bank rates

Highest CD Rates Roundup For May 24

Bringing you the very best CD rates from credit unions and local banks.Memorial Day is a great time to take a road trip. Who’s up for going to Cincinnati?

If you travel to this Ohio city, you’re more likely to find a 5-year CD rate well above average than in any other city in the country.

Cincinnati is one of two of the nation’s largest 25 cities where you can find an average CD rate above 1%, according to our most recent survey of certificate of deposit rates at banks and thrifts.

Our occasional review of the cities with top average 60-month CD rates shows the national trend continues to be reflected locally.

In mid-March, for example, the average 60-month CD rate in Cincinnati was 1.24% APY. Today it’s 1.07% APY.

During the same time period, the national average fell from 0.82% APY to 0.78% APY, a record low.

Now, 18 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 — 1.07% APY
  • Houston — 1.03% APY
  • Denver — 0.95% APY
  • Minneapolis — 0.91% APY
  • Baltimore — 0.88% APY

And the worst:

  • Pittsburgh — 0.55% APY
  • Detroit — 0.58% APY
  • Cleveland — 0.65% APY
  • San Francisco — 0.67% APY
  • Chicago — 0.72% APY

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

  • Idaho Central Credit Union ( pays 2.00% APY on 60-month CDs with a $500 minimum deposit. Credit union membership is available to employees of the state of Idaho as well as other public employees, members of any other credit union in the state and family members. People who reside, work or are paid just across the state line in Jackpot, Nev., can also join. You can raise your rate once during this term should interest rates increase.
  • Sharonview Federal Credit Union ( pays 1.50% APY on 36-month CDs with a $10,000 minimum deposit; 1.75% APY with a $100,000 minimum deposit. It pays 2.00% APY on 60-month CDs with a $100,000 minimum deposit.

There were no rate cuts on our list this week. Happy holiday!

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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