In December 2015, the Federal Reserve raised rates for the first time since June 2006. Since then, the Fed has continued to slowly raise rates — and each bump boosts interest rates banks pay on certificates of deposit.
A CD is a low-risk bank deposit that typically offers a better interest rate than a regular savings account. The only catch is that you can’t withdraw money from your CD until it has reached its maturity date.
GOBankingRates surveyed the highest certificate of deposit rates in each state for six-month, one-year and two-year rates to make it easy for you to compare CD rates. Here are the best CD rates available in each state — use this data to make an informed decision before you invest in a CD account.
|Here Are the Highest CD Rates in Every State|
|State||Institution||6-Month CD (APY)||Institution||1-Year CD (APY)||Institution||2-Year CD (APY)|
|Alabama||AloStar Bank of Commerce||0.97%||Azalea City Credit Union||1.50%||Azalea City Credit Union||1.60%|
|Alaska||Advancial Credit Union||1.52%||Advancial Credit Union||1.66%||Advancial Credit Union||1.84%|
|Arizona||Gold Water Bank||1.05%||KS StateBank||1.70%||KS StateBank||1.88%|
|Arkansas||Mil-Way Federal Credit Union||1.05%||Mil-Way Federal Credit Union||1.30%||Chartway Federal Credit Union||1.60%|
|California||Inland Valley Credit Union||1.41%||F & A Federal Credit Union||1.56%||F & A Federal Credit Union||1.82%|
|Colorado||Bankers Bank of the West||1.45%||Bankers Bank of the West||1.67%||Bankers Bank of the West||1.86%|
|Connecticut||Suma Yonkers Credit Union||1.26%||Peoples United Bank||1.40%||Usalliance Federal Credit Union||1.87%|
|Delaware||Discover Bank||0.65%||Discover Bank||1.35%||Discover Bank||1.50%|
|District of Columbia||Department Of Commerce Credit Union||0.88%||Pentagon Federal Credit Union||2.42%||Pentagon Federal Credit Union||2.60%|
|Florida||Pacific National Bank||1.25%||BAC Florida Bank||2.53%||Popular Direct||1.85%|
|Georgia||Flowers Employees Credit League Credit Union||1.15%||First Commerce Credit Union FL||1.50%||Flowers Employees Credit League Credit Union||1.75%|
|Hawaii||Catalyst Corporate Federal Credit Union||1.10%||Pentagon Federal Credit Union||2.42%||Catalyst Corporate Federal Credit Union||1.74%|
|Idaho||Pine Tree Community Credit Union||0.90%||Potlatch No 1 Credit Union||1.61%||Potlatch No 1 Credit Union||1.86%|
|Illinois||State Bank of India – Chicago||1.26%||Mutual Federal Bank||1.71%||Mutual Federal Bank||1.77%|
|Indiana||First Internet Bank of Indiana||1.35%||First Internet Bank of Indiana||1.62%||First Internet Bank of Indiana||1.81%|
|Iowa||State Savings Bank||1.05%||First State Bank Stuart IA||1.40%||Bellevue State Bank||1.66%|
|Kansas||The First National Bank of Hope||0.85%||KS StateBank||1.55%||KS StateBank||1.78%|
|Kentucky||General Electric Credit Union||0.85%||General Electric Credit Union||1.20%||Eclipse Bank||1.50%|
|Louisiana||Advancial Credit Union||1.52%||Advancial Credit Union||1.66%||Advancial Credit Union||1.84%|
|Maine||Able Banking||1.05%||Able Banking||1.40%||Rockland Savings Bank||1.53%|
|Maryland||SECU Credit Union||1.00%||Pentagon Federal Credit Union||2.42%||Pentagon Federal Credit Union||2.60%|
|Massachusetts||Fidelity Personal Trust Company||1.30%||New England Teamsters Federal Credit Union||1.51%||Northern Bank & Trust Company||1.80%|
|Michigan||Crestmark Bank||1.50%||Northpointe Bank||1.50%||Christian Financial Credit Union||1.75%|
|Minnesota||Ameriprise Bank, FSB||1.20%||Riverland Bank||1.50%||Riverland Bank||1.65%|
|Mississippi||Chevron Federal Credit Union||1.05%||Chevron Federal Credit Union||1.25%||Ferguson Federal Credit Union||2.00%|
|Missouri||First Bank of the Lake||1.00%||TIAA Direct||1.62%||Tiaa Direct||1.80%|
|Montana||First State Bank of Shelby||0.70%||Daniels Sheridan Federal Credit Union||1.05%||Daniels Sheridan Federal Credit Union||1.36%|
|Nebraska||Pentagon Federal Credit Union||2.00%||Nebraska Energy Credit Union||1.45%||Nebraska Energy Credit Union||1.65%|
|Nevada||Pahranagat Valley Federal Credit Union||1.05%||America First Credit Union||1.25%||Navy Federal Credit Union||1.55%|
|New Hampshire||Triangle Credit Union||0.65%||Connexus Credit Union||1.40%||Merrimack Valley Federal Credit Union||1.80%|
|New Jersey||Ukrainian Selfreliance Federal Credit Union||1.25%||Ukrainian Selfreliance Federal Credit Union||1.51%||1st Colonial Community Bank||1.75%|
