Local Connecticut Deals on Long Term Deposit Rates

October 30, 2011 No Comments »

Small banks and credit unions serving residents in Connecticut are providing APY’s on long term certificates of deposits (5 year CD rates) that currently crush those offered by nationally available institutions, according to BankVibe.com’s recent survey.

In general, credit unions can provide slightly higher rates on CDs as well as slightly lower loan rates on mortgages, however, it entirely depends on where you live. For example, last week, we noted the top local CD rates from Dallas area banks and found that the nationally available banks were actually providing higher interest rates than the locally based ones.

This is certainly not the case for Connecticut though, and much of the east coast in general.

The top 5 year CD rate from our database of institutions that can accept consumer deposits from almost anywhere in the country is a meager 2.00% APY, while the top local credit union CD rates in Connecticut sit at 2.78% APY. There are also a large handful of additional banks and CU’s in Connecticut featuring 5 year CD rates between the 2.0% and 2.78% APY mark.

5 year Deposit Rates in Connecticut:

(Rates accurate as of November 2011)

- American Airlines Federal Credit Union (Windsor, CT) offering a 5 year CD rate of 2.78% APY with a minimum deposit requirement of $10,000.

- Charter Oak Federal Credit Union (Waterford, CT) offering a 5 year CD rate of 2.30% APY with a minimum deposit requirement of $1,000.

- Farmington Bank (West Hartford, CT) offering a 5 year CD rate of 2.30% APY with a minimum deposit requirement of $500.

- Eastern Federal Credit Union (Norwich, CT) offering a 5 year CD rate of 2.25% APY with a minimum deposit requirement of $500.

- Liberty Bank (Wethersfield, CT) offering a 5 year CD rate of 2.20% APY with a minimum deposit requirement of $500.

The institutions listed above, while having a presence in Connecticut, may also be available outside of the state. You’ll need to contact them directly to see if you can apply for membership.

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