bank rates

Highest CD Rates Roundup For Nov. 9

Bringing you the very best CD rates from credit unions and local banks.We focus a lot on 5-year CD rates at Bankaholic.

This year, like the last several, has been bad for long-term certificates of deposit.

But there’s another story we haven’t told: The bleeding has appeared to stop for the best nationally available CDs with terms between 6 months and 2 years.

These rates have remained largely unchanged since the start of the year. In fact, they’ve held fairly steady since fall 2011.

The chart below shows the top bank rate available today and on the same day one year ago:

TERM 2011 2012
6-Month CDs 0.88% APY 0.91% APY
12-Month CDs 1.15% APY 1.12% APY
24-Month CDs 1.31% APY 1.30% APY

The diversity of banks offering relatively the same deal also hasn’t changed much, meaning, for example, the top five offers for 1-year CDs today are roughly the same as they were in November 2011.

You may well argue that these rates don’t have any further room to fall, but the average yields in these terms have fallen between 15% and 18% in the last year.

As for our list of highest CD rates from credit unions and local banks, we added three institutions this week:

  • Charles Street Community Federal Credit Union (www.icba.org) in Indiana pays 2.58% APY on 60-month CDs and 1.82% APY on 36-month CDs with a $500 minimum deposit. Credit union membership is open to people who live, work, worship or go to school in Grant County, Ind.
  • First Federal Credit Union (www.firstfedcu.com) in Iowa pays 2.16% APY on 60-month CDs and 1.51% APY on 36-month CDs with a $10,000 minimum deposit. Credit union membership is open to people who live or work in Linn County, which includes Cedar Rapids.
  • Gulf Coast Federal Credit Union (www.ccgcfcu.com) in Texas pays 2.02% APY on 36-month CDs, 1.85% APY on 24-month CDs, 1.50% APY on 12-month CDs and 1.10% APY on 6-month CDs, all with a $500 minimum deposit. Credit union membership is open to people who live, work, worship or attend school in Nueces, Jim Wells and San Patricio counties.

We did see a few more rate cuts this week than in the past several weeks.

Following rate cuts, we removed from our list two nationally available deals, one from Mountain America Credit Union in Utah and the other from Pinnacle Federal Credit Union in New Jersey. We also removed a local deal from Patriot Community Bank in Massachusetts.

There were rate cuts at a number of other institutions we track, but they remain on our list:

AmeriCU Credit Union in New York cut its 60-month rate from 2.35% APY to 2.30% APY; its 36-month rate from 2.05% to 2.00% APY; and its 24-month rate from 1.55% APY to 1.50% APY.

El Paso Area Teachers Federal Credit Union in Texas cut its 60-month rate from 1.91% APY to 1.86% APY.

F&A Credit Union in California cut its 60-month rate from 2.12% APY to 2.02% APY; its 36-month rate from 1.61% APY to 1.51% APY; and its 24-month rate from 1.36% APY to 1.31% APY.

GECU in Texas cut its 60-month rate from 1.90% APY to 1.85% APY.

Wings Financial Credit Union in Minnesota and Washington cut its 36-month rate from 1.71% APY to 1.56% APY.

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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