bank rates

Highest CD Rates Roundup For Jan. 17

Bringing you the very best CD rates from credit unions and local banks.Through the first 17 days of the new year, we’ve seen no changes at the top of our CD Rates Leaderboard.

But that doesn’t mean that banks haven’t been busy moving rates around during the first three weeks of 2014.

Among the top nationally available deals we track, there have been 16 rate changes. All but four of those changes were rate increases.

And we’re seeing more and more banks increasing long-term CD rates. There are now 11 banks that pay at least 2% APY on nationally available 60-month CDs.

You have to go all the way back to Oct. 20, 2011, to find as many banks offering a 2% rate to savers in all 50 states.

And the top deal then – 2.20% APY – isn’t much better than the top bank deal today – 2.16% APY.

Unfortunately, we’re well behind today on what you’d typically find at a bank in your town.

In October 2011, the average 5-year yield at banks and thrifts was 1.20% APY. Today, it’s a stagnant 0.79% APY.

So the recovery – at least for long-term CD rates – is clearly underway among the top-paying banks. The rest of the country’s institutions have yet to get the memo, though.

Highest CD Rates

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

  • Union Community Bank in Pennsylvania ( pays 2.00% APY with a $500 minimum deposit on 50-month CDs. You have to be a Pennsylvania resident to buy these certificates of deposit and do so in person at one of Union Community Bank’s 13 branches in Lancaster County.
  • University of Iowa Community Credit Union in Iowa ( pays 1.25% APY with a $1,000 minimum deposit on 18-month CDs. Credit union membership is open to University of Iowa students, alumni and staff, and their family members, as well as anyone who lives or works in one of the 42 eastern Iowa counties listed on the website.

As for existing deals on our list, we saw just one change this week.

Washington Savings Bank in Philadelphia cut its 60-month and 36-month CD rates enough that we removed this bank from our list.

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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