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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 Rochester, Seattle, Minneapolis and Other Cities


There were quite a few rate changes to my list from last week. We lost some more 3.00%+ 5-year CDs. PEF Federal Credit Union in the Cleveland area reduced its 5-year CD yield from 3.29% to 2.93%, and Liberty Bank in Iowa and Southwest Florida is no longer listing its 3.00% 5-year CD special. Bay Ridge Federal Credit Union that's based in Brooklyn, New York also cut its 5-year CD rate, but it still remains very competitive with a 3.25% APY for a $20K deposit. Its shorter-term CDs had bigger cuts and fell off my list.

Not all the changes were for the worse. University of Iowa Community FCU didn't change its rates, but it expanded the terms for its 3.30% CD special ($100K min, 3.15% for $1K min). It used to have only a 4-year term. Now the term is a range from 37 to 48 months.

There were also several nice additions to my list. The best deal is being offered by Visions Federal Credit Union at its Rochester New York branch. It's offering a very high 5% APY for a 5-month term and a 3.50% APY for a 35-month term. Maximum deposit is $100K. It's only available to new members in Rochester (see my review).

Another good New York deal is available to most residents of Suffolk and Nassau County. It's at Island Federal Credit Union which is offering a 2.00% APY 11-month CD special (see my review).

Outside of New York State, I added the new 2-year CD rate at Wings Financial Credit Union. It's not a hot deal, but the 2-year yield of 1.81% APY is very competitive. Membership is open to residents in the Seattle and Minneapolis metro areas in addition to those employed in the air transportation industry (see my review).

Another new CD that I added is the 2.05% APY 18-month CD at Community Bank of Tri-County which has branches in Southern Maryland. Its northern most branch is about 20 miles south of Washington DC. According to the bank rep, they accept DC metro residents (see my review).

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 5/20/2011

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
Related Pages: CD rates, Wings Financial Credit Union, Detroit, Atlanta, Orlando, Minneapolis, Duluth, Seattle, Visions Federal Credit Union, New York, Binghamton, Philadelphia, Rochester, Syracuse, Elmira, Wilkes Barre

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CraigPD   |     |   Comment #1
Ken, A great CD summary even if you're not located in the local deal areas.  You've taken banking data presentation up another notch.  Many thanks.

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