bank rates

Highest CD Rates Roundup For August 3

Bringing you the very best CD rates from credit unions and local banks.
There are still lots of banks and credit unions paying 2% or more on 5-year CDs.

Check out our rankings of the highest CD rates in the country, and you’ll see what I mean.

But I have to wonder how much longer that will last when I see how fast the average return on 60-month certificates of deposit is falling.

The average return dropped to a record low of 1.06% APY this week, down from 1.17% APY back in January and 1.12% APY as recently as early June.

If that trend continues, we could see the average 5-year CD rate fall below 1% sometime this fall.

So it’s not terribly surprising that Fort Knox Credit Union cut what had been the best nationally available deal on 5-year CD rates from 2.15% APY to 1.96% APY this week.

Our new leader is the United States Senate Federal Credit Union, which pays 2.02% APY with a $1,000 minimum deposit. Rates increase to as much as 2.12% APY with a $60,000 deposit.

We only added one local credit union deal to our rankings this week.

UniBank ( has a special 12-month CD for savers in Massachusetts. It pays 1.50% APY with a minimum deposit of $500 and a maximum deposit of $50,000 of new money to the bank. This CD is available only to residents who live in an area of Connecticut, Massachusetts and Rhode Island that make up the Blackstone Valley.

But there were lots of banks that had to be dropped from our list:

  • Miami Postal Credit Union, after it lowered its return on 60-month CDs from 2.02% APY to 1.91% APY and 9-month CDs from 1.25% APY to 1.00% APY.
  • Credit Union 1, after it dropped its 36-month rate from 1.75% APY to 1.55% APY. (Its 60-month deal remains, even though the rate was lowered from 2.10% APY to 2.05% APY.)
  • Marathon Bank of New York, which reduced its return on 60-month CDs from 2.00% APY to 1.76% APY.
  • First Jersey, after it lowered its 60-month CD rate from 2.01% APY to 1.76% APY.
  • East Boston Savings Bank, whose 36-month return fell from 1.80% APY to 1.25% APY.
  • Libertad Bank, which stopped offering 15-month CDs for 1.50% 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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