bank rates

Highest CD Rates Roundup For Nov. 30

Bringing you the very best CD rates from credit unions and local banks.Last week we wrote that any plunge off the fiscal cliff could give the Federal Reserve more ammunition to hold interest rates at record lows for even longer.

But there’s more bad news.

Some fresh analysis from Market Rates Insight, a California-based pricing consultant to financial institutions, suggests the cliff could prompt Americans to save less.

The fiscal cliff is a combination of federal spending cuts and tax increases that will take effect next year unless Congress and the president act.

As a result, a typical family of four would see their taxes increase by about $2,000 in 2013, according to the White House.

The analysis looked at deposit growth at FDIC-insured institutions before and after the most recent tax cuts.

It found that between June 1992 and June 2001, deposits grew by 42%. In the nine years after the Bush tax cuts, however, deposits grew by 82%.

Interest rates were not a factor, Market Rates Insight found.

“During the pre-tax cuts period, the national average interest rate on deposits increased to a high of 3.35% in June of 2001, whereas during the post tax cuts period it decreased to 1.2% in June 2010,” the firm said in a press release.

Oh, how we long for the days of 3% average rates.

We’ll have to settle for the best of what’s available on our list of highest CD rates from credit unions and local banks. We added four institutions this week:

  • BME Federal Credit Union ( pays 1.95% APY on 60-month CDs with a $500 minimum deposit. Credit union membership is open to anyone who lives in designated areas in Colorado. Anyone else can join by first joining one of several philanthropic organizations in the Boulder area: the Boulder County Arts Alliance ($30 membership), KGNU community radio ($40) and the Rocky Mountain Center for Musical Arts ($30).
  • HeritageWest Credit Union ( pays 2.02% APY on 60-month CDs, 1.26% APY on 12-month CDs and 1% APY on 6-month CDs, all with a $500 minimum deposit. Credit Union membership is open to residents of Salt Lake and Tooele counties in Utah. Anyone else can join by first becoming a friend of the philanthropic We Promise Foundation with a $10 donation. Information on this organization is available on the credit union’s website.
  • Institution for Savings ( pays 1.75% APY on 48-month CDs and 2% APY on 60-month CDs with a $500 minimum deposit. You have to live on Massachusetts’ north shore, which includes Boston, to buy these certificates of deposit.
  • JetStream Federal Credit Union ( pays 1.92% APY on 60-month CDs with a $500 minimum deposit. Credit Union membership is available to residents of certain areas within Miami-Dade County in Florida.

As for existing deals on our list, we saw two credit unions increase rates this week, along with several institutions that cut rates.

San Antonio Federal Credit Union in Texas increased its 84-month rate to 2.70% APY from 2.65% APY and its 60-month rate to 2.15% APY from 2.10% APY.

Also in Texas, Suntide Credit Union in Corpus Christi boosted several of its rates: The 24-month deal increased to 1.95% APY from 1.85% APY; the 12-month deal increased to 1.75% APY from 1.50% APY; and the 6-month deal increased to 1.25% APY from 1.10% APY.

As for cuts, Wing’s Financial Credit Union in Minnesota and Washington state, HAPO Community Credit Union in Washington state and GECU in Texas also trimmed rates. These credit unions remain on our list.

However, Bay Bank in Maryland fell from our list after making substantial cuts in both 60- and 36-month CD rates.

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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Comments (2)
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2 Existing Comments
  1. kim said:
    on December 1st at 06:38 pm

    I tried Institution for Savings and they are NO unless you live on the North Shore which is not Boston. FYI

  2. Mike Cetera said:
    on December 6th at 01:51 pm

    Kim: We just received confirmation from Institution for Savings that Boston residents can open CDs, but may be rejected for checking and savings accounts.