CD Rates in Arizona Are Increasing
CD Rates in Arizona have been painfully low for quite a while, especially ever since the economic downturn in 2008. However, there may be hope for better interest rates in the near future. Banks, credit unions and other financial institutions are slowing increasing their rates, especially on longer-term certificates of deposit.
Why CD Rates Are Getting Better
According to the Wall Street Journal, there are a couple of reasons why CD interest rates are finally beginning to tick upward again. Expectations of higher inflation have led to a wide yield curve on Treasurys, which means it’s easier for banks to offer higher rates on longer term CDs. Additionally, more individuals and businesses are looking to take on longer loans, thus the need for financial institutions to entice customers to keep their money on deposit longer.
Current Highest CD Rates in Arizona
Even though this is good news for CD rates, not all rates can be considered especially good offers as compared with the national average or even competitive for the local market. If you want to get the best CD rates in Arizona, here’s a list of the top offers right now:
Highest Arizona CD Rates: 6 Month CD
- Desert Medical Credit Union: 1.8%
- Cochise Credit Union: 1.6%
- Meridian Bank: 1.31%
Best Arizona CD Rates: 12 Month CD
- Meridian Bank: 1.81%
- Desert Medical Credit Union: 1.8%
- Cochise Credit Union: 1.72%
Best CD Rates in Arizona: 24 Month CD
- American Southwest Credit Union: 2.3%
- MidFirst Bank: 2.25%
- Meridian Bank: 2.12%
