bank rates

Highest CD Rates Roundup For July 28

Bringing you the very best CD rates from credit unions and local banks.What’s the worst city in the country for CD rates?

Our survey of banks and thrifts from throughout the U.S. shows the biggest loser among the top 25 cities is Pittsburgh, where the average 5-year certificate of deposit pays 0.74% APY.

That’s down from 0.79% APY last month and falls well short of the national average of 1.08% APY.

Of course, the best 60-month CDs pay about twice as much — or more — than the national average. You can find all the top credit union and local bank deals on our list of the highest CD rates.

The best city for CDs?

Cincinnati, where local institutions pay, on average, 1.41% APY (that’s the same rate as last month).

Here’s a look at the rest of the top 10 cities for CDs:

  • Minneapolis — 1.28% APY (unchanged from June)
  • Phoenix — 1.28% APY (down from 1.30%)
  • Houston — 1.27% APY (down from 1.29%)
  • San Diego — 1.25% APY (down from 1.27%)
  • Tampa — 1.25% APY (down from 1.27%)
  • Miami — 1.18% APY (down from 1.24%)
  • New York — 1.18% APY (down from 1.19%)
  • Los Angeles — 1.17% APY (down from 1.20%)
  • San Francisco — 1.17% APY (down from 1.18%)

This illustrates that average rates continue to slide everywhere, just as the best rates we’re following are sliding.

This week, we saw 5-year cuts at three top nationally available credit unions.

Fort Knox Federal Credit Union cut its 59-month term from 2.25% APY to 2.15% APY. It still offers the highest rate among banks and credit unions to savers nationwide.

The second big cut came from longtime rate leader Melrose Credit Union, which posted large declines across all terms. This New York credit union is no longer on our list.

We also removed Stanford Federal Credit Union from our list after its top 5-year CD fell below 2%.

Among local deals, we removed Eastern Federal Bank in Connecticut and noted the small changes (one up, one down) at Houston Police Federal Credit Union in Texas.

This week, we’ve added deals from two credit unions to our list:

  • Hiway Federal Credit Union in Minnesota pays 2.10% APY on 60-month CDs with a $10,000 minimum deposit and 2.20% APY with a $25,000 minimum deposit. Credit union membership is available to those who live, work, worship or attend school in the Minneapolis-St. Paul metropolitan area.
  • Shell Federal Credit Union in Texas pays 2.15% APY on 60-month CDs with a $500 minimum and 2.20% APY with a $20,000 minimum. Credit union membership is available to anyone who lives, works, worships or attends school in Harris County.

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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  1. Mike Cetera said:
    on July 31st at 10:31 am

    Fort Knox has cut its rate again. It now pays 1.96% APY.