Does the recent trends mean bank investors are forever doomed to bargain-basement CD rates? Not necessarily. If you know where to look – and the BankingMyWay CD search engine is a good place to start – you can dig up some gems. Here are three of those deals, all available this week:
Hudson City Savings Bank
This bank offers three-month CD rate deals at twice the national average, at 0.60%. The deal is focused on investors in New York, New Jersey and Connecticut, but outside of those three states, bank investors can still get in on the deal with a $5,000 minimum investment.
This Seattle-based financial institution offers double the national average on 60-month CDs, offering interest of 2.25% compared to the average rate of 1.199% (according to the BankingMyWay Weekly CD Rate tracker). You’ll need a $1,000 minimum deposit, or $500 deposit for minors.
People’s Alliance Federal Credit Union
This Miami-based credit union has a three-year CD that pays 1.67%, which is actually better than most four-year CD rates right now. Again, you’ll need a $500 minimum to open an account.
These three CD deals are proof that if you look hard enough, you can still find good rates for your savings. You may have to widen your search, but if you do you can cash in on deals that are twice as good as the national average for select CD terms.
For the latest on the state of bank rates in the U.S., check out MainStreet’s Credit Power Index, which tracks that interest rate climate every month!