LOS ANGELES (6/4/14)--They don't make certificate of deposit (CD) rates like they used to.
But it would behoove consumers who prefer the guaranteed interest offered by these time deposits anyway to look no further than credit unions, which consistently offer better rates on CDs than banks (GOBankingRates.com June 2).
In a recent survey conducted by GOBankingRates.com, participants were asked what interest rate it would take to compel them to put savings into a CD account for two years.
More than half of respondents answered that they'd like to see a number above 3.01%.
While neither credit unions nor banks can accommodate that type of rate these days, which pale in comparison to rates that rose above 10% in the 1980s, credit unions by far come the closest.
For one-year CDs, credit unions swept the top 10 rankings, ranging from 1.56% to 1.26% annually, according to GOBankingRates.com.
For two-year CDs, 11 out of the top 15 rates were offered by credit unions, ranging from 1.76% to 1.5%.
Credit unions also dominated two-year jumbo CD rates and both five-year CD regular and jumbo rates.
"This comprehensive list of today's high-yield CD account rates suggest that rewarding CD products do, in fact, exist," GOBankingRates said. "As the economy continues to draw closer to a full recovery, savers can expect to see CD rates rise in tandem."
Perhaps especially so at credit unions.