CD rates Blog

Finance Blogs » CD rates Blog » Worst city for CD rates in June

Worst city for CD rates in June

By Sheyna Steiner ·
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?

Get more CD and investing news with our free weekly newsletter.

Follow me on Twitter @SheynaSteiner.

Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.