low rate peers.

5 Month CD Rate Above 3% APY

I also wanted to mention a special deal I found on a 11 month CD. South Central Bank in Chicago, IL is offering a 5-month CD that pays 3.05% APY. That's one of the highest CD rates in the nation. The catch? You must invest $5,000 - no more and no less; you must be a new member to the bank; you must live near one of South Central Bank's five Chicago branches. Still if you live close to a South Central branch, then it might be worth it to deposit $5,000. If you have a family of five, then each person could deposit $5,000 into the bank and receive the rate.

If you don't live in Northern Vermont or Chicago don't despair. In our database, I found 16 banks offering a 60 month CD for over 2.75% APY.

Previous Weekly Rate Spotlights

• February 27, 2012- El Paso Area Teachers FCU Offering 2.98% APY Five Year CD
• February 21, 2012 - Cardinal Bank Offering 2.01% APY First Choice Checking
• February 13, 2012 - Citizens State Bank Offering 4.00% APY Variable IRA
• February 6, 2012 - Liberty Bank & Trust Offering 1.31% APY Savings Account Rate
• January 30, 2012 - WYMAR Federal Credit Union Offering 2.27% APY 24-Month CD
• January 23- 2012 - Frederica Credit Union Offering 1.65% APY 12-Month CD - Open to All
• January 17, 2012 - Western Heritage Bank Offering 2-Year CD Paying 1.75% APY
• January 9, 2012 - Navy Federal Credit Union Offering 3.00% APY 20-Month IRA CD
• January 5, 2012 - Consumers Credit Union Offers 4.09% APY Rewards Checking Account - Nationally Available

Check back next Monday for a new bank deal. Email any deals you know about to ratedeal (at) bestcashcow.com. Feel free to also share them below. If you're a bank and have a great deal not listed on BestCashCow, register for access and add the deal to the site.

Email Rate Updates for BestCashCow Readers

Users can now register to receive the best bank rates via email every Monday. You can choose to either receive the best rates for banks across the country, or you can receive the best rates for your state. You can cancel delivery at any time and also login to change which product rates you receive for which state. This email service is free. You can register for the service here.

For those that think the 3% APY CD is long gone, there are still a few credit unions offering rates near 3.00%. El Paso Area Teachers FCU is one, offering a five year cd that is paying 2.98% APY.

That's not bad when you consider the alternatives. Ten year Treasuries yield just 1.91% and ten year municipal bonds pay just 1.86%. There are some high yield corporate bonds that pay more, but risk increases along with the higher payout. In fact all bonds - Treasury, Municipal, and Corporate have some degree of risk.

Because money deposited in El Paso Area Teachers is NCUA insured (FDIC like insurance for credit unions), the risk of losing money below NCUA insurance limits is virtually 0%. That means you get a rate higher than Treasuries, Municipals, and many Corporate Bonds with none of the risk.

CD Details

To receive the 2.98% APY rate from El Paso Teachers, you must deposit a minimum of $50,000 into the CD. If you don't want to deposit that much cash, then you can still get the very competitive rate of 2.88% APY with a $500 minimum balance.

Membership to El Paso Area Teachers FCU is restricted to individuals and family members who live or work in El Paso County. Most credit unions restrict membership to a certain geography or organization.

Accounts can be opened at one of the eight branches the credit union operates in El Paso Country.

About El Paso Teachers FCU

El Paso Area Teachers FCU is a relatively large credit union with $447 million in assets. The credit union is NCUA insured and has a low Texas Ratio of 1.67% versus a national average of 10.34% (lower is better - a lower Texas ratio means the bank has less fewer delinquent loans on its books versus its overall capital).

If you don't live in El Paso Country, don't despair. In our database, I found 16 banks offering a 60 month CD for over 2.75% APY. Find the best CD rate in your local area. Remember, don't settle for average rates on your money.

Previous Weekly Rate Spotlights

• February 21, 2012 - Cardinal Bank Offering 2.01% APY First Choice Checking
• February 13, 2012 - Citizens State Bank Offering 4.00% APY Variable IRA
• February 6, 2012 - Liberty Bank & Trust Offering 1.31% APY Savings Account Rate
• January 30, 2012 - WYMAR Federal Credit Union Offering 2.27% APY 24-Month CD
• January 23- 2012 - Frederica Credit Union Offering 1.65% APY 12-Month CD - Open to All
• January 17, 2012 - Western Heritage Bank Offering 2-Year CD Paying 1.75% APY
• January 9, 2012 - Navy Federal Credit Union Offering 3.00% APY 20-Month IRA CD
• January 5, 2012 - Consumers Credit Union Offers 4.09% APY Rewards Checking Account - Nationally Available

Check back next Monday for a new bank deal. Email any deals you know about to ratedeal (at) bestcashcow.com. Feel free to also share them below. If you're a bank and have a great deal not listed on BestCashCow, register for access and add the deal to the site.

Email Rate Updates for BestCashCow Readers

Users can now register to receive the best bank rates via email every Monday. You can choose to either receive the best rates for banks across the country, or you can receive the best rates for your state. You can cancel delivery at any time and also login to change which product rates you receive for which state. This email service is free. You can register for the service here.