Best CD Rates in Alaska

To find the best CD rates in Alaska, it can feel like searching for a hidden treasure in The Last Frontier. In a landscape where financial stability and growth are highly authentic, the Alaskan financial institutes are always on the lookout for the most promising and secure investment opportunities.

However, to get the most out of the invested amount, it is highly required to properly understand where to find the best CD rates. It is essential for anyone looking to maximize their savings.

With options ranging from local credit unions to national banks, each bank or credit union in Alaska is offering competitive rates and terms. They can easily be tailored to meet diverse financial goals of the customers. In this regard the following article embarks on this quest and can lead to a fruitful discovery, enhancing your financial wellbeing.

Overall Best CD Rates in Alaska

No	Name of the Bank	APY	Term Length	Address
1	Northern Federal Credit Union	5.50%	18-month	Online
2	Stewart Federal Credit Union	5.50%	13-month	2907 US-9, Ballston Spa, NY 12020, United States
3	Forbright Bank	5.30%	9-Month	4445 Willard Avenue Suite 1000
4	BMO Alto	5.30%	12 Month	Call at 1-855-266-8100
5	Northern Skies Federal Credit Union	5.20%	12 month	1001 E Benson Blvd, Anchorage, AK 99508
6	Northern Skies Federal Credit Union	5.20%	1-year	1000 Omalley Rd Anchorage, AK 99515
7	Tongass Federal Credit Union	5.12%	12 month	Centralized
8	Wells Fargo	5.01%	7-month	301 W Northern Lights Blvd Ste 100, Anchorage, AK
9	Northrim Bank	5.00%	11-month	3111 C Street, Anchorage, AK
10	KeyBank	5.00%	8-month	Alaska including Anchorage, Dutch Harbor, Fairbanks, Juneau, and Kenai
11	Barrow Community Credit Union	5.00%	11-month	Online
12	True North Federal Credit Union	4.75%	13-month	341 W. Tudor Road, Suite 100, Anchorage, AK 99503
13	Matanuska Valley Federal Credit Union	4.75%	12 month	1020 S Bailey St, Palmer, AK 99645-6924
14	Anchorage Federal Credit Union	4.75%	13-month	Online
15	PenFed Credit Union	4.65%	1-Year	2930 Eisenhower Avenue Alexandria, VA 22314 13220 Fort Street
16	Credit Union 1 Fairbanks	4.06	1-year	909 1st Avenue, Fairbanks, AK 99701
17	Alaska USA Federal Credit Union	4.55%	36-month	4000 Credit Union Dr, Anchorage, AK 99503
18	Alaska Airlines/Horizon Air Employees FCU	4.50%	24-month	1048 W Intl Airport Rd Anchorage, AK 99518
19	Kenai Federal Credit Union	4.45%	5-year	230 Bidarka Street, Kenai, AK.
20	Soldotna Federal Credit Union	4.40%	1-Year	43874 Sterling Highway, Soldotna, AK.
21	Valdez Federal Credit Union	4.28%	12-month	Online
22	Eagle River Federal Credit Union	4.25%	3-month	12155 Old Glenn Highway, Eagle River, AK 99577.
