It's rare to find a financial institution in major cities that offers top CD rates. I found one, but unfortunately, not many may be able to qualify for membership. The institution is Actors Federal Credit Union which has branches in New York City, Los Angeles and Chicago. Its best CD deal is the 5-year CD which has a 2.40% APY. Minimum deposit is $500. The IRA 5-year CD rate is even higher with a 2.55% APY. These rates are listed in the credit union's rates page as of 2/16/2012.
As I mentioned above, it doesn't appear to be easy to qualify for membership. The credit union lists several dozen organizations. If you're a member or employee of one these, you may be able to qualify for credit union membership. As you might expect, most of these organizations are related to acting. There might be some associations in which you can join without being an actor. Make sure to check with the credit union before joining one of these associations to ensure it will qualify you for credit union membership. In the past there have been cases that a credit union only allowed employees of an organization to join. Members didn't qualify. Please refer to the credit union's Who Can Join page for the full details.
Actors Federal Credit Union has an overall health score at DepositAccounts.com 4 stars (out of 5) with a Texas Ratio of 12.55% (above average) based on September 2011 data. Please refer to our financial overview of Actors Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 15358).
How These CD Rates Compare
The best 5-year CD rate that's nationally available is 2.30% APY at Andrews FCU. This rate is accurate as of 2/16/2012.