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Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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Security Service Federal Credit Union1.35%$100k-3 Year CD
Accounts mentioned in this post. Rates as of July 28, 2014

Survey of the Best Local CD Rates in San Jose, Denver, New York and Other Cities


The CD rates continued to hold up well. There were just a couple of rate cuts since last week. The largest rate cut was in California. Premier Community Credit Union reduced its 5-year CD rate from 3.00% to 2.75% APY. This remains very competitive especially for California so I'm keeping it on the list. Unfortunately, Premier doesn't cover too many areas of California. Its field of membership is primarily limited to those who live or work in San Joaquin County.

The best CD deal in California continues to be offered by State Bank of India (California). Its 5-year CD rate matches Premier at 2.75% APY, but it's available to many more California residents. Some of the cities with branches include Los Angeles, San Jose, San Diego and Bakerfield.

Security Service Credit Federal Credit Union raised its 3-year CD rates. Its top tier 3-year rate is now 2.50% APY for a minimum $100K deposit which easily beats the best nationally available CD rate. So I added this to my 3-year CD list. Its 5-year and 7-year CD rates remained the same, and they continue to be on the list. This is a large credit union which is available to parts of Texas and Colorado (mostly around San Antonio and Denver).

New York City continues to have several good CD deals with top rates at Atlas Bank and Montauk Credit Union. A new deal popped up this week at Alma Bank which has several branches in New York City. The bank is offering a special 1-year CD with a 1.35% APY. Although this rate isn't that great, it is a liquid CD that allows one penalty-free withdrawal and one deposit per month. This allows a depositor to make this into a 6-month CD or any short-term CD that he or she wants. So I included this not only on the 1-year CD list but also in the "under 1-year CD" list. It's a lot like Ally Bank's 11-month No-Penalty CD or Salem Five Direct's savings account promo, but the rate is higher.

Best Nationwide CD Rates

So you can see how the local rates compare, I'm including the best CD rates that are available nationwide. These are often from credit unions which anyone can join via an association. I'm also including more than one CD for each category. For example, Connexus Credit Union has 3 of the highest CD rates, but these require an active checking account. Since many don't want to worry about maintaining another checking account, I'm including another CD without any checking requirement. And I'm including Ally Bank's 5-year CD for many of the short-term CDs. As I described many times, these can be better deals than short-term CDs due to the 60-day early withdrawal penalty. I've included a link to a discussion of this strategy that describes the potential risks.

Using the Rate Tables to Compare the Best Local CD Rates

As I described in my rate table overview, you can use our rate tables to find the best local CD rates. One thing that complicates looking for local rates is that it can be hard to know the areas served by small banks and credit unions. So in my list below, I primarily focus on banks and credit unions that serve large regions or large metro areas. My criteria is that they offer rates higher than the nationwide equivalent CD. If the rate is high enough, I'll also mention a bank or credit union even if it's not in a large populated area. These aren't hard rules. They're just general rules to keep the list manageable and useful.

Rates Accurate as of 5/13/2011

Under 1-Year CD Rates

  • Noteworthy Local Deals

1-Year CD Rates

  • Noteworthy Local Deals

18-month CD Rates

  • Noteworthy Local Deals

2-Year CD Rates

  • Noteworthy Local Deals

3-Year CD Rates

  • Noteworthy Local Deals

4-Year CD Rates

  • Noteworthy Local Deals

5-Year CD Rates

  • Noteworthy Local Deals

Over 5-Year CD Rates

  • Noteworthy Local Deals

  Tags: CD rates, Alma Bank, Security Service Federal Credit Union, State Bank of India (California)

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Comment #1 by sabre82af posted on
Great job on the list-watch for Montauk Credit Union's new 5 year CD rate later this month. It  may go up above 3.0%- I joined out of state online 2 months ago.

Comment #2 by KenBDG posted on
Any difficulty joining Montauk online? A couple of years ago a reader reported that she had to go into the office to join.

Comment #3 by sabre82af posted on
As of 2 months ago I was able to join Montauk Credit Union on line without going into the bank and mailed my checks to them for the cd.