Best CD Rates in New Mexico

By doing a little research on CD (Certificate of Deposit) rates in New Mexico, investors can lead to significantly higher returns on their investments. It further extends the realm of personal finance.

Whether you’re a long-time resident or new to the state, navigating the diverse options to secure a competitive CD rate can be as rewarding as discovering a hidden gem. As we delve into the current financial landscape, let’s explore how you can make your money work harder for you in New Mexico. It precisely ensures that your savings not only grow but flourish.

Overall Best CD rates in New Mexico

No.	Name of the Bank	APY %	Term Length	Address
1	Del Norte Credit Union	5.65%	13-month	1720 N Riverside Dr Española, NM 87532
2	America First Federal Credit Union	5.37%	3-month	3400 NM 528 E Albuquerque, NM 87114
3	Mountain America Federal Credit Union	5.25%	6-month	9200 Golf Course Rd NW Albuquerque, NM 87114
4	Century Bank	5.00%	6-month	8220 San Pedro Dr NE Albuquerque, NM 87113
5	Santa Fe Federal Credit Union	5.00%	6-month	7101 Jefferson St NE Albuquerque, NM 87109
6	Citizens Bank of Las Cruces	5.00%	6-month	505 S. Main St., Las Cruces, NM 88001
7	Farmers & Stockmens Bank	4.91%	3-month	405 Chicosa St Roy, NM 87743
8	Bank of Colorado	4.85%	3-month	1804 E Aztec Ave Gallup, NM 87301
9	Sandia Area Federal Credit Union	4.79%	6-month	8000 Palomas Ave NE Albuquerque, NM 87109
10	Nusenda Federal Credit Union	4.75%	3-month	5621 Herrera Dr Santa Fe, NM 87507
11	Nusenda Federal Credit Union	4.65%	6-month	6125 4th St NW Albuquerque, NM 87107
12	Kirtland Federal Credit Union	4.55%	6-month	6440 Gibson Blvd SE Albuquerque, NM 87108
13	Wells Fargo Bank, National Association	4.50%	3-month	11199 Montgomery Blvd NE Albuquerque, NM 87111
14	Rio Grande Credit Union	4.50%	6-month	1401 San Pedro Dr NE Albuquerque, NM 87110
15	US Eagle Federal Credit Union	4.40%	6-month	7201 Menaul Blvd NE Albuquerque, NM 87110
16	Main Bank	4.38%	6-month	2424 Louisiana Blvd NE PO Box 36630 Albuquerque, NM 87110
17	Sunflower Bank	4.05%	18-month	2625 Louisiana Blvd NE, Albuquerque, NM 87110
18	New Mexico Educators Federal Credit Union	4.04%	13-month	4100 Pan American Fwy NE, Albuquerque, NM 87107
19	City Bank	4.00%	3-month	143A El Paso Rd Ruidoso, NM 88345
20	Kirtland Federal Credit Union	4.00%	3-month	111 Rio Rancho Blvd Rio Rancho, NM 87124
21	Rio Grande Credit Union	4.00%	3-month	1401 San Pedro Dr NE Albuquerque, NM 87110
22	Western Heritage Bank	4.00%	6-month	108 W Maple St Deming, NM 88030
23	J.P. Morgan Chase Bank	4.00%	6-month	Online
24	Western Bank	4.00%	12-month	140 E Motel Dr, Lordsburg, NM 88045
25	Citizens Bank of Clovis	4.00%	3-month	421 Pile St, Clovis, NM 88101
26	High Plains Federal Credit Union	4.00%	24-month	101 W Llano Estacado, Clovis, NM 88101
27	First Savings Bank	4.00%	18-month	Online
28	Bank of America, National Association	3.93%	3-month	5290 McNutt Rd Santa Teresa, NM 88008
29	Lordsburg State Bank	3.93%	24-month	300 S Main St, Lordsburg, NM 88045
30	Bank 34	3.89%	24-month	500 East 10th Street, Alamogordo, NM 88310
31	Centinel Bank of Taos	3.75%	3-month	707 Paseo Del Pueblo Norte Taos, NM 87571
32	The Bank of Clovis	3.69%	24-month	300 N Main St, Clovis, NM 88101
33	Roswell Community Federal Credit Union	3.68%	36-month	2514 N Main St, Roswell, NM 88201
34	General Electric Credit Union	3.50%	3-month	336 Woodward Ave SE Albuquerque, NM 87102
35	First Convenience Bank	3.05%	24-month	Online
36	Eddy Federal Credit Union	3.05%	12-month	909 W Pierce St, Carlsbad, NM 88220
37	PenFed Credit Union	3.00%	6-month	Online
38	Pioneer Bank	3.00%	18-month	3000 N. Main St., Roswell, NM 88201
39	Questa Credit Union	3.00%	18-month	2433 Hwy 522, Questa, NM 87556
40	Lea County State Bank	3.00%	3-month	1017 N Turner St, Hobbs, NM 88240
41	Carlsbad National Bank	3.00%	24-month	202 W Stevens St, Carlsbad, NM 88220
42	Main Bank	2.97%	3-month	2424 Louisiana Blvd NE PO Box 36630 Albuquerque, NM 87110
43	US Eagle Federal Credit Union	2.96%	3-month	5420 Academy Rd NE Albuquerque, NM 87109
44	Navy Federal Credit Union	2.75%	3-month	143 Rock Island Ave White Sands Missile Range, NM 88002
45	Sandia Laboratory Federal Credit Union	2.75%	6-month	2700 Palmilla Rd Los Lunas, NM 87031
46	International Bank	2.75%	12-month	200 S. 2nd St., Raton, NM 87740
47	Main Bank	2.70%	18-month	2424 Louisiana Blvd NE, Albuquerque, NM 87110
48	First State Bank	2.70%	24-month	411 W. Main St., Farmington, NM 87401
49	FirstLight Federal Credit Union	2.60%	3-month	3791 E Lohman Ave Las Cruces, NM 88011
50	Animas Credit Union	2.60%	24-month	2101 E. 20th St., Farmington, NM 87401
51	Wells Fargo Bank, National Association	2.50%	6-month	10501 Lagrima de Oro Rd NE Albuquerque, NM 87111
52	Del Norte Credit Union	2.50%	36-month	3286 Cerrillos Rd., Santa Fe, NM 87507
53	Otero Federal Credit Union	2.50%	6-month	3300 N. White Sands Blvd., Alamogordo, NM 88310
54	Peoples Bank	2.50%	24-month	500 S. Main St., Clovis, NM 88101
55	Carlsbad National Bank	2.00%	3-month	1509 W Pierce St Carlsbad, NM 88220
56	Valley Bank of Commerce	2.00%	3-month	201 State Rd 2 Dexter, NM 88230
57	The First National Bank of New Mexico	2.00%	12-month	Online
58	First Financial Credit Union	1.75%	3-month	901 E University Ave Las Cruces, NM 88001
59	FNB New Mexico	1.07%	12-month	201 Main St, Clayton, NM 88415
60	Taos Credit Union	1.02%	18-month	723 Paseo Del Pueblo Sur, Taos, NM 87571
61	First American Bank	1.00%	36-month	303 W Main St, Artesia, NM 88210
62	Valley Bank of Commerce	0.98%	24-month	217 W 2nd St, Roswell, NM 88201

