If you’re on the hunt for the highest yielding bank deposits, we’ve compiled the top 5 in your state. The current savings environment is terrible throughout the country, so don’t expect much of anything in the way of interest. In fact, as of May, 2012, the national average for 12 month CD rates nationwide sits at just 0.70% APY while the national average for 5 year CD rates sits at just 1.20% APY.
Income investors typically invest in bank deposits due to their relative low risk and as a hedge against inflation. However, since the brief period of deflation we saw in 2009, bank deposits haven’t been able to keep up with the rate of inflation. In 2012 inflation the rate of inflation has hovered right around 2.80%. Compare this to our highest yielding 12 month deposit available nationwide (1.15% APY) and you’ll see that even if you’re money is stashed away in a bank CD you’re still likely losing over 1% annually on your dollar’s buying power.
That said, many investors are still wary of upcoming economic data and enjoy the peace of mind that comes with deposits – even in grim savings environments.
Below are the highest yielding deposit rates in Wisconsin so far in 2012:
1) West Point Bank of Oshkosh, Wisconsin is providing 6 month CD’s yielding 0.90% APY requiring a minimum deposit of $1,000.
2) Community First Credit Union of Waupaca, Wisconsin is providing 12 month CD’s yielding 1.10% APY requiring a minimum deposit of $5,000.
3) Co-Op Credit Union of Strum, Wisconsin is providing 2 year CD’s yielding 1.35% APY requiring a minimum deposit of $1,000.
4) Bank of Augusta of Augusta, Wisconsin is providing 3 year CD’s yielding 1.75% APY requiring a minimum deposit of $1,000.
5) Headwaters State Bank of Presque Isle, Wisconsin is providing 5 year CD’s yielding 2.31% APY requiring a minimum deposit of $1,000.
- All CD’s mentioned above are FDIC insured up to $250,000. Visit their website(s) to learn more.
Have you opened a deposit account in Wisconsin with a higher yielding interest rate than the ones we’ve listed above? If so, let us know about it by leaving a comment!