23	Matanuska Electric Association Federal Credit Union	4.16%	12-month	Online
24	First Bank	4.02%	24-month	No direct address
25	Credit Union 1	4%	12 month	1941 Abbott Road, Anchorage, Alaska 99507
26	Spirit of Alaska Federal Credit Union	4.00%	12 month	No specific address
27	Big Delta Federal Credit Union	4.00%	6-month	Online
28	Advancial Federal Credit Union	3.98%	13-month	700 G St Anchorage, AK 99501
29	Bank of America, National Association	3.93%	18-month	10576 Kenai Spur Hwy Kenai, AK 99611
30	Juneau Federal Credit Union	3.65%	Varies	541 10th Avenue, Fairbanks, AK 99701​
31	Wasilla Federal Credit Union	3.45%	3-year	Online
32	Fairbanks Community Federal Credit Union	3.30%	2.5 year	Online
33	MAC Federal Credit Union	3.25%	2-year	1010 E Palmer Wasilla Hwy Palmer, AK 99645
34	Mt. McKinley Bank	3.25%	2-year	1380 Richardson Hwy Delta Junction, AK 99737
35	Denali Federal Credit Union	3.10%	5-years	Operates under Nuvision Credit Union
36	Denali Alaskan Federal Credit Union	3.10%	5-year	Operates under Nuvision Credit Union
37	Anchorage Teachers Federal Credit Union	3.00%	9-month	Online
38	Denali State Bank	2.84%	12 month	119 North Cushman Street, Fairbanks, AK
39	True North Federal Credit Union	2.80%	2-year	716 Ocean Cape Rd Yakutat, AK 99689
40	Alps Federal Credit Union	2.73%	18-month	312 N Nordic Dr Petersburg, AK 99833
41	Alaska Health and Social Services Federal Credit Union	2.70%	12-month	Online
42	True North Federal Credit Union	2.70%	18-month	716 Ocean Cape Rd Yakutat, AK 99689
43	Kodiak Federal Credit Union	2.68%	5-year	Online
44	Aleutian Pribilof Islands Association Federal Credit Union	2.68%	5-year	Online
45	Credit Union 1 Anchorage	2.68%	5-year	Online
46	Cathoic Federal Credit Union	2.50%	12-month	Online
47	MAC Federal Credit Union	2.40%	24-month	1317 Wembley Ave, Fairbanks, AK 99701
48	Alaska Air Group Credit Union	2.11%	36-month	Online
49	Cordova Community Federal Credit Union	2.00%	5-year	Online
50	Palmer Federal Credit Union	2.00%	12-month	901 W Evergreen Ave, Palmer, AK.
51	Northern Skies Federal Credit Union	1.90%	3-month	1000 Omalley Rd Anchorage, AK 99515
52	Alaska District Engineers Federal Credit Union	1.65%	3-month	Call 907-753-5118
53	First City Bank	1.28%	12-month	Online
54	Nome Federal Credit Union	1.28%	24-month	Online
55	Fairbanks Federal Credit Union	1.22%	18-month	1417 Gillam Way, Fairbanks, Alaska 99701​
56	City of Fairbanks Federal Credit Union	1.18%	N/A	502 9th Ave, Fairbanks, AK 99701.
57	First National Bank Alaska	1.00%	12 month	Online
58	Alaska Pacific Bank	0.06%	60-month	Online
59	Mt. McKinley Bank	0.05%	6-month	Online
60	Homer Federal Credit Union	N/A	N/A	135 Sterling Highway, Homer, AK.

