Weekly Rate Update - Western Heritage Bank Offering 2-Year CD Paying 1.75% APY

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Western Heritage Bank in New Mexico is offering a 24-month CD that pays 1.75% APY with a small $1,000 minimum balance.

The average savings account rate is now paying 0.21% APY while the average online savings account rate is yielding 0.80% APY. Those looking to gain a bit of extra yield without locking in their money for too long can look to 2-year CDs. There are many 2-year CD paying in the 1.40% - 1.50% APY. I looked for rates above that and found Western Heritage Bank in New Mexico. They are offering a 24-month CD that pays 1.75% APY with a small $1,000 minimum balance.

Western Heritage has two locations in Las Cruces and Deming, New Mexico. The bank was originally founded in 2000 as Mesilla Valley Bank and changed its name to Western Heritage in 2008 after a group of investors purchased it. Western Heritage has a Texas Ratio of 20.98%, close to the national average and its assets have grown from $27 million in 2006 to $71 million today. The bank's return on equity of 5.58% shows that it is profitable, although it is not as profitable a bank as the national average. All deposits at Western Heritage are FDIC insured.

The bank also offers an attractive 60-month CD paying 2.75% APY, which is one of the highest in the nation. The bank is very community based and only takes deposits from the Las Cruces and Mesilla Valley.

Is 1.75% APY a great rate - no. But it's the best of the worst. For those that need to keep their money safe and don't want to lose principal, stashing cash in the bank may be the only option.

If you don't live in these locations and want to find the highest rates in your area, visit our local CD rates page.

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Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

Today's Highest Online CD Rates

Bank Product Term Interest Rate (APY)
Finworth, a division of InsBank 1-Year 5.38% APY with $50,000 minimum
CFG Bank 1-Year 5.36% APY with $500 minimum
TotalDirect, a division of City National Bank of Florida 1-Year 5.35% APY with $25,000 minimum
Dollar Savings Direct, a division of Emigrant Bank 3-Year 5.00% APY with $1,000 minimum
M.Y. Safra Bank 3-Year 4.70% APY with $500 minimum
First Internet Bank of Indiana 3-Year 4.66% APY with $1,000 minimum
First Internet Bank of Indiana 5-Year 4.55% APY with $1,000 minimum
BMO Alto, a division of Bank of Montreal Harris 5-Year 4.50% APY with no minimum
Colorado Federal Savings Bank 5-Year 4.35% APY with $5,000 minimum

See More Online CD Rates →

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