|New Mexico||Navy Federal Credit Union||0.80%||BBVA Compass Bank||1.40%||Navy Federal Credit Union||1.55%|
|New York||National Bank of New York City||1.25%||State Bank of India – Chicago||1.61%||Greater Hudson Bank||2.00%|
|North Carolina||Live Oak Bank||1.25%||Live Oak Bank||1.40%||Latino Community Credit Union||1.90%|
|North Dakota||First Western Bank & Trust||1.05%||Peoples State Bank of Velva||1.05%||Peoples State Bank of Velva||1.20%|
|Ohio||Wright-Patt Credit Union||1.28%||Bayer Heritage Federal Credit Union||1.26%||Geauga Savings Bank||1.70%|
|Oklahoma||Advancial Credit Union||1.52%||Advancial Credit Union||1.66%||Advancial Credit Union||1.84%|
|Oregon||Pentagon Federal Credit Union||2.00%||Pentagon Federal Credit Union||2.42%||Pentagon Federal Credit Union||2.60%|
|Pennsylvania||Ukrainian Selfreliance Federal Credit Union||1.25%||Tiaa Direct||1.62%||Tiaa Direct||1.80%|
|Rhode Island||Chadwick Federal Credit Union||0.95%||Navy Federal Credit Union||1.25%||Navy Federal Credit Union||1.55%|
|South Carolina||Navy Federal Credit Union||0.80%||Navy Federal Credit Union||1.25%||Market USA Federal Credit Union||1.81%|
|South Dakota||CorTrust Bank||0.90%||Rushmore Electric Federal Credit Union||1.10%||CorTrust Bank||1.45%|
|Tennessee||Pentagon Federal Credit Union||2.00%||Pentagon Federal Credit Union||2.42%||Pentagon Federal Credit Union||2.60%|
|Texas||Advancial Credit Union||1.52%||Advancial Credit Union||1.66%||Advancial Credit Union||1.84%|
|Utah||Celtic Bank||1.33%||Goldman Sachs Bank USA||2.55%||Liberty Bank UT||1.65%|
|Vermont||Heritage Family Credit Union||0.65%||Heritage Family Credit Union||0.95%||The First National Bank of Orwell||1.41%|
|Virginia||Chain Bridge Bank National Association||1.10%||Pentagon Federal Credit Union||2.55%||Pentagon Federal Credit Union||2.60%|
|Washington||Cascade Credit Union||0.80%||Potlatch No 1 Credit Union||1.61%||Potlatch No 1 Credit Union||1.86%|
|West Virginia||Bayer Heritage Federal Credit Union||1.00%||Bayer Heritage Federal Credit Union||1.26%||Bayer Heritage Federal Credit Union||1.51%|
|Wisconsin||Investors Community Bank||1.20%||Westbury Bank||1.40%||Investors Community Bank||1.70%|
|Wyoming||Shyann Federal Credit Union||0.50%||First National Bank of Gillette||0.80%||First National Bank of Gillette||0.95%|
|Rates accurate as of Oct. 11, 2017, except for BAC Florida, Goldman Sachs and Pentagon Federal Credit Union,which are accurate as of today.|
People say everything is bigger in Texas, and it’s certainly true when it comes to CD rates. Advancial Credit Union sweeps the board in Texas with the highest rates for six-month, one-year and two-year CDs.
At 1.52% APY, Advancial’s six-month rate is the highest in all 50 states. If you invest in a jumbo CD, which requires at least $50,000 at Advancial, that rate jumps to 1.72% APY. Wyoming savers face the other end of the spectrum — the top bank there, Shyann Federal Credit Union, offers only 0.50% APY on its six-month CD.
Competition is close in the one-year CD category — and there’s a tie at the top. Mutual Federal Bank in Illinois tops the scales with a 1.71% APY, narrowly beating Arizona-based KS StateBank’s one-year rate of 1.70% APY. Bringing up the rear with a one-year CD rate of 0.80% APY is Wyoming’s First National Bank of Gillette. Wyoming is the state with the lowest rates for six-month and one-year CDs.
Find Out: What to Ask Before Opening a CD Account
In the two-year CD category, there’s another tie at the top. Ferguson Federal Credit Union in Mississippi and Greater Hudson Bank in New York both offer 2.00% APY on two-year CDs. Wyoming again ranks at the bottom when it comes to the highest interest rates in the two-year CD category: The state’s First National Bank of Gillette pays only 0.95% APY.
Although certificate of deposit rates overall are highest in Texas and lowest in Wyoming, there are vast differences in rates from state to state — and from bank to bank. The best way to get high rates is by doing your research. Be on the lookout for new promotions and deals available when you seek out the highest CD rates. For example, some banks offer high-yield CDs, which might pay higher rates, or you can look at longer terms — like five-year CD rates — if you want a better payout and are willing to tie up your money for that long.