Current Alaska CD Rates 

A precise perspective of the current best rates is elaborated further; 

Bank/Credit Union Name	APY (%)	Special Notes
Northern Lights CU	3.25	Best for 12-month CDs
Alaska State Bank	2.95	Offers a bonus for new members
Polar Financial	3.50	Top rate for 24-month term
Arctic Savings CU	3.10	No penalty for early withdrawal

Best Banks and Credit Unions in Alaska

The best banks and credit unions in Alaska stand out by offering a wide range of personalized customer services. Its financial products and digital banking solutions cater to the needs of Alaskans.

Whether they’re managing the earnings from a summer’s catch, saving it for a home, or planning for retirement, these financial institutions understand the significance of reliability and community support. It provides a solid foundation for Alaskans to exceptionally grow their wealth and navigate their financial futures with confidence and ease.

Here is some of the exceptional banking options are;

1. Credit Union 1

Credit Union 1 is one of the top credit unions in Alaska. The credit union was founded in 1952 and was initially named Anchorage Teachers Federal Credit Union. After merging with FedAlaska, Ward Cove, Frontier Alaska, and North Country Credit Union, the name was changed to Credit Union 1.

It was named to The Financial Brand’s “Top 100″ list of credit unions in 2016. In 2021, Credit Union 1 was named one of the top 49 businesses in Alaska by Alaska Business Monthly. The credit union, again in 2021 was one of the top three Best Places to Work (250+ employees) in Alaska by Alaska Business Monthly.

The credit union offers banking and financial services to anyone in the state. Its financial service offering includes savings accounts, certificates, retirement investments, consumer loans, credit cards, real estate services, and more.

Savings APY:  0.10%

CD APY: 4.00%

Monthly Fees: $0

Federally Insured by: Federally insured by the National Credit Union Administration (NCUA)

How many branches are in the State? Credit Union 1 has 12 branches across the state and 25 ATMs spread across Alaska.

Pros

• High APY on certificates
• Reliable union with excellent asset holding
• Low-interest rates on loan products

Cons

• Lengthy processes
• Lack of customer support

2. Alaska USA Credit Union (AKUSA)

Alaska USA Credit Union (AKUSA) was founded in 1948 in Anchorage. It is the largest credit union in Alaska and also one of the largest credit unions in the United States. The credit union has more than 700,000 members globally and is one of the oldest credit unions. It allows anyone who lives in Alaska to become a member and the membership is also open to people living out of the state.

Alaska USA Credit Union (AKUSA) offers banking and financial services to individuals, and families including savings accounts, checking accounts, vehicle loans, personal loans, home loans, insurance, and financial planning support to retail customers.

For the business sector, the bank offers banking services including business accounts, business lending, and other related services.

Savings APY:  0.10%

CD APY: 4.55%

Monthly Fees: $5 per quarter for a balance below $50

Federally Insured by: Federally insured by the National Credit Union Administration NCUA

How many branches are in the State? Alaska USA Credit Union (AKUSA)has over 5,500 shared branches in all 50 states of America and 55,000+ ATMs worldwide.

Pros

• Low fee on checking and savings
• Access to a wide network of branches and ATMs

Cons

• Poor mobile application
• The high monthly fee for sharing savings

3. ALPS Federal Credit Union

Founded in 1956, ALPS Federal Credit Union is a not-for-profit financial cooperative. The credit union expanded in 2013 and started offering its services to Southeast Alaska. Today, It offers low-cost financial services to the local population of Alaska.

The credit union deals in personal checking, personal savings, business accounts, youth accounts, personal loans, credit cards, mortgages, commercial loans, and secured loans. They also offer financial consulting services, guiding their members on how to invest and maximize their wealth.

Savings APY:  0.10%

CD APY: NA

Monthly Fees: $0

Federally Insured by: Federally insured by the National Credit Union Administration NCUA

How many branches are in the State? ALPS Federal Credit Union has 2 branches in Alaska.

Pros

• Personalized banking experience
• Lower rate of interest on loans
• Variety of savings account choices

Cons

• Limited branches
• Strict membership rules

4. First National Bank Alaska

First National Bank Alaska was founded in 1922. The bank has its headquarters in  Anchorage, Alaska. It is the third-largest financial institution in Alaska and employs 95 employees across its branches.

The bank offers a comprehensive range of banking services including savings, checking, certificates, loans, and more to businesses, individuals, families, and industries. They also offer advanced banking solutions such as Card lending, consumer and business loans, escrow services, safety deposit facilities, and contractual collection.

Savings APY:  0.05%

CD APY: 5.15%

Monthly Fees: $7

Federally Insured by: Federal Deposit Insurance Corporation

How many branches are in the State? The First National Bank Alaska has 27 branches and 29 ATMs across Alaska.

Pros

• Low monthly fees
• Multiple account options

Cons

• Compromised interest rates on accounts
• Lack of proper customer service

5. Wells Fargo

One of the largest banks in the United States, Wells Fargo is headquartered in San Francisco, California. The bank was founded in 1852 which makes it one of the oldest banks in the country. There are over 70 million customers of the bank around the globe which ranks it as the third-largest bank in America.

Wells Fargo is well-known for its comprehensive range of services including retail banking, mortgage lending, credit cards, and auto loans. The bank is the leader in the retail banking business but also holds a significant ranking in the wholesale banking market.

