Competitive 5-Year CD Rates from Several Northeast Banks

The Mid-Western states tend to have the highest average CD rates but we've found some Northeast Banks offering relatively attractive 5-year CD rates. Attractive nowadays are yields slightly under or above 3% APY for a 5-year CD. That rate may seem unappealing, but it's not so bad when you consider that the average 5 year CD rate is around 2.25%. With a little shopping you can find an online or local bank paying significantly more.

Below are several banks in the Northeast that stand out for their rates:

• Signature Bank, located in New York, NY is offering a 3.04% APY CD with a $5,000 minimum balance. Signature is a $11.7 billion bank with 23 branches. Financially, the bank has a 5.27% Texas Ratio, far below the 24.44% national average (lower is better).
• North Shore Bank, located in Peabody, MA is offering a 3% APY 5- Year CD with a $1,000 minimum balance. North Shore is a $450 million bank with 8 branches in Massachusetts. The bank has a Texas Ratio of 2.07%, far below the 24.44% national average.
• Union Savings Bank in Danbury, CT is offering a 60 month CD at 3.00% APY with a $100,000 minimum balance. Union is a $2.4 billion bank with 28 branches and a Texas ratio of 26.52%.
• Harmony Bank in Jackson, NJ is offering a 60 month CD at 3.00% with a $1,000 minimum balance. Harmony has $91 miillion in assets and its Texas ratio according to BestCashCow is reported at 0%. The bank was established on September 2, 2008 and may not have enough delinquent loans yet to have a Texas ratio above 0%.

In most states and local areas, a little bit of research will yield a rate from a sound bank well above the national average.