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Best CD Rates – Week of October 8, 2012

Banking, CDs

NerdWallet’s weekly CD rate index confirms what many savers already know: finding a deposit account that beats inflation is extraordinarily tough. Barring a few exceptions, you’ll likely need to store your cash for 4 years or more in order to earn a yield of 1% or greater. However, finding the best CD rates can mean earning as much as 3 times that rate.

 

National Averages

This week we continue to see very little changes to the national average CD rates by length of term. 12-month, 4-year and 5-year rates fell by just 1 basis point each.

Length of Term (months) % of Available Accounts Average APY
3 10% 0.17%
6 13% 0.27%
12 13% 0.41%
18 10% 0.48%
24 13% 0.63%
30 6% 0.64%
36 12% 0.83%
48 11% 1.00%
60 11% 1.24%

Top 25 credit union rates

The top 25 rates we identified came from just 20 different credit unions (membership eligibility restrictions may apply), each of which offered a rate at least 75% higher than the average for a comparable term.

Credit Union Location Length of Term (months) APY
Navy Army Community Credit Union Corpus Christi, TX 30 3.00%
Security Service Federal Credit Union Marion, IN 84 2.70%
San Antonio Federal Credit Union San Antonio, TX 84 2.70%
Charles Street Community Federal Credit Union Tipton, IL 60 2.58%
Encompass Credit Union Massena, NY 60 2.53%
SeaComm Federal Credit Union Marion, IN 60 2.49%
Birmingham Police Credit Union Birmingham, AL 60 2.38%
Security 1st Credit Union Edinburgh, TX 60 2.33%
General Electric Credit Union Cincinnati, OH 60 2.33%
Menominee County Federal Credit Union Menominee, MI 60 2.29%
Wymar Federal Credit Union Geismar, LA 24 2.27%
Wymar Federal Credit Union Geismar, LA 36 2.27%
Wymar Federal Credit Union Geismar, LA 48 2.27%
Wymar Federal Credit Union Geismar, LA 60 2.27%
Encompass Credit Union Massena, NY 48 2.27%
Mid Missouri Credit Union Fort Leonard Wood, MO 60 2.27%
American Airlines Federal Credit Union Fort Worth, TX 60 2.27%
One Source Federal Credit Union El Paso, TX 60 2.27%
Northwoods Credit Union Cloquet, MN 60 2.26%
SeaComm Federal Credit Union Marion, IN 48 2.25%
Dover Federal Credit Union Dover, DE 60 2.25%
Jefferson Financial Credit Union Metairie, LA 60 2.25%
Veritas Federal Credit Union Toledo, OH 60 2.25%
HAPO Community Credit Union Richland, WA 60 2.20%
Napus Federal Credit Union Alexandria, VA 60 2.17%

Top online CD rates

Online banks are another great option for savers seeking higher yields. Anyone can open an account, but there’s not likely to be a branch nearby – all transactions and customer service takes place over the internet or phone.

Bank Length of Term (months) APY
Discover Bank 60 1.75%
Eloan.com 60 1.70%
Doral Bank 60 1.69%
Ally Bank 60 1.69%
Bank of Internet USA 60 1.60%

Top CD rates by state

The top rates for each state have largely remained at the same institutions this week:

State Bank Length of Term (months) APY
AK Alaska USA Federal Credit Union 60 1.75%
AL Birmingham Police Credit Union 60 2.38%
AR Telcoe Federal Credit Union 60 2.17%
AZ American Airlines Federal Credit Union 60 2.27%
CA American Airlines Federal Credit Union 60 2.27%
CO Denver Community Credit Union 60 2.10%
CT American Airlines Federal Credit Union 60 2.27%
DE Dover Federal Credit Union 60 2.25%
FL American Airlines Federal Credit Union 60 2.27%
GA Wings Financial Credit Union 60 2.12%
HI American Airlines Federal Credit Union 60 2.27%
IA First Federal Credit Union 60 2.16%
ID Mountain America Federal Credit Union 60 2.00%
IL American Airlines Federal Credit Union 60 2.27%
IN Charles Street Community Credit Union 60 2.84%
KS Mid American Credit Union 60 2.10%
KY General Electric Credit Union 60 2.33%
LA Wymar Federal Credit Union 24 2.27%
MA American Airlines Federal Credit Union 60 2.27%
MD HEW Federal Credit Union 60 2.02%
ME Gardiner Federal Credit Union 60 2.02%
MI Menominee County Federal Credit Union 60 2.29%
MN Northwoods Credit Union 60 2.26%
MO Mid Missouri Credit Union 60 2.27%
MS RiverLand Credit Union 60 2.00%
MT Glendive BN Federal Credit Union 60 2.00%
NC American Airlines Federal Credit Union 60 2.27%
ND North Star Community Credit Union 60 1.75%
NE Pinnacle Bank 60 2.02%
NH Service Credit Union 60 1.95%
NJ American Airlines Federal Credit Union 60 2.27%
NM One Source Federal Credit Union 60 2.27%
NV Credit Union 1 60 2.05%
NY SeaComm Federal Credit Union 60 2.49%
OH General Electric Credit Union 60 2.33%
OK American Airlines Federal Credit Union 60 2.27%
OR Food Industries Credit Union 60 1.85%
PA HEW Federal Credit Union 60 2.02%
RI Greenwood Credit Union 60 2.00%
SC Eastman Credit Union 60 1.90%
SD First Financial Bank USA 48 2.02%
TN American Airlines Federal Credit Union 60 2.27%
TX Navy Army Community Credit Union 30 3.00%
UT State Bank of Southern Utah 60 2.02%
VA American Airlines Federal Credit Union 60 2.27%
VT NorthCountry Federal Credit Union 60 2.00%
WA HAPO Community Credit Union 60 2.20%
WI Dupaco Community Credit Union 60 2.01%
WV One Community Federal Credit Union 60 2.00%
WY Wyo Central Federal Credit Union 60 2.15%

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