bank rates

Highest CD Rates Roundup For Oct. 26

Bringing you the very best CD rates from credit unions and local banks.There was mostly silence before and after this week’s meeting of the Federal Open Market Committee.

That’s quite the change from the past few meetings, when the Federal Reserve was expected to do something to help jolt the economy.

Not this time.

The Fed said it would hold course with keeping short-term interest rates near zero at least through mid-2015.

But just because there was no action, doesn’t mean there was no news.

The Fed acknowledged that both household spending and inflation have increased.

From the committee’s post-meeting statement:

“Household spending has advanced a bit more quickly, but growth in business fixed investment has slowed. The housing sector has shown some further signs of improvement, albeit from a depressed level. Inflation recently picked up somewhat, reflecting higher energy prices.”

For savers, it’s that last sentence that should cause some alarm, if only mild.

If inflation picks up — it’s currently about 2% for the year — that will eat away at whatever meager earnings you’re getting from certificates of deposit and other savings products.

Expect the Fed to tolerate a modest uptick in inflation. It isn’t going to abandon its outlook on raising interest rates unless inflation increases dramatically.

And savers know, a dramatic increase isn’t needed to all but eliminate deposit account earnings.

This week, we added one local and two nationally available deals to our list of the highest CD rates from credit unions and local banks.

  • Dover Federal Credit Union ( has competitive rates in four terms. With a $500 minimum deposit it pays: 1.60% APY on 30-month CDs, 1.75% APY on 36-month CDs, 2.00% APY on 48-month CDs and 2.25% APY on 60-month CDs. Membership in this credit union is generally open to U.S. military personnel with duty locations in Delaware, although there are numerous other ways for area residents to join.
  • Salem Five Bank ( pays 1.50% APY on 30-month CDs with a $10,000 minimum deposit. This CD can be purchased by anyone, but it must be bought online.
  • State Department Federal Credit Union ( pays 1.96% APY on 5-year CDs with a $500 minimum deposit. Anyone can anyone can join this credit union by first becoming a member of the American Consumer Council, which won’t cost you anything.

As for cuts, it was thankfully another slow week.

Denver Community Credit Union cut its jumbo 5-year CD rate from 2.35% APY to 2.10% APY, and The Mint National Bank in Texas cut its 5-year rate from 2.10% APY to 2.05% APY.

Both of those deals remain 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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