Some places are better than others for savers, particularly when it comes to rates on certificates of deposit. A mix of economic variables leads banks in some areas to hike CD rates well above the average.
According to Bankrate's national index, the average one-year CD yield in the first quarter of the year was 0.23 percent. The average five-year yield was 0.8 percent.
Cities with the highest one-year CD rates in the first quarter
|San Diego||0.4 percent|
|Kansas City, MO||0.27 percent|
Cities with the highest five-year CD rates in the first quarter
|Tampa, FL||1.13 percent|
Would you rather buy a CD or pay down debt?
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Senior investing reporter Sheyna Steiner is a co-author of "Future Millionaires' Guidebook," an e-book written by Bankrate editors and reporters. It's available at all the major e-book retailers.