Aurora Bank is the King of CD’s

For anyone who hasn’t lived in or visited the state of Delaware, I’ve gotta tell you it’s pretty small.  Whenever my family and I would drive to and from Florida for vacation, we would pass through the state of Delaware on I-95 and it never took longer than 20 minutes.  But even though Delaware is one of the smallest US states, it’s home to the King of CD’s, Aurora Bank.   Aurora Bank is an unknown as far as most of the online banking world goes but after looking at their deposit rates and options, a review of why these guys are top notch was necessary.

Aurora Bank Certificates of Deposit

I’ve written frequently on the best CD rates of all types and terms and with every single post, Aurora Bank has the highest interest rates.  Sometimes, they would outperform a bank by many percentage points, other times, it would be only by one.  This means that Aurora Bank is always conscious of what other banks are offering and they’ll be up to the challenge of beating competitors rates.   Whether or not you like the idea of investing in a CD, you have to like the way Aurora Bank does business.

To show you just how competitive Aurora Bank CD’s are, you’ll find a table below with their up to date interest rates. (Rates are current as of 6.30.2011)

Term Length$0 - $100,000$100,000+
6 Months1.05% APY1.06% APY
12 Months1.21% APY1.23% APY
18 Months1.34% APY1.36% APY
2 Years1.47% APY1.49% APY
3 Years1.77% APY1.79% APY
4 Years2.00% APY2.03% APY
5 Years2.35% APY2.37% APY

With the continued decrease of interest rates, you’ll never have to worry about having the best CD interest rate when you own an Aurora Bank certificate of deposit.  You may even want to consider building a CD ladder with these guys, which will allow for a little liquidity in an otherwise long term investment.

Aurora Bank Savings and Checking Account

In addition to the best CD rates around, Aurora Bank also does a pretty good job in offering consumers an online savings and checking account.  In order to qualify for an interest rate in either account, a consumer must maintain a balance of $1,000.  Current interest rates on the Aurora Bank savings and checking account are as follows:

  • Savings Account – 0.89% APY
  • Checking Account – 0.84% APY

All deposit accounts opened through Aurora Bank are FDIC insured, up to $250,000 per depositor.  This means that if you have a savings account and checking account through Aurora Bank with $250,000 in each, only half of your $500,000 is covered.

Unlike many other online banks, there is no monthly fee associated with the online savings or checking account offered by Aurora Bank, as long as the average daily balance of the account is $500.  However, there is a somewhat long list of applicable fees for certain services, pasted below for your convenience.  Pretty sure I would never need any of these services but some might.

No matter what banking service you need, Aurora Bank can deliver.  Founded in 1921, Aurora Bank continues to be a bank consumers can trust, and right after I publish this post, I’m going to lock in a 5-year CD.  If you’d like to do the same, visit and have your pick at the best CD rates around.

Topics: Banking

4 Responses to “Aurora Bank is the King of CD’s”

    • Michael


      Banks like Discover, EverBank, WT Direct, Capital One all require minimum balances to earn interest (varies on savings and MMA products) and the list goes on. With interchange fee law taking effect in a few weeks, you can bet that most banks will require minimum amounts to earn interest, if they earn interest at all.

      That said, the focus of this review was on CD’s. I agree; you can find better if looking for a savings or online checking account but you won’t with a CD. These guys simply offer the best rates, bar none.

  1. Thanks for this review. I appreciate the information but these are not the best rates, bar none.

    MetLife has 1.30% APY CD and E-Loan has a 1.26% APY CD. In addition, some local rates appear to be higher. In California, near where I live there are 4 banks with rates higher than the Aurora Bank CD rate.

    Anyway, Aurora is a good deal but wanted to point out there are other even more competitive rates out there.


    • Michael

      Hey Thom

      I checked out both MetLife and E-Loan and you’re right. Those rates offered are better than what Aurora can provide but they come with a catch. MetLife requires a CD of at least $25,000 for that rate and E-Loan has a minimum of $10,000. Aurora Bank’s minimum is a more reasonable $1,000.

      You’re also right that some local banks can beat these rates. But in terms of online banks, Aurora offers top CD rates for low minimums.

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