Savings APY:  0.01%

CD APY: 4.50%

Monthly Fees: $10

Federally Insured by: Federal Deposit Insurance Corporation (FDIC)

How many branches are in the State? Wells Fargo has more than 8,050 branches and 13,000 ATMs spread across 35+ countries all over the world. It has 25 branches and 21 ATMs in Alaska alone.

Pros

• Excellent customer service
• A premium account with a great interest rate
• Monthly fee with waive offs

Cons

• Minimum deposit required to open an account
• Low APY on savings and CDs

Economic Statistics for Alaska

For investors and savers in Alaska, understanding the economic landscape is crucial. So that one makes informed decisions, particularly when searching for the best CD rates. With a unique economy heavily influenced by oil, fishing, and tourism, Alaska presents distinctive opportunities and challenges for personal finance management.

As of the report by the U.S. Census Bureau, the average income in Alaska is notably higher than the national average. It reflects the state’s higher cost of living and the lucrative earnings from sectors like oil and fishing.

• The median household income in Alaska hovers around $77,000. It is a figure that underscores the potential for savings and investment among residents.
• The average home value in the state stands at approximately $314,000, indicative of a relatively stable real estate market that attracts both local and outside investors.
• With a population of around 731,000 people, Alaska’s demographic spread is unique, featuring both densely populated areas and vast, scarcely inhabited regions.

Given this backdrop, the following table will provide a financial landscape for investors and savers in Alaska, that focuses on CD rates as a reflection of the broader economic conditions;

Financial Indicator	Average or Median Value	Implications for Investors/Savers
Median Household Income	$77,000	Higher income levels may allow for increased savings and investment opportunities.
Average Home Value	$314,000	Reflects a stable real estate market with potential for real estate investment.
Population	731,000	A smaller, more spread out population may impact the availability and variety of local banking services, making online banking and investment platforms more attractive.
Average CD Rates (1-year)	0.5% – 1.0%*	While rates are subject to change and vary by institution, they are competitive, encouraging savers to shop around for the best rates.

How to Get Best CD Rates in Alaska

To get the best CD rates in Alaska, investors must have a strategic approach that creates a balance between local insight and a broader view of the national banking landscape. Here is the step-by-step guide to get about this approach;

1. Initiate by researching with Alaskan banks and credit unions. These institutions often offer rates that are competitive and flexible for the needs of local residents.
2. Also consider online banks. They can be a good option for higher CD rates due to their lower operational costs. Make sure all the online institutions are FDIC insured.
3. After that, assess the terms of CDs that align with your financial goals. Longer terms generally yield higher rates, but make sure you are fully comfortable with the lock-in period.
4. Try to search for the Promotional rates that can offer a significant boost over standard rates. Keep an eye out for special offers, particularly for new customers or for substantial deposits.
5. Before committing, thoroughly read the potential penalties, especially for early withdrawal, and properly understand how and when interest is paid out.

By following these guidelines, Alaskans can maximize their savings potential by securing CD rates that not only offer competitive returns but also fit their individual financial goals.

CD Rates Methodology

Our methodology for evaluating CD rates involved reviewing 95 banks and credit unions that are accessible to residents of Alaska, including both local institutions and nationally available options. 

Out of this broad review, 60 made our list, chosen for their compelling combination of high CD rates, flexible terms, and reliability. This selection process prioritized institutions with;

• FDIC or NCUA insurance
• Ensuring the safety of deposits up to $250,000

We also focused on the diversity of term options to accommodate both short-term and long-term savers through reasonable minimum deposit requirements.

Conclusion

Navigating the financial landscape in Alaska requires a banking partner that precisely understands the unique challenges and opportunities of the region.

Whether through a local bank or credit union, Alaskans have access to a range of financial services designed to meet their specific needs. From securing the highest CD rates to finding a banking institution that offers both personal touch and digital convenience, the pathway requires a deeper knowledge of the financial horizons.

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