Current CD Rates of New Mexico

The current CD rates in New Mexico reflect the broader economic environment. It is influenced by factors such as the Federal Reserve’s monetary policy, inflation rates, and the overall demand for credit.

In this context, securing a competitive CD rate is crucial for investors who are seeking to preserve and grow their capital in a low-risk manner.

Best 6 Month CD Rates

For short-term savings growth, the best 6-month CD rates in New Mexico offer an attractive blend of higher interest returns and flexibility. Investors can capitalize on these rates to achieve a quick financial boost without a long-term commitment.

1.  CommunityWide FCU

Minimum Amount: $1000.00

APY / Rate: 3.50% APY

Pros:

• NCUA insured to at least $250,000
• Dividends can be compounded in certificates / deposited to another share/ transferred to another institution
•  Option to renew on the maturity

Rules:

• Any withdrawal before maturity is charged with a penalty
• Penalty= amount of the withdrawal x  the remaining term (days) of the certificate at the rate of 2x the current APR (divided by 365)
• Dividends are paid at the end of the month

2. Quontic Bank

Minimum Amount: $500.00

APY / Rate: 3.25 % APY

Pros:

• Instant account opening
• Low minimum balance
• FDIC insured

Rules:

• Interest is compounded daily and credited to the account at the end of every month
•   A periodic rate is applied to the balance (principal + interest) in the account
• CD can be withdrawn upon maturity within 10 days after which, it is automatically renewed on the same terms.

