bank rates

Highest CD Rates Roundup For Nov. 2

Bringing you the very best CD rates from credit unions and local banks.With CD rates as low as they are, it’s never a bad thing to remind savers if you see something that appears too good to be true, it probably is.

This week, a contributor to related the story of a man who went to his bank to renew a CD and was offered a 5% yield.

“Thankfully he called me to see if I could get him a similar rate, and I had the opportunity to educate him on the risks associated with what was actually an offer for a bond mutual fund with a hefty commission,” writes money manager Robert Laura.

If you see an offer like this — about three percentage points better than the top certificates of deposit — it should set off alarm bells. What you’re being offered isn’t a traditional CD, meaning your investment might not be protected by the FDIC or NCUA, or you could lose principal.

That’s not to say that things like bond funds aren’t important to have as part of your investment strategy, but know that greater risk comes with this outsized yield potential.

This warning reminds us of a post we wrote a couple years ago about insurance agents using eye-catching CD rates to sell annuities.

Buyer beware.

This week, we added offers from three institutions to our list of the highest cd rates from credit unions and local banks:

  • First United Federal Credit Union ( in Michigan pays 2.15% APY on 5-year CDs with a $20,000 minimum deposit. Membership is open to residents of Kent County and requires a $5 deposit in a savings account.
  • Pentagon Federal Credit Union ( offers three top deals with a $1,000 minimum deposit. It pays 1.26% APY on 1-year CDs, 1.36% APY on 2-year CDs and 1.61% APY on 3-year CDs. Anyone can join this credit union by joining either the National Military Family Association for a onetime $20 fee or Voices for America’s Troops for a onetime $15 fee.
  • Randolph Bank ( pays 2.02% APY on 5-year CDs with a $5,000 minimum deposit. You must purchase this certificate of deposit in person at one of six North Carolina branches.

There were a couple of cuts this week, but once again it was fairly quiet. We also saw one rate increase, which we’ll get to first.

The Mint National Bank in Texas raised its 5-year CD rate from 2.05% APY to 2.10% APY.

Also in Texas, San Antonio Federal Credit Union cut rates across its terms by five one-hundredths of a percentage point. The 10-year CD now pays 3.15% APY, 7-year pays 2.65% APY, 5-year pays 2.10% APY and the 3-year pays 1.40% APY. All except the 3-year deal remain on our list.

Elsewhere, Wings Financial Credit Union cut its 60-month term to 1.96% APY and its 24-month term to 1.26% APY. We’ve removed that second CD from our list. These CDs are available to residents of Washington and Minnesota.

And we’ve also removed one nationally available deal. Patelco Credit Union is no longer offering its 2%, 84-month CD.

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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