About Ken Tumin

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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Survey of the Best Local CD Rates in Boston, Miami, New York, Los Angeles and Other Cities


Survey of the Best Local CD Rates in Boston, Miami, New York, Los Angeles and Other Cities

In the past I've waited until Saturday to review some of the best local CD deals. I've cut back on this since it was taking me too long for my Saturday weekly summaries. So I've decided to create a new post to survey some of the best local CD deals around the nation.

As I described on Wednesday, 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 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.

So you can see how these rates compare, I'll include the best CD rates that are available nationwide. These are often from credit unions which anyone can join via an association. I will also often include more than one CD for each category. For example, Connexus Credit Union has 3 best CD rates, but these require an active checking account. Since many don't want to worry about maintaining another checking account, I'll also include another CD without any checking requirement. Also, 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.

Rates Accurate as of 4/22/2011

Under 1-Year CD Rates

1-Year CD Rates

  • Noteworthy Local Deals
  • Industrial Credit Union - 1.60% 12-month CD (Boston metro area)
  • Credit Union of Atlanta - 1.53% 12-month CD (parts of Atlanta, Georgia)
  • Atlas Bank - 1.51% 12-month CD (New York City)
  • State Bank of India (California) - 1.50% 15-month CD (Several cities in CA & in Washington DC)

18-month CD Rates

2-Year CD Rates

  • Noteworthy Local Deals
  • Atlas Bank - 2.22% 2-year CD (New York City)
  • Liberty Bank - 2.13% 23-month CD (Iowa & SW Florida)

3-Year CD Rates

5-Year CD Rates

Over 5-Year CD Rates

Related Pages: CD rates, State Bank of India (California), Washington, Los Angeles, San Francisco Bay, San Diego, Fresno-Visalia
Anonymous   |     |   Comment #1
Montauk credit union is open to all members, not just the local area
Anonymous   |     |   Comment #2
Notice posted on Montauk Credit Union's web site which effectively restricts it's membership to a local geographic area: