bank rates

Highest CD Rates Roundup For July 6

Bringing you the very best CD rates from credit unions and local banks.There’s lots of hand-wringing today over the latest employment report, which showed the country added about 80,000 jobs in June.

That’s the third month in a row the Labor Department has reported weak job growth.

Disappointing for the economic recovery? Yes.

But as far as savers are concerned, the best we can hope for is that the data represent a wash.

Here’s Mark Thoma, a professor of economics at the University of Oregon and author of the Economist’s View blog:

“If the report had been stronger, policymakers at the Fed would have likely started thinking about whether and when to break the commitment to keep interest rates low …. Had the report been weaker, the members of the Fed who want more aggressive action would have had a stronger hand, and there is a good chance that some type of easing would come in the near future. But as it stands, with the employment situation essentially unchanged from last month, the Fed is likely to remain in ‘wait and see’ mode …”

Thoma adds that more bad economic data prior to the next meeting of the Fed’s rate-setting committee could push the committee to act.

That’s a far more optimistic analysis than what another economist, Justin Wolfers of the University of Pennsylvania, offers.

He thinks the Fed could take action soon to drive down long-term interest rates even further. Soon as in Saturday.

That would be yet one more blow to savers. After all, any more easing by the Fed will only hurt already depressed deposit rates.

As for the top certificates of deposit on our list of the highest CD rates from credit unions and local banks, we added deals from two credit unions this week:

Dade County Federal Credit Union pays 2.00% APY on 60-month CDs with a $500 minimum deposit. Membership is limited to those who live, work, worship, attend school or operate businesses or other legal entities in Florida’s Miami-Dade County, as well as employees of the credit union’s member groups listed on the website.

Toledo Metro Federal Credit Union pays 2.25% APY on 60-month CDs with a $500 minimum deposit. Membership is limited to employees and officials of the Ohio cities of Toledo and Oregon, the villages of Waterville or Whitehouse, and Lucas County; employees of the Toledo-Lucas County Public Library and Rossford Public Library in Wood County; and employees and members of a long list of groups detailed on the website.

There were also several rate cuts to note.

Texas-based GECU continued its trend of near-weekly rate cuts. It cut rates by a tenth of a percentage point and now pays 2.25% APY on 60-month CDs and 1.75% APY on 36-month CDs.

CorePlus Federal Credit Union in Connecticut also cut its top rate by a tenth of a percentage point. It now pays 2.15% APY on 5-year CDs.

And we removed two institutions from our list — First Virginia Community Bank and TransWest Credit Union in Utah — which both made significant rate cuts this 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 that you’ll always know what great deals are out there from credit unions and local banks.

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  1. Kathy at Bankaholic said:
    on July 16th at 07:08 am

    Dade County FCU has cut its 60-month rate to 1.90% APY.