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 Chicago, Austin, Washington DC and Other Cities


Survey of the Best Local CD Rates in Chicago, Austin, Washington DC and Other Cities

CD rates held up well from last week especially considering a new month has started. There were a few rate cuts. We lost the hot 9-month CD deal in Miami at the Miami Postal Service Credit Union. Rates went down a little at Bayer Heritage FCU. Its old 3.56% APY 5-year CD had been the highest 5-year CD rate in the nation. The new rate is now 3.43% APY which is still extremely competitive, but it's just below Bay Ridge FCU's 3.50% APY for a $20K minimum. Bay Ridge FCU is in New York City. However, its membership is limited to specific groups.

University of Iowa Community Credit Union changed is CD special from an 16-month term to a 4-year term. Just like the old CD special, this new special is very competitive.

Capital One is having a checking account special for residents in the Austin Texas metro area. I've included it in this CD post since they're guaranteeing the rate for 12 months, and compared to 1-year CDs, its rate of 1.50% APY for up to $100K is very competitive. That's even better than the nationwide deal at Salem Five Direct which has a savings account with a 1.25% APY guaranteed until April 1, 2012.

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 best 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 Find 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 5/6/2011

Under 1-Year CD Rates

  • Noteworthy Local Deals

1-Year CD Rates

  • Noteworthy Local Deals

18-month CD Rates

  • Noteworthy Local Deals
  • Eastbank - 1.70% 18-month CD (New York City)
  • Industrial Credit Union - 1.60% 18-month CD (Boston metro area)
  • Sovereign Bank (TX) - 1.51% 17-month CD special (Dallas/Fort Worth Metro)

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)
  • Sovereign Bank (TX) - 2.02% 27-month CD special (Dallas/Fort Worth Metro)
  • Bay Ridge Federal Credit Union - 2.00% ($20K) 5-year CD (limited membership in New York City)

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
Related Pages: CD rates
melman   |     |   Comment #1
Ken, why do you label these posts as "Best Local CD Rates in CityX, CityY, CityZ"?  Is it because local banks in those cities just happened to show up in your "best of" list this week?

This is the second or third week in a row that I've had this question, so I figure it's time to ask.

KenBDG   |     |   Comment #2
Yes, those cities I mention in the title are some of the cities that have one or more good local deals that are included in the list.
Anonymous   |     |   Comment #3
Alma Bank in NY has a liquid 12-mo. CD with option for 1 withdrawal & 1 deposit per month at 1.35%, beingoffered thru Sept. 30.

KenBDG   |     |   Comment #4
Thanks for the info on Alma Bank. I just posted on this CD special here.