bank rates

Highest CD Rates Roundup For Nov. 22

Bringing you the very best CD rates from credit unions and local banks. Last week, I wrote about how some in the banking industry are worried about a bidding war breaking out when interest rates on deposits begin to rise.

Here’s a different industry perspective: Rising interest rates are good — for banks and customers.

Over on The Andera Blog, there’s a new post acknowledging that “banking is boring now,” but the inevitable future increase in interest rates will help banks and credit unions convince customers to switch.

In other words, starting a bidding war is good for banks.

The post for Andera, the company that provides software to many banks and credit unions to process online applications, argues that when rates begin to rise, banks and credit unions will need to treat their customers well to win their business.

Holy smokes, the days of us getting walked all over might yet come to an end.

From the blog post:

“Like in any line of business, times of rising demand are exciting. Rates will matter, and so will all of the other factors: customer service, mobile technologies, brand reputation, etc. The competition will be stiff, and if you want to have any chance of winning, you’re going to need to … Be Prepared.”

Post author Melanie Friedrichs writes that banks should begin preparing now by deciding which higher-rate products they’ll offer and planning for ways to entice consumers to actually open an account.

Here’s some advice: Wow us with your CD rates. Skip the toasters.

Highest CD Rates

This week, we saw two more banks boost their top nationally available 60-month CD rates to 2.00% APY. With EverBank dropping below that threshold, there are now nine banks that pay at least 2%.

iGOBanking, the online division of Flushing Savings Bank in New York and GE Capital Retail Bank, one of two online banks owned by the financial arm of General Electric, both boosted rates to 2.00% APY.

The last time this many banks offered rates at or above 2.00%? Nov. 8, 2011.

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

  • Money One Federal Credit Union in Maryland (www.moneyonefcu.org) pays 1.90% APY on 19-month CDs with a $9,000 minimum deposit of new money. This offer is available to anyone in the U.S., but you must open the account over the phone if you don’t live near a branch, and you must make a minimum $20 donation to Gifts for Easter Seals to join this credit union.
  • Navigator Credit Union with branches in Alabama and Mississippi (www.navigatorcu.org) pays 2.15% APY for 60-month CDs, 1.75% APY for 48-month CDs and 1.30% APY for 24-month CDs with a $1,000 minimum deposit. Credit union membership is open to residents of Mobile and Baldwin counties in Alabama and a portion of Gulfport, Miss.

There were no changes to existing deals on our list this week.

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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