bank rates

Highest CD Rates Roundup For March 22

Bringing you the very best CD rates from credit unions and local banks.You can find an average CD rate above 1% in just two of the nation’s largest 25 cities.

That’s down from 14 cities about six months ago, showing the interest rate retreat hasn’t yet halted.

Every couple of months we’ve reviewed the cities with the top average 5-year CD rates.

Unfortunately, the news just keeps getting worse, mirroring the national trend.

The national average rate for 60-month CDs has fallen to a new record low 0.82% APY, according to our most recent survey of certificate of deposit rates at banks and thrifts.

Now, 17 of the 25 largest cities beat the national average. But that’s not saying much, since buying an average CD anywhere isn’t worth your time or effort.

However, if you live in one of the top-rated cities, your odds of finding a better-than-average rate are better than those of the rest of the country.

Here are the cities with the best average yields:

  • Cincinnati – 1.24% APY
  • Houston – 1.10% APY
  • Denver – 0.95% APY
  • Minneapolis – 0.93% APY
  • San Diego – 0.93% APY

And the worst:

  • Pittsburgh – 0.56% APY
  • Detroit – 0.60% APY
  • Cleveland – 0.69% APY
  • Chicago – 0.75% APY
  • San Francisco – 0.76% APY

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

  • Collins Community Credit Union ( in Iowa, which pays as much as 2.12% APY on 60-month CDs. You’ll earn that yield with a $50,000 minimum deposit. For as little as $1,000, it pays 2.02% APY. Credit union membership is open to residents of Cedar Rapids and surrounding counties.
  • Sb1 Federal Credit Union ( in Pennsylvania pays 1.60% APY with a $500 minimum deposit on special 37-month CDs. This deal is set to expire March 31. Credit union membership is available in certain Philadelphia neighborhoods.

Several institutions also cut rates.

For the second week in a row, San Antonio Federal Credit Union trimmed long-term rates, this time by a tenth of a percentage point. Its 120-month CD now pays 2.30% APY; its 84-month CD pays 2.05% APY.

We also removed Red Rocks Credit Union in Colorado from our list following its quarter-point rate cut on 60-month CDs.

Two odd-term specials came to an end. Salem Five Bank dropped its 30-month CD paying 1.40% APY and the University of Iowa Community Credit Union is no longer offering a 9-month CD at 1.75% APY.

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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