bank rates

Highest CD Rates Roundup For July 11

Bringing you the very best CD rates from credit unions and local banks.When it comes to low-paying certificates of deposit, you can count on the nation’s biggest banks to set the bar even lower.

Which is why it’s almost shocking to see a competitive offer pop up at one of these institutions.

Fifth Third Bank, a regional bank with $100 billion in deposits, has a 60-month CD special that pays 2.00% APY with a $5,000 minimum deposit. You’ll need a checking account at this bank in order to take advantage of this special, so this is really for savers who have an existing relationship.

Based in Cincinnati, Fifth Third Bank has more than 1,300 branches in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Missouri, North Carolina, Ohio, Pennsylvania, Tennessee and West Virginia. You’ll have to visit a branch to open one of these CDs.

Of course, this deal doesn’t beat what you can find on our CD Rates Leaderboard or our list of the highest CD rates from credit unions and local banks.

But it is competitive, which is something we can’t say about CD rates offered by most big regional or national banks. (We’re talking about you Chase, Wells Fargo, Citibank and Bank of America.)

Unlike the first week of July, this week was relatively quiet for nationally available certificates of deposit.

GE Capital Bank cut its 12-month CD rate to 1.05% APY from 1.10% APY. Silvergate Bank increased its 12-month rate to 1.08% APY from 1.01% APY. (Follow the daily changes to the best 12-month CD rates.)

A third bank, EH National, landed on our radar for the best 36-month CD rates when it boosted its offer to 1.21% APY.

That’s it.

This week, we added two local deals to our list of the highest CD rates:

  • Bethpage Federal Credit Union on Long Island (www.bethpagefcu.com) pays 1.50% APY on special 22-month CDs with a $1,000 minimum deposit. Credit Union membership is open to Nassau or Suffolk county residents.
  • Everett Co-operative Bank in Massachusetts (www.everettbank.com) pays 2.30% APY on special 33-month CDs with a $500 minimum deposit. You must also have a NOW checking account with a recurring direct deposit. You have to be a Massachusetts resident to purchase this CD.

As for existing offers, for the second week in a row Doral Bank – with branches in New York and Florida – cut rates, this time by a tenth of a percentage point. It pays 1.55% APY on 36-month CDs, 1.40% APY on 24-month CDs, 1.15% APY on 12-month CDs and 0.90% APY on 6-month CDs.

Northrop Grumman Federal Credit Union also continued to cut rates (the fifth time in the last two months). Its 36-month CD now pays 1.45% APY, down from 1.46% APY, and its 24-month CD pays 1.26% APY, down from 1.28% APY.

We removed from our list an offer from South Florida Federal Credit Union, which cut its 12-month CD rate from 1.26% APY to 1.06% APY.

We’ll update our page listing the highest CD rates weekly, so you’ll always know what great deals are out there from credit unions and local banks.

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