bank rates

Highest CD Rates Roundup For July 13

Bringing you the very best CD rates from credit unions and local banks.How low can it go?

At the beginning of 2012, the average 60-month CD paid just 1.16% APY, according to our survey of banks and thrifts across the country. That represented a 33% decline from the beginning of 2011.

Unfortunately, things have continued to get worse this year, particularly in the last three months.

The average 5-year CD now pays 1.09% APY. Just two years ago, that’s what you could fetch with the average 2-year CD.

Now, any saver searching for the best deals knows you can find CDs that pay well more than average. In the case of the 5-year CD, we regularly feature offers that pay twice the average rate.

The best nationally available 60-month deal on our CD Rates Leaderboard pays 1.91% APY. And the best nationally available credit union deal on our list of highest CD rates pays 2.50% APY for 7 years.

Also on that list, you’ll find superior local deals.

This week, we added to our list one local bank deal and two nationally available credit union deals:

  • Port Richmond Savings in Philadelphia pays 2.10% APY on 60-month CDs with a $500 minimum deposit. You have to be a Pennsylvania resident to buy these certificates of deposit and do so in person.
  • Hughes Federal Credit Union in Arizona has special 29-month CD rates that pay between 1.31% and 1.51% APY, depending on how much you deposit. The top rate goes for deposits of at least $99,000. But even a $1,000 purchase yields a better rate than you’ll find from any nationally available bank deal. You can qualify for credit union membership regardless of where you live by becoming a member of the Friends of the Pima County Public Library, the Tucson Audubon Society or the Marana Arts Council. Membership requires a $50 deposit into a savings account.
  • Patelco Credit Union in California pays 2.50% APY on 7-year CDs. That’s the highest nationally available rate for any term we’ve found. A $1,000 minimum deposit is required. Make sure to check out our original post on this deal for information about how you can join.

There are also several rate changes to note.

U.S. Senate Federal Credit Union increased its 60-month CD rate slightly to 2.02% APY. That’s a nationally available deal.

Houston Police Federal Credit Union also boosted its rate a bit on its 6-month CD to 1.04% APY. This deal is available in Texas only.

Four credit unions on our list cut rates.

Wings Financial Credit union trimmed its 60-month CD by a tenth of a percentage point to 2.12% APY. Residents of Minnesota and Washington State can take advantage of this certificate of deposit.

El Paso Area Teachers Federal Credit Union cut its 60-month term just a bit to 2.47% APY. This certificate is available in Texas.

And two credit unions, Crescent Bank and Trust in Louisiana and Dade County Federal Credit Union in Florida, chopped rates enough that we’ve removed them from our list.

All in all, not a bad week.

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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