Here’s another state that is getting left in the dust – Idaho. Idaho’s local banks and credit unions can’t seem to keep their CD rates competitive when compared to the top offers from national institutions.
If you haven’t been following CD rate trends or have just recently entered the market for one of these instruments, you may think this is to be expected – but it isn’t. Almost every week we conduct surveys to get a feel for local CD rates and how they stack up against nationally available products. And in many cases, local credit unions and even small community banks can issue slightly higher rates. Credit Unions have the upper hand in this matter because they are typically not-for-profit institutions which pass along profits back to the members in the form of higher savings rates (and lower loan rates). In Idaho’s case, however, things are a bit backwards.
The top CD rates residents in this state can currently find are going to be the same CD rates anyone in the country can obtain – such as offers from Ally Bank, CiT Bank, Popular Community Bank, etc. And while the rates on those products certainly aren’t to be discredited (they actually beat the national average by significant margins) we just expect more from locally community based institutions, not just in Idaho, but throughout the country.
Rundown for best APY’s on Deposits Available to Residents of Idaho:
6 month CDs:
- Alostar Bank of Commerce 0.86% APY requiring minimum deposit of $1,000. Available Nationally.
- Virtual Bank 0.85% APY requiring minimum deposit of $10,000. Available Nationally (Online Only Bank).
12 month CDs:
- CiT Bank 1.15% APY requiring minimum deposit of $25,000. Available Nationally.
- Popular Community Bank 1.15% APY requiring minimum deposit of $10,000. Available Nationally.
24 month CDs:
- American Express Bank 1.30% APY requiring minimum deposit of $1.00. Available Nationally.
- Potlatch No 1 Federal Credit Union (Saint Maries, ID) 1.26% APY requiring minimum deposit of $10,000. Local Only.
- Lewis Clark Credit Union (Idaho) 1.256% APY requiring minimum deposit of $500. Local Only.
As you can see the only locally based credit unions out of Idaho attempting to meet the bar set by the nationally available banks at this point are Potlatch FCU and Lewis Clark CU – and they still fall a tad short. If you live in Idaho and happen to know of a better CD rate offered through your local bank, please share by leaving a comment!