bank rates

Highest CD Rates Roundup For July 20

Bringing you the very best CD rates from credit unions and local banks.A writer for Bloomberg Businessweek was stunned — stunned — to learn the Chase branch he recently visited in New York offered a 10-year certificate of deposit.

“As I walked in, I was immediately greeted by an ad for a 10-year CD that yields 2 percent,” wrote Roben Farzad. “Mind you, never in my life have I encountered a 10-year CD, much less one that so brazenly promises to return less than the present rate of inflation over a decade.”

Why, Farzad asked, would anyone purchase such a CD?

He answered his own question with a two-word phrase — “yield desperation.”

But there’s more to it than that, of course, particularly when it comes to big banks.

They offer convenience, a shop on every corner for the busy consumer who isn’t inclined to chase yields — at a terrible price.

Consider the 10-year Chase CD, which fell to 1.75% APY after Farzad wrote his story. That’s less than the best nationally available 5-year bank CD pays.

And then you’re stuck at this already awful rate for a decade.

If you want to get out, you’ll be socked with an early withdrawal penalty of $25 plus 3% of what you withdraw.

Let’s say you purchased a $10,000 CD (the minimum deposit) and wanted to close it after five years. At that point, you’ll have earned $908.26 in interest.

But you’ll have to give back $352.25 in penalties — or about two years of interest.


Smart savers know this is a bad deal all around. That’s why you’re here.

This week, we added to our list of the highest CD rates one local credit union deal:

  • Denver Community Credit Union pays 2.10% APY with a $100 minimum deposit and 2.35% APY with a $50,000 minimum deposit on 5-year CDs. Credit union membership is open to those who live or work in Denver, Adams or Arapahoe counties, as well as members’ families.

There are a few rate changes to note:

El Paso Area Teachers Federal Credit Union in Texas cut rates in two terms. It now pays 2.32% APY on 60-month CDs and 1.81% APY on 36-month CDs.

Massena Savings & Loan in New York whacked its 36-month CD rates down to 2.04% APY; it also made a big cut on its 24-month CD, which we no longer list.

Houston Police Federal Credit Union in Texas trimmed its 6-month certificate to 1.03% APY.

And we also removed Riverside Bank in New York from our list after a rate cut.

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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