bank rates

Highest CD Rates Roundup For May 11

Bringing you the very best CD rates from credit unions and local banks.A Florida bank has received a fair amount of digital ink over a clever marketing ploy.

Open a 5-year, $1 million CD and drive home a Mercedes-Benz.

You’ll earn no interest, but you’ll get the car up front, with sales tax and other fees paid for (although you’re on the hook for the income tax hit, and you’re only individually FDIC insured up to $250,000).

Good for you if you have a million bucks to pour into a CD. Just don’t pick this one. It’s a gimmick that will cost you.

Instead, put your money into the top nationally available credit union deal on our list of the highest CD rates.

After five years, you’ll have earned enough cash to pay for two Mercedes.

As for the rest of us, our weekly list is just as valuable.

This week we’ve added deals from one bank and five credit unions:

  • HomeBanc has a 3-month CD special for Florida residents that pays 1.15% APY with a $5,000 minimum deposit.
  • El Paso Area Teachers Federal Credit Union pays 2.73% APY on 5-year CDs, 2.12% APY on 36-month CDs, 1.31% APY on 24-month CDs and 1.16% APY on 12-month CDs, all with a $500 minimum deposit. Membership is limited to those who live or work in El Paso County, Texas, and requires a $25 deposit in a savings account.
  • GECU pays 2.07% APY on 36-month CDs and 2.68% APY on 60-month CDs, both with a $1,000 minimum deposit. Membership in this credit union is open to anyone who lives or works in the Texas counties of El Paso or Doña Ana, but not more than 25 miles from the El Paso branch at 1500 N. Resler St.
  • Houston Police Federal Credit Union offers several top short-term CD rates. Minimum deposits vary. It pays 1.06% APY on 6-month CDs, 1.24% APY on 12-month CDs, 1.44% APY on 15-month CDs and 1.27% APY on 24-month CDs. You or a family member must have ties to the Houston Police Department to be eligible to join this credit union.
  • Randolph-Brooks Federal Credit Union offers three good long-term CD rates that increase as your deposit increases. It pays up to 2.18% APY on 60-month CDs, up to 2.27% APY on 72-month CDs and up to 2.68% APY on 84-month CDs. You must live or work in the Austin or San Antonio areas to be eligible to join this credit union.
  • Workers’ Credit Union pays 2.15% APY on its 54-month CD with a $500 minimum deposit and an active checking account. Membership is open to anyone who lives and works in Massachusetts and southern New Hampshire or who works for a company that is based in Massachusetts.

Three institutions on our list cut their yields:

U.S. Bank’s 2.00% APY offer on 59-month CDs, which in recent weeks appeared to be available only in certain ZIP codes, has now fallen to 1.80% APY.

Evolve Federal Credit Union cut its 60-month CD rate from 2.52% APY to 2.02% APY, still better than the best nationally available bank deal, but well behind the Texas leaders. It also cut its 3-year CD rate from 1.76% APY to 1.00% APY and is now off our list.

Columbus First Bank cut the yield on its 5-year CD from 2.10% APY to 2.00% APY, still good enough (barely) 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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One Existing Comment
  1. Kathy at Bankaholic said:
    on June 27th at 07:23 am

    Many of the rates have changed at El Paso Area Teachers FCU, GECU, Houston Police FCU and Randolph-Brooks. Workers’ Credit Union no longer offers the 54-month special.