bank rates

Which City Has The Highest CD Rates?

money on mapIn which cities are you more likely to beat the average 5-year CD rate?

In other words, who is more likely to get a deal when they walk into their local bank branch?

We last looked at the best cities to buy a certificate of deposit last summer. The best nationally available deal has improved by about a quarter of a percentage point since then.

But the average rate has barely budged. The average 60-month CD rate pays a terrible 0.79%, up from its record low of 0.77% APY last summer, according to our weekly national survey of banks and thrifts.

Eleven of the 25 largest U.S. cities beat the average, in a couple of cases by nearly half of a percentage point.

No average, however, comes close to the top deal on our CD Rates Leaderboard, which pays 2.30% APY.

But sometimes the convenience of going to a nearby brick-and-mortar shop trumps yield.

Here are the cities with the best average yields:

  • Tampa – 1.33% APY
  • Baltimore – 1.25% APY
  • Denver – 1.11% APY
  • Cincinnati – 1.07% APY
  • Cleveland – 1.04% APY

Tampa’s average rate was helped by a home-state boost from EverBank, which is headquartered in Florida and operates a number of branches there but allows anyone to purchase its certificates online. EverBank posted a 2.30% APY rate at the time of the survey.

Meanwhile, Baltimore was aided by the 1.75% APY offer from Rosedale Federal Savings & Loan. And Denver had 1.75% offers from both Liberty Savings Bank and Mutual of Omaha Bank.

In some cities, though, you might be best served by spending your time doing something other than searching for competitive CD rates.

Here are the five largest cities with the worst average rate:

  • Seattle – 0.58% APY
  • Atlanta – 0.62% APY
  • San Francisco – 0.68% APY
  • Detroit – 0.69%
  • St. Louis – 0.70%

Residents in these cities first should look toward the Leaderboard or our list of the highest CD rates from credit unions and local banks.

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