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Ohio has the Bengals, Browns, Indians, and the Ohio State University. It also has one of the best zoos in the world in the state capital of Columbus. In addition, Ohio is home to 243 FDIC insured banks and 394 credit unions. Between all of these banks and credit unions, Ohions can find some competitive CD rates.
The average 12-month national CD rate is 0.57% APYwhile the highest rate in the country is 2.01% APY. While we didn't find anything to match the 2.01% APY, we found plenty of other rates that handily beat the national average. Best of all, they are distributed across the state, so almost anyone who lives in Ohio can earn above average rates with just a few minutes of research.
- Belmont Savings Bank is tied for the top 12-month CD rate in Ohio. It is offering a 1.11% APY CD with a $98,000 minimum balance. The minimum is a bit steep. With a lower minimum of $500, the bank is paying 0.86% APY. Belmont Savings was founded in 1886 and has approximately $450 million in assets. The bank has four branches located in eastern Ohio, between Pittsburgh and Columbus. Financially, the bank has a Texas Ratio of 6.25% versus the national average of 20.28% (lower is better). Its assets have grown steadily from $292 in 2006 to $450 million today.
- Want a lower minimum balance but the same rate? Then check out Beal Bank, Ssb. Beal Bank is also offering a 1.11% APY 12-month CD but with a lower minimum balance of $1,000. Beal was founded in 1988 and has approximately $3.57 billion in assets. The bank is headquartered in Plano, TX but has forty-seven branches across the country, including one in Cincinatti and one in Cleveland. Financially, Beal Bank has a Texas Ratio of 62.54% versus the national average of 20.28%. That's high but not close to the 100% level that is a warning sign for Texas Ratios. Beal Bank, like all banks on BestCashCow is FDIC insured. Be sure to stay within FDIC limits.
- The Delaware County Bank And Trust Company sounds like it belongs in, well, Delaware, but its headquartered and has 20 branches all in the state of Ohio. The bank is offering a 12-month CD that pays 1.05% APY with a $1,000 minimum deposit. The bank's 20 branches are clustered around Columbus and its suburbs. The bank was founded in 1950. It has a Texas Ratio of 47.72% and its assets have dropped from $683 million in 2006 to $620 million today.
- The Farmers Savings Bank is offering a 1-year CD rate of 1.00% APY. Farmers is the smallest of the CD rate leaders with $26 million in assets. The bank was founded in 1925.Farmers has two branches located in northern Ohio near Akron and Cleveland. It has a Texas Ratio of 16.98% and has seen moderate growth in assets over the last five years.
If you prefer the credit union route, Ohio has a few options to choose from.
- General Electric Credit Union is offering a 1.42% APY 12-month CD with a $100,000 minimum balance. Like all credit unions, General Electric Credit Union is not open to everyone. In order to join you must live or work in certain counties in Ohio or Kentucky. You can also be an employee or pensioner of General Electric Company Aircraft Engine Division or you can be an immediate family member of an existing member. For full membership information, click here. The credit union looks financially sound with a Texas Ratio of 5.48% versus the national credit union average of 10.34%.
- Sorg Bay West Federal Credit Union is offering 1.10% APY on a 12-month CD with a $1,000 minimum balance. The credit union was originally set up to serve employees of the Sorg Paper Company but has expanded its field of membership over the years. Find out if you quality for membership. Sorg Bay West has $8.42 million in assets and a Texas Ratio of 17.00%.
- Navy Federal Credit Union , the largest credit union in the United States according to BestCashCow, with over 44 billion in assets is offering a 1.05% APY 1-year CD with a $100,000 minimum balance. Credit union membership is basically open to anyone who has had any contact with the military or has a close family member who has been part of or associated with the military. The credit union has a Texas Ratio of 8.20%, which is below the credit union national average of 10.30%. The credit union has branches in Miami, Tampa, Jacksonville, Panama City and more cities. Eligible members can also open accounts online via the credit unions website.
Online CD Rates
In addition, online banks also offer attractive 1-year CD rates to residents across all of Florida. These CDs need to opened and managed online.
- CIT Bank offers a 1.15% APY 12-month CD with a $25,000 minimum balance.
- Nationwide Bank offers a 1.10% APY 1-year CD with a $100,000 minimum balance.
- CNB Bank Direct is paying 1.05% APY with a $25,000 minimum balance.
In this case, the online banks are highly competitive with the branch-based Ohio banks.
To find rates for terms other than just 12-months in your local area or online, please check out our comprehensive list of CD Rates. BestCashCow has one of the biggest databases of CD rates in the U.S. for local and online banks as well as credit unions.