Credit Union CD Rates Pay 1.75X More Than Banks

best cd rates

Good news for depositors: Free-falling interest rates on bank accounts like certificates of deposit have finally slowed, indicating we might soon see a steady climb back up from rock bottom.

GOBankingRates surveyed current CD interest rates across six-month, 12-month and 24-month terms, finding that rates have steadied in the last year. Credit unions continue to have better rates than banks, on average — between 1.5 and 1.75 times higher, depending on the term.

Year-over-year, CD rates across all terms have barely budged. Bank CD rates for 12-month terms have seen the most dramatic change — a drop of just two basis points from last year. On the other hand, shorter-term CD rates at credit unions — namely, six-month and 12-month terms — have remained unchanged.

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10 Best CD Interest Rates Today

Below are the highest certificate of deposit rates today, according to our database.

Institution Location Product APY
Kaua’i Government Employees’ Federal Credit Union Lihue, HI 24-Month CD 1.76%
Gulf Coast Federal Credit Union Corpus Christi, TX 12-Month CD 1.75%
Kaua’i Government Employees’ Federal Credit Union Lihue, HI 12-Month CD 1.56%
Public Service Federal Credit Union Middlesex, NJ 24-Month CD 1.56%
Ed-Med Federal Credit Union Ogdensburg, NY 24-Month CD 1.51%
Laredo Fire Department Federal Credit Union Laredo, TX 24-Month CD 1.51%
Member Preferred Federal Credit Union Saginaw, TX 24-Month CD 1.51%
PFD Firefighters’ Credit Union Inc. Portsmouth, VA 24-Month CD 1.51%
Postal Family Credit Union Inc. Cincinnati, OH 24-Month CD 1.51%
Triboro Postal Federal Credit Union Flushing, NY 12-Month CD 1.51%

See all local CD rates>>

Sources: GOBankingRates.com and Informa Research Services Inc. (www.informars.com). Although the information has been obtained from the various financial institutions, the accuracy cannot be guaranteed.

All interest rates are accurate as of May 8, 2014. Rates are subject to change at any time at the discretion of individual financial institutions. Additional terms and restrictions could apply. Please verify rates before opening an account.

Image: SalFalko

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  • Kris

    Any time I see these articles, I keep thinking that I have to find a credit union I’m eligible for. I want high rates!