bank rates

Highest CD Rates Roundup For Feb. 22

Bringing you the very best CD rates from credit unions and local banks.The spread between average CD rates and the top-paying certificates of deposit is growing.

For the first time in more than a year, the top nationally available 5-year CD pays a full percentage point more than the average CD for the same term.

The best 60-month CD available to all savers pays 1.85% APY, while the average CD fell to a record-low 0.85% APY on our survey this week.

The last time the spread was at least this big was in December 2011, although it has increased every month since July 2012.

Why is this a big deal?

It’s now becoming more worth your time to seek out a deal than to settle for convenience in making your CD purchase.

That’s why we work hard to find you the very best deals for our CD Rates Leaderboard and our list of the highest CD rates at credit unions and local banks.

The chart below shows the trend for average and top 5-year CDs since the beginning of 2011. The largest difference was 1.38 percentage points; the smallest 0.69 percentage points.

chart of average cd rates vs. top cd rates

This week, we added two credit union deals to our list of the best offers:

  • Holy Rosary Credit Union (www.hrcu.org) pays 1.90% APY with a $500 minimum deposit on 5-year CDs. Credit union membership is open to anyone who lives or works in New Hampshire.
  • Singing River Federal Credit Union (www.srfcu.org) pays 2.00% APY with a $1,000 minimum deposit on 5-year CDs. The rate increases to 2.10% APY with a $50,000 minimum deposit and 2.20% APY with a $100,000 deposit. Credit union membership is open to anyone who lives or works in the Mississippi counties of George, Greene or Jackson, or the Alabama counties of Baldwin or Mobile.

It was a quiet week for rate cuts.

We removed offers from Massena Savings & Loan in New York and TEXAR Federal Credit union, with branches in Texas and Arkansas.

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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