bank rates

Highest CD Rates Roundup For Oct. 4

Bringing you the very best CD rates from credit unions and local banks.It’s been more than two months since the best nationally available 60-month CD rate pushed above 2% APY.

And yet the average yield has remained stubbornly stuck near record-low levels.

The average 5-year CD pays just 0.79% APY this week, according to our nationwide survey of banks and thrifts. It’s been stuck at this rate for four weeks straight.

With one huge exception, the regional trends don’t look much different than they did the last time we looked, either.

Of the 25 cities we survey, 11 have seen average rate increases since the end of July, 12 have seen decreases and two remain unchanged.

And here’s the big exception: the average 5-year CD in Baltimore pays 1.41% APY, an increase of more than a half a percentage point since July.

This probably doesn’t accurately reflect the full certificate of deposit picture in Baltimore, but it’s illustrative of a larger point: Just one good offer in your town can make your earnings outlook improve.

Baltimore’s rate in our survey is skewed largely because one of the banks in our survey boosted its rate. Rosedale Federal Savings and Loan now pays 2.00% APY on 60-month CDs. If you live in the area, take a look at this offer.

But as we see more banks begin to increase long-term rates – there are now six banks that pay at least 2% APY on nationally available CDs – you should be on the lookout for deals in your area.

This week, we added three deals to our list of the highest CD rates from credit unions and local banks:

  • Eagle Bank in Massachusetts ( pays 2.27% APY on 60-month CD rates with a $10,000 minimum deposit and a checking account. You have to be a resident of Middlesex County northwest of Boston to buy these certificates of deposit and do so in person at one of Eagle Bank’s five branches.
  • Pentagon Federal Credit Union ( pays 1.26% APY on 2-year CDs and 1.51% APY on 3-year CDs with a $1,000 minimum deposit. Anyone can join this credit union by first signing up for either the National Military Family Association (a one-time $20 fee) or Voices for America’s Troops (a one-time $15 fee).
  • Superior National Bank & Trust in Michigan ( pays 1.78% APY on special 37-month CD rates with a $500 minimum deposit. You have to be a resident of Michigan and live near the communities that Superior National Bank and Trust serves to buy these certificates of deposit and do so in person.

We saw one rate increase on our list this week: Bayer Heritage FCU – open to Bayer Corp. employees and residents in parts of West Virginia, Ohio and South Carolina – increased its 60-month CD rate from 2.15% APY to 2.27% APY.

And we saw a few rate cuts.

Suntide Credit Union in Texas cut its 24-month CD rate from 2.35% APY to 2.15% APY; its 12-month CD rate from 2.00% APY to 1.75% APY; and its 6-month CD rate from 1.50% APY to 1.15% APY. All are still good enough to remain on our list.

We removed from our list expired or reduced rate offers from Financial Plus Credit Union in Iowa, AmeriCU Credit Union in New York and Firelands Federal Credit Union in Ohio.

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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