CD Rates in Connecticut Are Improving
CD Rates in Connecticut 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 Connecticut
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 Connecticut, here’s a list of the top offers right now:
Highest Connecticut CD Rates: 6 Month CD
- Middlesex Healthcare Credit Union: 2.02%
- Groton Municipal Employees Credit Union: 2%
- Norwalk Hospital Credit Union: 2%
Best Connecticut CD Rates: 12 Month CD
- Waterbury Police Credit Union: 2.53%
- Middlesex Healthcare Credit Union: 2.27%
- Norwalk Hospital Credit Union: 2.25%
Best CD Rates in Connecticut: 24 Month CD
- ASA Credit Union: 3.03%
- Connecticut River Community Bank: 2.75%
- Greater Hartford Police Credit Union: 2.53%
