bank rates

Highest CD Rates Roundup For Aug. 10

Bringing you the very best CD rates from credit unions and local banks.Have you pulled your money out of CDs?

You’re not alone.

With rates reaching pathetic new lows seemingly every week – the average 5-year CD rate fell this week to a record-low 1.05% APY – it should come as no surprise that savers are fleeing certificates of deposit.

The Federal Reserve, which keeps track of these things, showed that as of the end of July, Americans held half as much money in CDs as they did when the recession hit.

The Money Stock Measures report found that savers held $684.9 billion in “small-time denomination deposits,” which is Fed-speak for CDs, at banks and thrifts. In December 2008, the high-water mark for certificates, Americans held $1.5 trillion.

Where has that money gone?

Some of it has moved into savings and money market accounts, which have spiked from about $4 trillion in late 2008 to more than $6.3 trillion today.

But even the best savings accounts still can’t compete yield-wise with the top deals on our list of the highest CD rates from credit unions and local banks.

The best nationally available deal on our list pays 2.50% APY. The best local deal pays a bit better.

We added two local credit union deals to our rankings this week.

  • HAPO Community Credit Union (www.hapo.org) offers top rates in three terms: 1.50% APY for 3-year CDs, 2.10% APY for 4-year CDs and 2.20% APY for 5-year CDs, all with a $5,000 minimum deposit. Credit union membership is open to anyone who lives, works, worships or attends school in Washington State, or who lives or works in Oregon’s Umatilla County.
  • Suntide Credit Union (www.suntidecreditunion.com) also offers top rates in three terms: 1.10% APY for 6-month CDs, 1.50% APY for 1-year CDs and 1.85% APY for 2-year CDs, all with a $1,000 minimum deposit. Credit union membership is open to anyone who lives, works, worships or attends school in Corpus Christi, Texas, or in San Patricio County.

Thankfully, the major rate cuts we’ve seen during the last couple of weeks tapered off this week. There were only a few deals that changed.

We removed CorePlus Federal Credit Union in Connecticut after it cut its 60-month rate from 2.15% APY to 1.90% APY.

And GECU in Texas remains on our list, though it cut its rates. It now pays 2.20% APY on 5-year CDs and 1.70% APY on 3-year CDs.

Houston Police Federal Credit Union raised its rates a bit. Its 1-year CD now pays 1.43% APY; its 6-month CD pays 1.04% APY.

You’ll find all the top-paying deals clearly marked on our highest CD rates page, showing where they are available, with a quick link back to the original post, which includes more information on the institution and its requirements.

We’ll update this page weekly, so you’ll always know what great deals are out there from credit unions and local banks.

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