bank rates

Highest CD Rates Roundup For May 23

Bringing you the very best CD rates from credit unions and local banks.Did we say there have been 37 rate changes in May among the top CD offers we’re watching?

You can add seven more just today.

And you can see those changes reflected in the new feature we have tracking all of the best nationally available bank CDs in the following terms:

Two of these rate changes resulted in a small shake-up among the top deals on our CD Rates Leaderboard.

Florida-based VirtualBank cut its 60-month CD rate a bit, from 2.31% APY to 2.28% APY, knocking this online division of Sabadell United Bank out of the top spot.

The best nationally available deal – at 2.30% APY – now belongs to GE Capital Retail Bank, the online bank of the giant manufacturer’s financial services division.

And we now have a co-leader among the best 12-month CDs after Florida-based EverBank raised its rate from 1.07% APY to 1.10% APY. EverBank shares the top deal with GE Capital Bank, the other online bank of the giant manufacturer’s financial services division.

Other changes of note among the rates we track:

  • EverBank cut its 36-month CD rate from 1.44% APY to 1.39% APY and its 60-month CD rate from 2.29% APY to 2.23% APY.
  • iGObanking, the online division of Flushing Savings Bank, which has 17 locations in New York, returns to our rankings after it increased its 24-month CD rate to 1.15% APY.
  • We also added a bank new to our list, San Diego-based Silvergate Bank, which has four branches in southern California and is a subsidiary of Silvergate Capital Corp. It pays 1.01% APY on 12-month CDs and 1.16% APY on 24-month CDs.

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

  • Institution for Savings in Massachusetts (www.institutionforsavings.com) pays 2.00% APY on 24-month CDs with a $500 minimum deposit. You have to live in Massachusetts to buy these certificates of deposit and do so at one of its branches in Ipswich, Newburyport, Rowley, Salisbury and Topsfield.
  • Massena Savings & Loan in New York state (www.massenasavingsloan.com) pays 1.73% APY on 36-month CDs with a $1,000 minimum deposit. You have to live in Massena or one of its surrounding communities to buy these certificates of deposit and do so in person at a branch.

There was one rate increase and one rate cut among our existing deals.

First, USAlliance Federal Credit Unions’ 35-month CD special now pays 1.71% APY, up from 1.61% APY.

Remember, this credit union’s deals are open to all savers regardless of where you live.

Then, Spokane Teachers Credit Union in Washington cut its 30-month CD rate from 1.51% APY to 1.26% APY. We’ve removed this offer from our list.

You’ll find 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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