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Worst city for CD rates in June

By Sheyna Steiner · Bankrate.com
Wednesday, June 27, 2012
Posted: 11 am ET

While CD rates are bad, they are not uniformly bad throughout the country. There are pockets where interest rates are marginally less dismal.

Bankrate's national average for one-year CD rates was 0.32 percent this month, but some cities did much better -- relatively. For instance, in Houston the average one-year CD bought this month offered nearly half a percent in yield, 0.47 percent.

Savers in Pittsburgh did not fare as well. There, the average one-year CD rate was 0.14 percent in June. For deposits of more than $100,000 savers could have bought a jumbo CD for one year sporting a yield of 0.18 percent. By next summer, that $100K will have snowballed into about $100,180.

If that's not enough, in exchange for locking your funds up for five years, banks in Pittsburgh offered an average of 0.79 percent on five-year CDs. Ouch.

Rates amounting to a handful of basis points are becoming more common. What is the worst CD rate you've seen lately?

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Follow me on Twitter @SheynaSteiner.

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