bank rates

Highest CD Rates Roundup For May 18

Bringing you the very best CD rates from credit unions and local banks.We’ve received a couple of comments this week on an issue that stirs the anger in many savers: the Fed’s interest rate policy.

Unfortunately, we keep feeling the impact of that policy, with a further cut this week in the top nationally available 60-month bank CD.

I thought I’d share a couple of highlights from the comments, which are attached to an April post we wrote about a petition urging an interest rate increase:

  • Empty Pockets — “Many savers have written their own personal stories of how Bernanke and the FOMC’s zero interest rate policy has ruined their ‘golden years.’ One senior asks, ‘Has he (Bernanke) no heart?’ Obviously not when our elderly are expected to live solely on Social Security, losing the anticipated interest income from their retirement savings to the Bernanke/FOMC zero interest policy and their nest egg itself until nothing is left.”
  • Britelite — “Many people are suffering from the actions of the Fed and we need an outcry to let Washington know we will take our anger to the polls as voters!”

Feel free to add your thoughts in the comments section below or on the earlier story.

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 three credit unions this week, including a 60-month offer available to all savers:

  • Pentagon Federal Credit Union pays 2.00% APY on its 60-month CDs with a $1,000 minimum deposit. It also has an 84-month CD that pays 2.50% APY. Credit union membership is open to anyone who joins either the National Military Family Association for a onetime $20 fee or Voices for America’s Troops for a onetime $15 fee.
  • Credit Union 1 pays 2.10% APY on its 60-month CDs and 1.75% APY on its 36-month CDs, both with a $10,000 minimum deposit. Membership is open to people who live near this credit union’s branches in Illinois, Indiana and Nevada.
  • Wings Financial Credit Union pays 2.22% APY on its 60-month CDs, 1.71% APY on its 36-month CDs and 1.31% APY on its 24-month CDs, all with a $500 minimum deposit. Membership is open to people who work in the airline industry or who live in metropolitan Seattle-Tacoma or in the 12-county Minneapolis-St. Paul area.

As for rate cuts, there were a couple of minor ones from the Texas credit unions we featured earlier this month.

El Paso-based GECU cut its 60-month CD rate from 2.68% APY to 2.58% APY and its 36-month CD rate from 2.07% APY to 2.02% APY.

Randolph-Brooks Federal Credit Union, near San Antonio, cut its top 60-month CD rate from 2.18% APY to 2.09% APY.

The deals at both of these credit unions remain good enough to stay 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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  1. Kathy at Bankaholic said:
    on June 22nd at 01:06 pm

    Pentagon FCU has dropped its rates — 60-month CDs now pay 1.90% and 84-month CDs pay 2.40%.