bank rates

Highest CD Rates Roundup For Aug. 30

Bringing you the very best CD rates from credit unions and local banks.For 1½ months, we’ve been tracking an increasing number of banks that have boosted CD rates.

The latest examples among the top nationally available bank deals we follow: iGObanking boosted its 36-month CD rate by more than a percentage point to 1.40% APY (now the second-best offer), EverBank increased its 60-month CD rate a bit to 1.91% APY (now the fourth-best offer) and Barclays hiked its 60-month CD rate by a quarter of a percentage point to 1.90% APY (now the fifth-best offer).

There’s been enough movement to notice a trend.

Since July 12, there have been 20 rate changes among the top 10 nationally available 5-year CDs. During that same period, there were just two rate changes — both cuts — among the very best 3-month CDs.

Indeed, banks have mostly stood pat on short-term rate changes, while some have begun shifting mid- and long-term yields.

chart shows the number of CD rate changes per term

This fiddling has had no impact on average rates, which have remained at or just above record lows.

Chart showing national average CD rates in July and August 2013

But we’re encouraged by what’s happening with 60-month CD rates. Since mid-July, the number of banks offer deals of 2% or better has increased from one to three today. And the number of banks paying 1.8% or better has increased from two to eight.

Let’s hope this trend continues.

This week we added two deals to our list of the highest CD rates from credit unions and local banks:

  • Horizon Credit Union (www.hzcu.org) in Idaho, Montana and Washington pays 2.02% APY with a $10,000 minimum on 18-month CDs. This special is scheduled to end today, Aug. 30. Credit union membership is open to anyone who lives, works or worships in the state of Washington; in the Idaho counties of Benewah, Bonner, Boundary, Kootenai, Latah, Lewis, Nez Perce and Shoshone; and in the Montana counties of Granite, Lake, Mineral, Missoula, Powell, Ravalli and Sanders.
  • Suntide Credit Union (www.suntidecreditunion.com) in Texas pays 1.50% APY on 6-month CDs, 2.00% APY on 12-month CDs and 2.35% APY on 24-month CDs with a $1,000 minimum deposit. Membership is open to anyone who lives, works, worships or attends school in Corpus Christi, Texas, or in San Patricio County.

There were no rate changes on our list, a first.

You’ll find 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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