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


Survey of the Best Local CD Rates

Many of the CD rates on my list continued to hold up since my survey from last week. However, it was a bad week for New York depositors. Three New York credit unions reduced their CD rates this week. Island Federal Credit Union lowered the rate of its hot 11-month CD special from 2.00% to 1.20% APY. Montauk Credit Union lowered its long-term CD rates by 50 basis points, and Bay Ridge FCU lowered its 5-year Jumbo CD by 1 percentage point.

For those in the Dallas-Fort Worth area, this is the last day for the CD specials at Sovereign Bank of Texas. The highest rate is 2.53% APY for a 37-month CD.

For new higher rates, there are two noteworthy additions.

First, Fort Knox Federal Credit Union took the top spot for the 5-year nationally available CD. Yesterday the credit union raised its 5-year CD rate from 2.65% to 3.05% APY. My only concern is their early withdrawal penalty policy which allows them to increase the early withdrawal penalty on existing CDs.

The other addition was a local deal for those in east Massachusetts. Top CD rates are being offered by Institution for Savings which include 3.00% APY for 5 years, 2.75% APY for 4 years and 2.50% APY for 3 years and 30 months. Hat tip to reader scottj who mentioned these in the forum.

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 6/17/2011

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