More institutions are offering CD rates over 7% &mdash; a West Coast credit union is paying 7.23% APY

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More credit unions are offering CD specials with competitive interest rates.
At Lewis Clark Credit Union, you can earn 7.23% APY if you qualify to open an 11-month certificate, and 6.43% APY on a 19-month term.
If you don’t qualify for membership, national financial institutions with the best CD rates pay 5% APY or more.

There’s a new market leader for the highest CD rate — Lewis Clark Credit Union.

Lewis Clark Credit Union is offering an 11-month certificate special paying 7.23% APY. It also has a 19-month certificate special paying 6.43% APY.

Certificates at the credit union require a minimum deposit of $500, and you must deposit new money. The credit union defines new money as funds that haven’t yet been deposited into a Lewis Clark Credit Union account as of July 25, 2023.

Lewis Clark is a local financial institution with branches in Lewiston, Idaho; Orofino, Idaho; and Clarkston, Washington. The credit union is federally insured by the NCUA, so deposits are protected for up to $250,000 per depositor, per category. It’s also designated as a community development financial institution, which means it serves disadvantaged communities.

Previously, Alpena Alcona Area Credit Union had the highest CD rate available. The credit union offers a 7-month CD special paying 7.19% APY to members. Alpena Alcona Area Credit Union specifically serves communities in Michigan, and like Lewis Clark, it has eligibility requirements to open accounts.

How to get 7.23% APY on a CD

To get a CD special, you must become a member of Lewis Clark Credit Union. Membership is open to anyone who lives, works, volunteers, worship, or goes to school in any county in Washington or select counties in Idaho (Clearwater, Idaho, Latah, Lewis, and Nez Perce County are all eligible). All members will have to open a regular share account with a $5 minimum opening deposit and maintain a $5 balance to retain active membership.

If you’d like to bank with a national brand that’s available nationwide, some of the best online banks also pay high CD rates:

Raisin, a digital marketplace that offers high rates through partner banks, offers some of the best rates out there; right now, its highest CD rate is 5.51% APY on a 1-year CD through Pacific Western BankCrescent Bank CDs (Terms range from 1 year to 5 years): 4.40% to 5.45% APYSynchrony CDs (Terms range from 3 months to 5 years): 2.25% to 5.05% APYAlly CDs (Terms range from 3 months to 5 years): 2.50% to 5.00% APYBarclays CDs (Terms range from 12 months to 5 years): 0.10% to 5.00% APY

All of these financial institutions are federally insured either by the FDIC or NCUA. Insured deposits of up to $250,00 per depositor are protected in federally insured financial institutions in the rare situation it shuts down.

Sophia Acevedo is a banking reporter at Insider. She covers bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).
Sophia joined Insider in July 2021 and is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Los Angeles.
You can reach out to her on Twitter at @sophieacvdo or email [email protected].
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