3. PenFed Credit Union

Minimum Amount: $1,000.00

APY / Rate: 2.00% APY

Pros:

• Easy renewal without any conditions
• Can be accessed at the branch, mobile or online
• Insured by NCUA insurance

Rules:

• Dividends are calculated on a simple interest basis
• Monthly dividends are paid on CD maturity

Best 1 Year CD Rates

For those looking to lock in their savings for a bit longer, the best 1-year CD rates provide a golden middle path between yield and accessibility. This duration serves as an excellent option for individuals planning for near-future financial goals.

1. CommunityWide FCU

Minimum Amount: $1000.00

APY / Rate: 4.00% APY

Pros:

• NCUA insured to at least $250,000
• Dividends can be compounded in certificates / deposited to another share/ transferred to another institution
•  Option to renew on the maturity

Rules:

• Any withdrawal before maturity is charged with a penalty
• Penalty= amount of the withdrawal x  the remaining term (days) of the certificate at the rate of 2x the current APR (divided by 365)
• Dividends are paid at the end of the month

2. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.50% APY

Pros:

• Excellent for earning a competitive interest rate on a savings account or CD.
• Without monthly services.
• Free domestic incoming wire transfers on savings account

Rules:

• APYs are subject to change at any time without notice
•  The penalty will be applied for early withdrawals on CDs
• At maturity, your CD will automatically renew and earn the base interest rate

3. First National Bank of America

Minimum Amount: $1000.00

APY Rate: 4.40% APY

Pros:

• Competitive APY on online CDs and high-yield savings accounts
• Fee-free access to 55,000 all ATM networks.
• Digital banking access online and via an app

Rules:

• Interest rates and APYs are subject to change without notice.
• Early withdrawal will reduce earnings and impose the penalty
• APY on all services will remain deposited until maturity.

Best 2 Year CD Rates

The best 2-year CD rates strike a balance between offering higher interest rates and maintaining a manageable time horizon for savers. It’s an ideal choice for those who wish to optimize their earnings over a medium term

1. Sallie Mae Bank

Minimum Amount: $1

APY / Rate:5.00%

Pros:

• Range of periods and guaranteed CD interest rate
• Automatic renewal option
• FDIC insured banking
• No monthly maintenance fees

Rules:

• CD is opened with a minimum amount of $2500.
• The investor can request interest disbursement monthly, quarterly, yearly, or at maturity.
• There is an early termination penalty: 90 days of interest for CDs with a term less than 12 months and 180 days of interest for CDs with terms more than 12 months
• More amounts can be added to the CD during the grace period.

2. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.50% APY

Pros:

• Excellent for earning a competitive interest rate on a savings account or CD.
• Without monthly services.
• Free domestic incoming wire transfers on savings account

Rules:

• APYs are subject to change at any time without notice
•  The penalty will be applied for early withdrawals on CDs
• At maturity, your CD will automatically renew and earn the base interest rate

3. Synchrony Bank

Minimum Amount: $0.00

APY / Rate: 4.30% APY

Pros:

• Best APY rate
• No minimum balance required
• High-yield savings options
• No penalty on premature interest withdrawal
• 10 days grace period after maturity to add more funds to the CD

Rules:

• The interest is compounded monthly and added to the account at the end of the month.
• There is no minimum balance required to earn interest.
• Also no penalty on premature withdrawals.

Best 3 Year CD Rates

With the best 3-year CD rates, savers in New Mexico can access significantly improved returns, making it a compelling option for those who can afford to invest their money for a longer period.

1. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.50% APY

Pros:

• Excellent for earning a competitive interest rate on a savings account or CD.
• Without monthly services.
• Free domestic incoming wire transfers on savings account

Rules:

• APYs are subject to change at any time without notice
•  The penalty will be applied for early withdrawals on CDs
• At maturity, your CD will automatically renew and earn the base interest rate

2. Pentagon Federal Credit Union

Minimum Amount: $1000.00

APY / Rate: 4.05% APY

Pros:

• Easy online and mobile access.
• Checking account dividends are compounded daily and paid monthly
• 85,000 free ATM network access nationwide.
• Competitive APY rates.

Rules:

• NCUA insured.
• Rates are the same and are subject to change.
• Penalties applied for early withdrawal.
• The penalty will be 30% of the gross amount of dividends after 365 days of the open date.

