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.

Featured Savings Rates

Popular Posts

Featured Accounts

Survey of the Best Local CD Rates in Wilmington, Boston and Other Cities


Survey of the Best Local CD Rates in Wilmington, Boston and Other Cities

Most of the CD rates on my list continued to hold up since my survey from last week. One exception was Ally Bank's 5-year CD. Its yield fell from 2.39% to 2.37% APY. I've included this nationally available CD for all terms under 4 years so you can compare the local CD deals with this 5-year CD when closed early with the 60-day early withdrawal penalty.

Another CD rate that fell this week was in the Cleveland Ohio area at PEF Federal Credit Union. Both its 5-year and 4-year CD rates fell to levels that are no longer highly competitive so I removed them from the list.

Long-term CD deals are getting harder to find. I only added one new CD to the list below, and it's only a short-term CD with a maturity of 6 to 9 months. It has a 1.35% APY which is very competitive for short-term CDs. The CD is from MidCoast Community Bank which has branches in Wilmington and Dover, Delaware.

Even though two other notable short-term CDs have been on this survey for several weeks, I thought it would be worthwhile to highlight them.

The first is Capital One's High Interest Free Checking Account promotion. I've included it as a short-term CD since Capital One is guaranteeing 1.50% APY (up to $100K) for the first 12 months of account opening. It's actually better than a CD since depositors have all the liquidity of a checking account along with the rate guarantee. Unfortunately, this promotion is only available in the Austin, Texas metro area.

The second notable short-term CDs are at Industrial Credit Union in the Boston metro area. This credit union continues to offer very competitive CD rates for terms of 6 to 24 months.

Industrial Credit Union's long-term CD rates are not quite as competitive, but they are still good deals. In addition, the early withdrawal penalty is almost as favorable as Ally's. For CDs with a maturity of more than one year, the early withdrawal penalty is 3 months interest. Due to this, I've included Industrial Credit Union on my 4-year and 5-year CD list. Membership in this credit union is open to anyone who lives in the Greater Boston area.

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 CD 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 6/10/2011

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

Note: All rates listed above are Annual Percentage Yields (APY) which factor in compounding.

Related Pages: CD rates
ricochet   |     |   Comment #1
Thanks Ken for begining to post the Summary on Fridays
Anonymous   |     |   Comment #4
PolishSlavic FCU has June CDs promos - best is 5 yr 3% APY - but 20K max limits deal.

Most local NYC CUs are trending to 3% for 5 years and I have a bad feeling this will fall to 2.5%