We’ve dug up a few noteworthy CD rates for 6 month, 12 month and 24 month terms available to residents in the Bay Area of California. The banking institutions offering these deposits may have locations outside of the bay area as well, but you’ll need to contact the institutions directly for possible locations near you.
6 month CDs
Opus Bank has a 6 month CD yielding 1.15% APY with a minimum deposit of $10,000. Opus Bank has a number of branches in California, however, this particular offer comes from the Torrence, CA branch but may be available at all of their locations. The next best offer comes from Omni Bank out of San Jose, California. They have a 6 month CD yielding 1.1o% APY with a minimum deposit of $5,000 required.
12 month CDs
There are several 12 month CD’s in the bay area with interest rates that are significantly beating the national average. The first is a 12 month CD from Mid-Cities Financial Institution yielding 1.50% APY with a minimum deposit of only $100 required. The current national average for 1 year CD rates sits at roughly 1.00% APY (to put this offer in perspective). The second noteworthy offer comes from a Pacific Mercantile Bank. They have a 12 month CD yielding 1.31% APY with a minimum deposit of $1,000 required. The third offer comes from American Airlines Federal Credit Union. This credit union frequently offers significantly higher interest rates than the national average on the majority of their savings products, however, they are a fairly exclusive credit union when it comes to membership. They primarily serve employees of American Airlines and their families so if you have a relative working for this airline company you may be able to join. Their 1 year CD is yielding 1.26% APY with a minimum deposit of $10,000 required.
24 month CDs
First Imperial Credit Union has a 2 year CD yielding 1.70% APY with a minimum deposit of $500 required. To put this offer in perspective the national average for 3 year CDs sits at roughly 1.50% APY. The next best offer comes out of San Francisco from a credit union called Alliant Credit Union. They have a 2 year CD yielding 1.60% APY with a minimum deposit of $1,000 required.
If you live in the bay area and know of a better CD rate offered through your local bank or credit union, please share by leaving a comment. You may also want to compare these offers with the best CD rates in San Francisco.