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Best CD Rates – Week of September 17, 2012

Banking, CDs

 

Each week, NerdWallet will analyze the best CD rates identified across thousands of banks and credit unions. How do your deposits perform in comparison?

 

Key findings:

  • Overall average APY for 5-Year CD: 1.26%
  • State with the highest average rates: Wyoming (1.54%, 5-Year CD)

Average overall rates

Length of Term (months) Average APY
3 0.17%
6 0.28%
12 0.42%
18 0.48%
24 0.64%
30 0.65%
36 0.85%
48 1.02%
60 1.26%

Top 50 rates

The top 50 rates we identified came from just 22 different financial institutions, each of which offered a rate at least 79% higher than the average for a comparable term. The highest rate for each institution is shown below:

Credit Union/Bank Length of Term (months) Highest APY
Navy Army Community Credit Union 30 3.00%
Security Service Federal Credit Union 60 2.85%
Charles Street Community Federal Credit Union 60 2.84%
Encompass Credit Union 60 2.53%
SeaComm Federal Credit Union 60 2.49%
Birmingham Police Credit Union 60 2.38%
Security 1st Credit Union 60 2.38%
General Electric Credit Union 60 2.33%
El Paso Area Teachers Federal Credit Union 60 2.32%
Merrimack Valley Federal Credit Union 60 2.30%
New Dimensions Federal Credit Union 60 2.30%
Menominee County Federal Credit Union 60 2.29%
American Airlines Federal Credit Union 60 2.27%
Mid Missouri Credit Union 60 2.27%
One Source Federal Credit Union 60 2.27%
Wymar Federal Credit Union 60 2.27%
Northwoods Credit Union 60 2.26%
Dover Federal Credit Union 60 2.25%
Jefferson Financial Credit Union 60 2.25%
San Antonio Federal Credit Union 60 2.25%
Toledo Metro Federal Credit Union 60 2.25%
Veritas Federal Credit Union 60 2.25%

Top rates by state

Wyoming savers appear to be in the best shape. A 60-Month (5-Year) CD in averaged 22% more than the national average. Runners-up included Maine, Massachusetts, Louisiana, and Iowa. Even so, these rates are not enough to fully counteract the effects of inflation on consumer savings, with the most recent 12-month rate at 1.70%.

State Average APY: 60-Month CD
WY 1.54%
ME 1.49%
MA 1.41%
LA 1.41%
IA 1.41%
UT 1.40%
NH 1.38%
ND 1.36%
OK 1.36%
TX 1.35%

Piggybank image via shutterstock