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Study reveals banks with best savings, CD interest rates

250px-WinonaSavingsBankVaultGo Banking Rates revealed the average national interest rates across various CDs and savings accounts and listed the top 10 financial institutions that offer the best interest rates in a recent study.

Interest rates on savings accounts ranged from 0.32 APY for a six-month CD, 0.47 APY for a one-year CD, 0.70 APY for a two-year CD and 0.21 APY on a savings account, Go Banking Rates reports.

Of the 10 financial institutions offering the best savings account rates, eight of the institutions are credit unions. The Washington-based Twinstar Credit Union offered the best rate at 1.60 APY.

Other banks in the top-10 savings account rates category include the Houston Police Credit Union, the Texas-based Corps of Engineers Credit Union, the Massachusetts-based Salem Five Direct, the Alabama-based People’s First Federal Credit Union, the Delaware Alliance Credit Union, the Ohio-based Telhio Credit Union, the California-based State Farm Federal Credit Union, the Puerto Rico Credit Union and the Florida-based Biscayne Bank, according to Go Banking Rates.

Institutions listed in the top 10 for six-month CDs include the Pennsylvania-based Metropolitan Service Credit Union, the North Dakota-based Riverfork Federal Credit Union, the Puerto Rico Credit Union, the Oklahoma-based Fraternal Order of Police Credit Union, the South Carolina-based CoastalStates Bank, the Texas-based Navy Army Credit Union, the Colorado-based Mile High Banks, the Alabama-based Nexity Bank, the Connecticut-based Suma Yonkers Credit Union and the Houston Police Credit Union. The institutions offered interest rates of more than one percent.

Metropolitan offered the best interest rate on one-year CDs at more than 1.8 percent. Other institutions in the top 10 one-year CD rates category include the Virginia-based Goodyear-Danville Family Credit Union, Riverfork, the Hawaii-based Kauai Government Employees Credit Union, the Alabama-based Riverdale Credit Union, the Puerto Rico Credit Union, the Hawaii-based Kauai Teachers Credit Union, and the CoastalStates and Georgia Primary Bank, Go Banking Rates reports.

In the top-10 two-year CD rate offerings, Metropolitan ranked first again, offering more than two percent. Other institutions in the category include Riverfork, the Michigan-based Preferred Credit Union, the Kauai Government Employees Credit Union, the Indiana-based Encompass Credit Union, the New York-based Telco Credit Union, the Puerto Rico Credit Union, the Navy Army Credit Union, Georgia Primary and the Minnesota-based City-County Credit Union.