Massena Savings and Loan is paying 2.56% APY on a 3-year CD. That's one of the highest rates according to BestCashCow data.

For comparison, the best 3 year CD rate for an online account is 2% APY with a $100,000 minimum balance. The minimum balance for the Massena CD is $1,000. The catch is that the CD is only available in Massena's limited footpring of update New York. The bank has two branches in Massena, NY and Waddington, NY. I called them and they do not accept applications via phone or online.

But even if you don't live in Massena's footprint, other local banks are offering very competitive rates. For example, Adrian State Bank in Adrian, MN is offering a 3-year CD for 2.51% APY and Gibraltar Private Bank & Trust Co. in Coral Gables, FL is offering a 2.50% APY 3-year CD. Before you open any account be sure to check local CD rates by clicking through to our tables to find the most competitive offer in your area. BestCashCow provides competitive local bank rates for every zip code in the country.

A high rate does not mean a risky bank. Massena has $138 million in assets (a small bank) and a Texas ratio of 16.08% versus the national average of 24.44% (the lower the ratio, the better). Deposits at Massena are FDIC insured.

The best local 12-Month CD rates run from 1.30% to 1.91% APY this week. With a little bit of research you can get a rate that is 50 to 100 basis points higher than what many banks are offering. Examples of some of the highest local rates on BestCashCow are:

• Farmers & Merchants Bank is offering a 1.91% APY 12-Month CD with a minimum balance of $100,000. The rate drops to 1.71% APY with a $1,000 minimim balance. They only offer local accounts.
• People's Bank And Trust Company Of Pickett County is offering a 1.90% APY 12-Month CD with a minimum balance of $25,000. The rate drops to 1.80% APY with a minimum balance of $500.
• Brush Country Bank offering a 1.75% APY 12-Month CD with a minimum balance of $100,000. They are presently only opening accounts in Texas although they have opened accounts nationally in the past.

You may be asking what's the point of these rates if you don't live in the local area served by the bank and can't open a CD? The point is that local banks in you area are probably also offering some great CD deals. Often, spending a few minutes to shop around can yield you an extra half a percent of yield. On BestCashCow we have competitive bank rates for every zip code in the United States. In just 30 seconds you can check out the best local CD rates and see if a bank in your area is offering a competitive deal.

Searching through the best CD rates, we found several credit unions offering CD rates above 4% and up to 7.5% APY. That's incredible in today's rate environment where even 3% APY sounds good. The catch - small minimum balances. The benefit, relatively short terms. If you want to put money in for a child or grandchild, or are savings for a new piece of furniture or some other moderately priced item, these accounts might be worth a look. As with all credit unions, you must also be eligible for membership. Here's a sampling of what we have found so far.

MidAmerican Credit Union

Mid American is offering a 7.5% APY 7.5 month CD to celebrate the 75th Anniversary of the Credit Union's founding. Congratulations. That's currently the top bank of credit union rate on BestCashCow. The maximum amount that can be invested in this CD is $750. You can become a member if you live or work in one of the Kansas counties that the credit union serves. See a complete list of MidAmerican branches. Mid American has $161 million in assets and a Texas Ratio of 27.65 versus a credit union average of 9.60% according to BestCashCow data.

A+ Federal Credit Union

A+ is offering a 1 year CD paying 5% APYwith a maximum balance of $1,000. You must be a Texas resident to join the credit union and you can apply online or via one of its branches. A+ has $817 million in assets and a Texas Ratio of 3.97% verus the credit union average of 9.60% (lower ratios are better).

Patelco Credit Union

Patelco is offering a 1 Year CD paying 5% APY with a maximum balance of $1,000 to new members. Patelco membership is relatively open and chances are if you want to join you can find a way to do it no matter where you live in the United States. Patelco is one of the larger credit unions in the United States (26th largest according to BestCashCow data) with over $3.5 billion in assets. It's Texas Ratio of 11.06% is just slightly higher than the national CU average of 9.60%.

View a comprehensive table of credit union cd rates in your state by clicking through on the CD tab above.