bank rates

Highest CD Rates Roundup For Oct. 19

Bringing you the very best CD rates from credit unions and local banks.We recently updated you on the cities with the best CD rates — Cincinnati, Houston and Tampa — so this week I thought we’d take a look at the places with the worst rates.

If you live in one of these communities, know that you are almost certainly better off purchasing your certificates of deposit from one of the banks that offer nationally available deals on our CD Rates Leaderboard or one of the institutions on our list of the highest CD rates at credit unions and local banks.

Data on average rates comes from our weekly survey of banks and thrifts throughout the country.

The national average for 5-year certificates of deposit once again slipped to a new record low this week. They now pay 0.96% APY.

But there are some cities that perform much, much worse.

Among the 25 largest metro areas in the U.S., these have the lowest average 60-month CD yield:

  • Pittsburgh – 0.63% APY.
  • Detroit – 0.77% APY.
  • Cleveland – 0.81% APY.
  • Denver – 0.81% APY.
  • Chicago – 0.82% APY.

It’s probably no coincidence that it’s exceedingly difficult to find local deals in any of these cities.

This week, we added one nationally available deal and one local deal to our list:

  • Mountain America Credit Union (www.macu.com) pays 2% APY on 60-month CDs with a $500 minimum deposit. Credit union membership is open to anyone who joins the American Consumer Council. This group is free to join, but the credit union requires a $25 deposit in a savings account to join.
  • Lafayette Federal Credit Union (www.lfcu.org) pays 2.01% APY on 60-month CDs with a $500 minimum deposit. Credit union membership is open to anyone who lives in Maryland, Virginia or Washington, D.C., who joins the American Consumer Council.

Once again, there were just a few rate cuts this week.

We dropped Baltimore-based MECU from our list after it cut its 5-year rate from 1.90% APY to 1.80% APY and Eli Lilly Federal Credit Union after it ended its special 5-year promotion available to all savers.

Just one other credit union cut rates: New York-based SECNY Federal Credit Union cut 5-year rates to 2.20% APY with a $50,000 deposit and 2% APY with a $1,000 deposit. Those rates remain good enough to stay on our list.

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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