3. Synchrony Bank

Minimum Amount: $0.00

APY / Rate: 4.30% APY

Pros:

• Best APY rate
• No minimum balance required
• High-yield savings options
• No penalty for premature interest withdrawal
• 10 days grace period after maturity to add more funds to the CD

Rules:

• The interest is compounded monthly and added to the account at the end of the month.
• There is no minimum balance required to earn inter

Best 5 Year CD Rates

For the ultimate in savings growth, the best 5-year CD rates are best suited for those with long-term financial planning in mind, willing to commit for an extended period to maximize returns.

1. Bread Savings

Minimum Amount: $1500

APY / Rate: 4.75% APY

Pros:

• $1,500 minimum opening deposit
• FDIC insured
• Zero service charges
• Interest Accrued and compounded daily & Credited and posted monthly

Rules:

• APYs are subject to change at any time without notice
• The penalty will be applied for early withdrawals on CDs
• The penalty is calculated based on 365 days of simple interest.
• $25 per outgoing wire transfer
• Auto-renew at maturity or cash out without penalty within the 10-day grace period

2. Popular Direct

Minimum Amount: $10000

APY / Rate: 4.50%

Pros:

• Highly competitive rates for 6-month CDs
• 24/7 access to the bank account
• No hidden fees or charges
• Customer support for all sorts of queries and concerns
• FDIC insured bank up to maximum

Rules:

• APY can be earned assuming the interest and the principal remains on deposit until maturity.
• Interest is compounded monthly and added to the account at the end of the month.

3. Synchrony Bank

Minimum Amount: $0.00

APY / Rate: 4.30% APY

Pros:

• Best APY rate
• No minimum balance required
• High-yield savings options
• No penalty for premature interest withdrawal
• 10 days grace period after maturity to add more funds to the CD

Rules:

• The interest is compounded monthly and added to the account at the end of the month.
• There is no minimum balance required to earn interest.
• Also no penalty on premature withdrawals.

New Mexico Economic Statistics

New Mexico’s unique economic landscape offers a variety of insights for investors especially when considering the best CD rates in the state.

• With an estimated population of around 2,114,371 as of 2023, New Mexico stands as a diverse state with a rich cultural heritage and a varying economy.
• The average household income in New Mexico hovers around $56,420 , which is below the national average, highlighting the importance of wise financial planning and investment strategies, such as securing the best CD rates to maximize savings growth.
• Furthermore, the average home value in New Mexico is approximately $239,000, indicating a relatively affordable real estate market compared to other states.

Statistic	Value	Insight for Investors
Population	2,114,371	A diverse population presents varied banking needs, potentially influencing the availability of competitive CD rates.
Average Income	$56,420	Below national average income suggests a higher value placed on secure, low-risk investments like CDs.
Average Home Value	$239,000	An affordable real estate market may allow for more disposable income to invest in higher-yield CDs.

This economic setting suggests that while New Mexico residents may face certain financial challenges, there are  ample opportunities for investors to grow their wealth through strategic choices like investing in CDs with competitive rates.

How to Get Best CD Rates in New Mexico?

Securing the best CD (Certificate of Deposit) rates in New Mexico involves a combination of research, timing, and strategy.

• Start by comparing rates from a broad range of financial institutions, including local banks, national banks, and credit unions, as each may offer different rates based on their operational goals and liquidity needs.
• Consider online banks as well, which often offer higher rates due to lower overhead costs.
• Pay attention to the terms and conditions of each CD, such as the minimum deposit required and early withdrawal penalties, as these can affect the overall return on your investment.
• Staying informed about the general economic environment, including Federal Reserve rate changes, can also guide you in timing your CD investments to maximize interest earnings.

CD Rates Methodology

In our comprehensive analysis to identify the best CD rates in New Mexico, we reviewed CD rates from 86 financial institutions, including a mix of large national banks, regional banks, and local credit unions.

The methodology focused on comparing the annual percentage yields (APYs), terms, and conditions associated with each institution’s CD offerings.

Out of the 86 banks reviewed, 65 made the list, selected based on their competitive rates, accessibility to consumers, and favorable terms.

This thorough approach ensures that our recommendations reflect the most attractive and viable options for savers and investors in New Mexico, catering to a wide range of financial goals and time horizons.

Conclusion

This careful selection process is crucial for anyone looking to maximize their savings’ growth through CDs in New Mexico’s dynamic economic landscape. As the financial market evolves, continuously reviewing and adjusting your CD investment strategy will ensure that you remain aligned with the best opportunities for growing your savings.

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