cds

6 cities with the lowest 1-year CD rates

There's no question rates on certificates of deposit have been punishingly low for years now, but the problem appears to be worse in some cities than in others. While the rate for a one-year CD has averaged just 0.24 percent so far this year nationally, it's been even lower than that in many major U.S. markets. The following cities are the poster children for why shopping around for CD rates beyond local banks is an important step toward maximizing returns on your savings.

Here are the six cities with the lowest CD rates. The cities selected had the lowest one-year CD rates based on Bankrate's weekly survey of the largest banks in the top 25 U.S. markets over the time period Jan. 1, 2013, to Oct. 2, 2013.

Cleveland

Average one-year CD rate: 0.17 percent
Annual return on a $10,000 deposit: $17

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