bank rates

Highest CD Rates Roundup For Sept. 28

Bringing you the very best CD rates from credit unions and local banks.The national average for 5-year CDs might have slipped below 1% APY, but there’s still plenty of places to find a higher rate.

Our CD Rates Leaderboard is a good place to start. It features nationally available deals that pay as much as 1.86% APY.

You’ll find even better deals on our list of the highest CD rates at credit unions and local banks.

Just this week, we added another nationally available credit union deal that pays 2% APY.

There are, of course, local deals that are even better.

Which gets me to the larger point here. There are some areas of the country that simply offer better deals on CDs than others.

Looking at our list, we’ve had the best luck recently finding deals in New York state, Ohio and Texas, which is especially competitive.

As far as the average rates offered by banks and thrifts, some areas of the country fare better than others. While the national average for 60-month CD rates fell again this week to a record low 0.98% APY, here’s a look at the average rate in the top five cities, according to our national survey:

  • Cincinnati — 1.37% APY
  • Houston — 1.21% APY
  • Tampa — 1.19% APY
  • Phoenix — 1.15% APY
  • Minneapolis — 1.13% APY

If you live in one of these places, your odds are better than the rest of the country in finding a better-than-average rate.

As for our list, it was a pretty quiet week among the top certificates of deposit. We saw rate cuts at just three institutions, while we added four new credit union deals:

  • CommunityWide Federal Credit Union (www.comwide.com) pays 2% APY on 60-month CDs with a $2,000 minimum deposit. Anyone can join this Indiana credit union by first becoming a member of the Michiana Goodwill Boosters, an organization that assists South Bend-based nonprofit Goodwill Industries of Michiana Inc. That will cost you $5, on top of the $5 deposit in a share savings account that CommunityWide Federal Credit Union requires.
  • Dupaco Community Credit Union (www.dupaco.com) pays 2.01% APY on 60-month CDs with a $1,000 minimum deposit. Membership is open to residents of a number of counties in northwest Illinois, northern Iowa and southwest Wisconsin.
  • GPO Federal Credit Union (www.gpofcu.com) pays 2% APY on 60-month CDs and 1.50% APY on 36-month CDs with a $1,000 minimum deposit. Credit union membership is open to residents of 15 upstate New York communities.
  • Resource One Credit Union (www.r1cu.org) pays 2% APY on 60-month CDs with a $500 minimum deposit. Membership is open to Texas residents who live in Dallas County or northwest Harris County.

As for rate cuts:

San Antonio Federal Credit Union cut rates slightly on three terms. It now pays 3.20% APY on 120-month CDs, 2.70% APY on 84-month CDs and 2.15% APY on 60-month CDs.

Merrimack Valley Federal Credit Union introduced some larger cuts, although its best CDs remain on our list. It cut its 60-month CD by more than a third of a percentage point to 1.95% APY for Massachusetts and Maryland savers. It cut its 36-month CD by two-tenths of a percentage point to 1.45% APY.

And we removed Cole Taylor Bank in Illinois from our list after it made a huge cut to its 60-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.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (0)
1 Star2 Stars3 Stars4 Stars5 Stars (2 votes, average: 5.00 out of 5)
Loading...
No Existing Comments

Comments are closed.