Best certificate of deposit rates in Washington D.C.

July 8, 2009 No Comments »

Below are the top 3 CD rates for residents in the District of Columbia area. After researching CD rates available to customers in this region, I compiled a list of the best 3. They come in the form of 12 month CD’s, 24 month CD’s and 36 month CD’s. As you probably know, you will almost always find higher interest rates accompanied with longer maturities, therefor I found the rates which beat the national average by the highest margins. When compared to the rates offered by the large national banks, I found that local, Washington DC area banks and credit unions generally offered better deals. Many of the credit unions serving this area are geared towards federal employees, and thus offer slightly better savings rates. Before you select a local bank/credit union below, you may want to compare nationally available CD rates.

Top 3 CD rates (District of Columbia):

(clicking on the institution will bring you to their rates page)

Washington Postal Employees Federal Credit Union: Washington DC. 12 month CD yielding 2.56% APY with a minimum deposit amount of $500. The national average for 12 month certificate of deposit rates sits at roughly 1.70% APY. If you are eligible to join this credit union and wish to take advantage of their CD rates, you may want to contact a representative first. Their rates haven’t been updated since the beginning of March and may have changed since then as the national average has trended downward. Washington Postal Employees FCU serves postal employees within the District of Columbia and their immediate families. Membership starts when you open a share (savings) account. This is a basic dividend-earning savings account. Once you join, you can take advantage of any other service. Everyone in your immediate family is also eligible.

AB & W Credit Union: Alexandria, Virginia. 24 month CD yielding 2.78% APY with a minimum deposit amount of $1,000. The interest on this account is compounded quarterly. Like Washington Postal Employees FCU, AB & W CU hasn’t updated their rates in a while. According to their rates page they were last updated on the 26th of January and CD rates in general have certainly trended downward since then. I would suggest contacting a rep before attempting to open an account just to make sure the rates are still accurate and active. Membership is available to the following individuals:

  • Employees of Washington Metropolitan Area Transit Authority (Metro)
  • Employees of the Society for Human Resource Management (SHRM)
  • Employees and retired employees of the Richmond, Fredericksburg, and Potomac Railroad
  • Officers and employees of standard railway labor organizations representing Richmond, Fredericksburg and Potomac Railroad employees
  • Employees of National Railroad Passenger corporation (AMTRAK)
  • Employees of American Property Construction Company
  • Employees of ATE Management & Service Company, Inc.
  • Employees of this credit union and their immediate families
  • The Board of Directors of this Credit Union and members of their immediate famliy
  • The immediate family of current members

John Marshall Bank: Arlington, Virginia. 36 month CD yielding 3.04% APY with a minimum balance amount of $500. The current national average for 3 year CD’s sits at around 2.30% APY. John Marshall Bank is relatively new. It first opened in 2006 in Falls Church, Virginia and currently boasts the “largest surcharge free ATM network” with 32,000 free ATM locations nationwide. There are no eligibilty requirements listed on their website which leads me to believe they may be nationally available. You may want to contact a rep for further qualifications.

Compare with today’s top CD rates nationwide below:

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