bank rates

Local Short-Term CDs Offer Flexibility

These 6- and 12-month CD rates pay better than the best nationally available deal.If you can’t stomach locking your money into a long-term CD, there are plenty of local short-term CD rates that beat the best nationally available deals.

You will sacrifice yield to earn the flexibility of a shorter term.

But unlike with savings and money market accounts — the best of which pay slightly better than the top 6- and 12-month CDs — your interest rate is set until maturity on a CD.

The best nationally available 6-month CD pays 1.05% APY, while the best 12-month CD pays 1.26% APY. Find these deals on our CD Rates Leaderboard.

Here are some of the best local deals we’ve found:

6-month CDs
F & A Federal Credit Union (www.fafcu.org) pays 1.30% APY with a $1,000 minimum deposit. Membership in this credit union is open to those who work for the Los Angeles County Fire Department, employees of one of the cities that contract the department’s services, employees of a number of other area government institutions and immediate family members.

Industrial Credit Union (www.icu.org) pays 1.30% APY with a $1,000 minimum deposit. Membership is open to anyone who works or lives in a 100-mile radius of the credit union’s single office in Boston, which is located at One Liberty Square.

Connexus Credit Union (www.connexuscu.org) pays 1.25% APY with a $10,000 minimum deposit. Anyone can join this Wisconsin-based credit union with a donation to the Connexus Association, but you must also have an “active” checking account to qualify for this rate.

Healthcare 1st Federal Credit Union (www.healthcare1fcu.org) pays 1.25% with a $500 minimum deposit. Membership is open to those who work in the healthcare field within a 50-mile radius of the credit union’s single Maryland office, which is located at 1050 W. Industrial Blvd., Suite 16, Cumberland.

Tucumcari Federal Savings and Loan (https://www.securexfr.com/tucumcari/) pays 1.20% APY with a $1,000 minimum deposit. You must buy these CDs in person at this New Mexico institution’s one branch at 301 S. First St.

12-month CDs
Connexus Credit Union pays 1.50% APY with a $10,000 minimum deposit.

Healthcare 1st Federal Credit Union pays 1.50% with a $500 minimum deposit.

Industrial Credit Union pays 1.50% with a $1,000 minimum deposit.

Chasewood Bank (www.chasewoodbank.com) pays 1.41% APY with a $1,000 minimum deposit. This Houston-based bank allows anyone to buy its certificates of deposit, but you must do so at one of its two Texas branches.

First Peoples Community Federal Credit Union (www.firstpeoples.com) pays 1.35% APY with a $500 minimum deposit. Membership costs $5 and is limited to those who live and work in Allegany and Garrett counties in Maryland, Somerset County in Pennsylvania and Mineral County in West Virginia. Verizon employees in the Maryland counties of Frederick and Washington are also eligible for membership.

LOMTO Federal Credit Union (www.lomto.com) pays 1.35% with a $2,000 minimum deposit. LOMTO membership is open to members of the League of Mutual Taxi Owners Inc., and to people who live, work, worship and attend school in certain areas of Manhattan’s west side.

You can compare these deals to the best CD rates in our extensive database.

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Comments (3)
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3 Existing Comments
  1. Mike Cetera said:
    on September 7th at 10:09 am

    Chasewood Bank has cut its 12-month CD rates to 1.26% APY.

  2. Kathy at Bankaholic said:
    on September 12th at 07:51 am

    Healthcare 1st’s 6-month rate has dropped to 1.15% APY, and its 12-month rate to 1.40% APY.

  3. Kathy at Bankaholic said:
    on September 21st at 09:05 am

    Most of these rates are lower now. The only ones still available are those offered by Connexus CU, Tucumcari FCU and LOMTO FCU.