bank rates

Highest CD Rates Roundup For May 3

Bringing you the very best CD rates from credit unions and local banks.There’s a curious buzz when the Bureau of Labor Statistics releases its monthly jobs report.

Curious because the report is almost always wrong for the month under survey. Undoubtedly, the government will revise — up or down — April’s numbers in next month’s report.

The U.S. (for now) added 165,000 jobs in April, according to Friday’s report.

But after all the revisions are said and done, the economy over the past 12 months has added about 168,000 jobs per month on average.

This means, according to Felix Salmon of Reuters, we’re on track to hit the Federal Reserve’s unemployment target well ahead of when Ben Bernanke and company originally projected.

“Whether you look at the past one month, 12 months, 24 months, or 36 months, you’ll see the same thing: average payrolls growth of roughly 170,000 jobs per month. That’s not enough to bring unemployment down very quickly, given the natural growth in the workforce. But unemployment is coming down slowly. And at the rate we’re going, at some point in the second half of 2014 we should see total payrolls reach their pre-crisis levels, and the headline unemployment rate hit the key 6.5% level.”

If you’ll recall, the Fed said late last year it would continue to hold interest rates down as long as unemployment remained above 6.5%. It’s unlikely the Fed will move quickly when unemployment — which stands at 7.5% — reaches the target.

But savers have lived for years without any reason for optimism. Is this cause to crack a smile?

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

  • Mountain America Credit Union (www.macu.com) in Utah pays 2% APY on 60-month CDs with a $500 minimum deposit. This deal is available nationally. If you don’t live in one of several eligible Utah counties, you can join the credit union by joining the American Consumer Council. Membership in Mountain America Credit Union requires a $25 deposit in a share savings account.
  • Miami Postal Service Credit Union (www.mpscu.org) in Florida pays 1.91% APY on 60-month CDs with a $1,000 minimum deposit. Membership is open to anyone who lives, works or worships within a 15-mile radius of one of the credit union’s three branches in Miami, Hialeah and Pinecrest.

We also had a number of rate cuts this week.

Melrose Credit Union in New York cut its rates for the first time since last summer. Its 60- and 36-month rates fell by a tenth of a percentage point to 1.86% APY and 1.36% APY. Melrose accepts deposits from savers nationwide.

San Antonio Federal Credit Union cut its 10-year term twice. It now pays 2.10% APY.

New England Federal Credit Union in Vermont cut its 60-month CD rate to 1.86% APY.

We also removed deals from our list following rate cuts, including offers from University of Iowa Community Credit Union, Unibank, East River Bank, Workers’ Credit Union and Hudson Valley Federal Credit Union.

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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