bank rates

Highest CD Rates Roundup For June 8

Bringing you the very best CD rates from credit unions and local banks.Low CD rates are starting to impact our view of retirement, a new poll shows.

More than a third of the people responding to a recent survey believe low interest rates will cause them to delay retirement.

And nearly half of all working Americans believe the paltry returns on CDs, savings accounts and other investments will cause them to “outlive” their money in retirement.

This is according to the latest Wells Fargo/Gallup Investor and Retirement Optimism Index, which shows both working and retired Americans are far more pessimistic about the economy than they were even last winter.

“Our questions on interest rates show the impact low rates are having — they are challenging for retirement nest eggs, particularly when core inflation rate growth is about 3% a year and CD rates are yielding less than 1%,” Karen Wimbish, director of retail retirement at Wells Fargo, said in a statement. “Some people may feel like they’re pushing mud uphill.”

Many savers who frequent this website no doubt have had this feeling, as we’ve witnessed a dramatic slide in CD rates over the last few years.

And it continues.

Last June, you could find nationally available 5-year CDs that paid 2.80% APY. Today, the top bank deal available to all U.S. savers is almost a full percentage point less.

You can still do considerably better than the top nationally available deal by purchasing certificates of deposit at the best-paying credit unions and local banks, which you’ll find on our list of the highest CD rates.

This week, we added deals from one local credit union and two local banks:

  • AmeriCU Credit Union pays 2.35% APY on 60-month CDs and 1.87% APY on 36-month CDs with a $500 minimum deposit. You can boost your rate by as much as 0.50% APY based on how much money you have invested in the credit union. Membership is open to people who live, work, worship or attend school in the New York counties of Cayuga, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga and Oswego.
  • Crescent Bank and Trust pays 2.50% APY on 60-month CDs with a $1,000 minimum deposit. It also has a 37-month special that pays 2.20% APY with a $5,000 minimum deposit. A branch visit is required to purchase these certificates of deposit. Crescent Bank and Trust has two full-service Louisiana branches – in New Orleans and Metairie – and several limited-purpose branches in Alexandria, Baton Rouge, Covington, Monroe and Shreveport.
  • Marathon Bank pays 2.00% APY on 60-month CDs with a $1,000 minimum deposit. You have to buy these certificates of deposit at one of Marathon’s 14 branches in Manhattan, Brooklyn and Staten Island, Queens and Long Island, as well as in Fort Lee, N.J.

We also had three rate cuts on the list.

Washington Federal, with branches in eight Western states, cut its 60-month deal and is no longer on our list of highest CD rates.

The same goes for Chocolate Bayou Credit Union near Houston.

GECU in Texas cut its 36-month CD rate from 2.02% APY to 1.97% APY. That’s still good enough to remain on our list.

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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Comments (2)
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2 Existing Comments
  1. Bill W said:
    on June 10th at 07:31 am

    Crescent Bank requires living in La.

  2. Kathy at Bankaholic said:
    on June 22nd at 11:45 am

    Crescent Bank’s 60-month rate has dropped to 2.00% APY.