Best CD Rates in Cleveland, Ohio: Top 3

October 5, 2009 No Comments »

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Cleveland, OH. The institutions we will cover all include the following cities in Ohio: Warren, Massillon, Brecksville, Akron, Elyria, Canton, Mansfield, Toledo, and Lima. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Cleveland as well as the state of Ohio, we found that for the most part, you will be able to receive slightly better rates with local institutions than with national ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Cleveland, OH:

  • Steel Valley Federal Credit Union has a 6 month CD yielding 2.12% APY with a minimum deposit of $500 required. 
  • Cleveland Police Credit Union has a 6 month CD yielding 1.75% APY with a minimum deposit of $500 required. This credit union is particularly hard to join if you do not have any family members working in the police department.
  • Navy Federal Credit Union has a 6 month CD and a 9 month CD yielding 1.50% APY with a minimum deposit of $10k required.

Best 12 month CD rates in Cleveland, OH:

  • Steel Valley Federal Credit Union also has a promotional 13 month CD yielding 2.52% APY with a minimum deposit of $500 required (their 12 month CD yields 2.17%)
  • ING Bank has a 12 month CD yielding 2.25% APY. They are a national bank and can accept deposits from any state.
  • Cleveland Police Credit Union also has a 12 month CD yielding 2.0% APY.

Best 24 month CD rates in Cleveland, OH:

  • Hudson City Savings Bank has a 24 month CD yielding 2.50% APY. They are a national bank and can accept deposits from any state. They require a minimum balance of $5000.
  • Steel Valley Federal Credit Union has a 25 month CD yielding 2.47% APY with a $500 minimum deposit required.
  • Fifth Third Bank (Brooklyn, OH) has a 24 month CD yielding 2.15% APY with a minimum deposit of $5000 required.
All of the above institutions are federally insured by either the FDIC or NCUA. If you live in the city of Cleveland, OH and know of a better interest rate offered through your local bank or credit union, please share by leaving a comment.

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