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Top CD rates nationally in April

By Sheyna Steiner ·
Monday, May 13, 2013
Posted: 4 pm ET

Rates on certificates of deposit reached new lows in the month of April, according to research. For instance, in Tampa, Fla., the average one-year CD rate was 0.19 percent for the month. Rates in Chicago were even worse at an average of 0.16 percent, but Pittsburgh fared the worst with an average one-year rate of 0.13 percent last month.

There was a difference of nearly a third of a percent, or 31 basis points, between the highest and lowest one-year CD rates for the month in markets surveyed by Bankrate. A basis point is one-hundredth of 1 percentage point.

Texas is home to two of the highest CD rate markets: Houston and Dallas. For the month, one-year CD rates in the two cities averaged 0.44 percent and 0.36 percent, respectively.

In April, California had relatively high rates as well, specifically in the San Diego market. The average one-year CD rate was 0.37 percent.

Finally, the average one-year CD rate in Cincinnati last month was 0.31 percent.

The Bankrate national average for one-year CDs was 0.25 percent.

The table below shows the competition for the top five-year CD rates. In Cincinnati, the average five-year rate of 1.07 percent narrowly beat Houston's average rate of 1.06 percent. Denver came in with an average rate of 0.94 percent.

There was more than a half-percent difference, 51 basis points, between the highest average five-year CD rate and the lowest (0.56 percent in Pittsburgh, and that's nothing to sneeze at).

Top 3 markets for 5-year CD rates

City Average 5-year CD rate for the month of April
Cincinnati 1.07%
Houston 1.06%
Denver 0.94%
Bankrate national average 0.8%


Are your local CD rates higher or lower than those found in other markets?

Follow me on Twitter: @SheynaSteiner.

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.

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