bank rates

Highest CD Rates Roundup For Dec. 20

Bringing you the very best CD rates from credit unions and local banks.To call it a rate war is probably an overstatement, but there’s at least a yield tussle going on here.

There have been four rate increases this month between two banks fighting for the top 60-month CD on our CD Rates Leaderboard.

To put that in perspective, there were three rate changes at the top of the term in the previous four months combined.

But in December, EverBank and iGObanking have both repeatedly increased their offers, just nudging past the yield of the other bank with each increase.

Today, EverBank regained the lead, boosting its rate to 2.16% APY, just a bit better than the 2.15% APY offer from iGObanking.

EverBank is the predominately online bank with 14 Florida branches; iGObanking is the online division of Flushing Savings Bank with 17 New York branches.

Take a look below at the chart showing the back and forth between these two banks since Dec. 1.

Chart showing rate increases in December for EverBank and iGObanking

Of course, neither of these banks comes close to the 3.04% APY offer from PenFed, but it’s nice to see banks getting a bit more competitive. In fact, there are nine banks today that offer nationally available deals that pay at least 2.00% APY.

Highest CD rates

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

  • CommunityWide Federal Credit Union in Indiana ( pays 2.00% APY on a 6-month CD with a $2,000 minimum deposit. You must have a checking account with a debit card and a direct payroll deposit to purchase this certificate. Anyone can join CommunityWide Federal Credit Union, but they must first become a member of the Michiana Goodwill Boosters, an organization that assists South Bend-based nonprofit Goodwill Industries of Michiana Inc. There’s a $5 fee for that, as well as a $5 deposit required with the credit union.
  • Pioneer Valley Federal Credit Union in Massachusetts ( pays 1.9% APY on 9-month CDs with a $1,000 minimum deposit. Credit union membership is open to anyone who lives in Berkshire, Franklin, Hampden or Hampshire counties.

We saw one increase to an existing CD on our list, and we’ve removed two offers following rate cuts.

San Antonio Federal Credit Union increased its 10-year CD rate from 2.65% APY to 2.70% APY and its 7-year CD rate from 2.15% APY to 2.20% APY.

As for the cuts, we’ve removed Money One Federal Credit Union in Maryland after it ended its 19-month special and Institution for Savings in Massachusetts after it cut in half the offer on its 36-month CD.

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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