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

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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