bank rates

Highest CD Rates Roundup For July 19

Bringing you the very best CD rates from credit unions and local banks.Earlier this week, I mentioned that we last saw three banks offer nationally available deals of at least 2% APY simultaneously at the end of 2011.

Today, I thought I’d take a deeper dive into the state of 60-month CD rates.

As of today (July 19), it’s been eight days and counting since a 2% deal first topped our CD Rates Leaderboard again.

There have been just two other times this year when rates were at least that high. The first, in January and early February, lasted 28 days. The second, in March, ran for six days.

We hit the 2% mark for three days in July 2012. That was the first time 5-year CDs paid as much since they slipped below the 2% threshold for the first time on Jan. 5, 2012.

Will we remain above 2% from here on out? Impossible to say.

But I can tell you it will be a long climb back to respectability. Remember, 2% still doesn’t reach the historic inflation level.

A 3% yield might be closer to the definition of respectable. We last hit that mark in May 2011 — some 786 days ago.

In other words, even if rates have hit bottom, we have a long way to climb.

Chart showing the long fall of 60-month CD rates

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

  • Garden Savings Federal Credit Union ( in New Jersey pays 1.00% APY on 6-month CDs with a $500 minimum deposit. Membership is available to Newark, Elizabeth or Jersey City residents. Membership in Garden Savings Federal Credit Union requires a $5 deposit in a share savings account.
  • Michigan Schools & Government Credit Union ( pays 1.30% APY on 26-month CDs with a $500 minimum deposit. Employees, students, former students, alumni and retirees of schools in Genesee, Lapeer, Livingston, Macomb, Oakland, St. Clair, Washtenaw and Wayne counties can join this credit union. Membership in Michigan Schools & Government Credit Union requires a $5 deposit in a share savings account.

For the first time in a couple of weeks, we have no rate increases to report (outside of the increase on the Leaderboard), but we do have a couple of rate cuts.

The special 13-month CD from USAlliance Federal Credit Union is no longer available online. That 1.31% APY deal was offered to savers nationwide.

Chemcel Federal Credit Union in Texas cut its 60-month CD from 2.00% to 1.70% APY and has been removed from our list.

And First Republic Bank, which operates on the East and West coasts, cut its 72-month deal from 2.25% APY to 2.15% APY. It remains on 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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