Best CD Rates in Reno, Nevada

 If you are a local resident or considering moving your funds to a bank in Reno, Nevada, Reno’s competitive CD rates can provide a safe haven for your hard-earned money.

With options ranging from short-term investments to longer-term savings plans, navigating the best rates requires a blend of local insight and financial savvy.

This introduction sets the stage for exploring the top CD rates in Reno, ensuring that your savings not only remain safe but also work harder for you in the Silver State’s dynamic economic environment.

Overall Best CD rates in Reno, Nevada

No.	Bank Name	APY	Term Length	Address
1	Mountain America Federal Credit Union	5.25%	6-month	1141 Steamboat Pkwy Reno, NV 89521
2	Mountain West Bank	5.05%	6-month	Online
3	Meadows Bank	5.00%	3-month	6518 S McCarran Blvd Reno, NV 89509
4	Meadows Bank	4.88%	6-month	6518 S McCarran Blvd Reno, NV 89509
5	City National Bank	4.75%	3-month	5470 Kietzke Ln Reno, NV 89511
6	City National Bank	4.75%	3-month	5470 Kietzke Ln Reno, NV 89511
7	Nevada State Bank	4.75%	6-month	190 Damonte Ranch Pkwy Reno, NV 89521
8	One Nevada Credit Union	4.59%	6-month	200 Vista Knoll Pkwy Reno, NV 89506
9	WestStar Credit Union	4.50%	6-month	394 E Moana Ln Reno, NV 89502
10	Wells Fargo Bank	4.50%	3-month	87 Stadium Way Reno, NV 89557
11	Nevada Community Bank	4.50%	18-month	Online
12	Nevada State Bank	4.49%	3-month	190 Damonte Ranch Pkwy Reno, NV 89521
13	Sterling Bank and Trust	4.45%	12-month	Online
14	Town & Country Bank	4.01%	12-month	Online
15	Professional Bank	4.01%	18-month	Online
16	The State Bank of Nevada	4.00%	6-month	Online
17	Nevada Heritage Bank	4.00%	36-month	Online
18	Security National Bank of Nevada	4.00%	18-month	Online
19	Bank of America, National Association	3.93%	3-month	710 S Meadows Pkwy Reno, NV 89521
20	Ruby Valley Bank	3.93%	12-month	103 S Main St, Sheridan, MT 59749
21	American First National Bank	3.93%	3-month	6825 W Russell Rd, Las Vegas, NV 89118
22	One Nevada Credit Union	3.56%	3-month	200 Vista Knoll Pkwy Reno, NV 89506
23	Great Basin Federal Credit Union	3.55%	6-month	9770 S Virginia St Reno, NV 89511
24	Heritage Bank of Nevada	3.50%	6-month	2330 S Virginia St Reno, NV 89502
25	Heritage Bank of Nevada	3.50%	3-month	2330 S Virginia St Reno, NV 89502
26	WestStar Credit Union	3.50%	3-month	394 E Moana Ln Reno, NV 89502
27	Reno City Employees Federal Credit Union	3.15%	6-month	386 Holcomb Ave Reno, NV 89502
28	Northern Trust Bank of Nevada	3.02%	24-month	Online
29	PenFed Credit Union	3%	6-month	Online
30	Gold Country Bank	3.00%	12-month	Online
31	Premier Bank of Nevada	3.00%	48-month	Online
32	Nevada Bank and Trust	2.98%	12-month	210 Front St, Caliente, NV 89008
33	Operating Engineers Local Union #3 Federal Credit Union	2.50%	6-month	1290 Corporate Blvd Reno, NV 89502
34	Wells Fargo Bank, National Association	2.50%	6-month	87 Stadium Way Reno, NV 89557
35	Republic Bank	2.00%	24-month	Online
36	Sunrise Bank of Nevada	1.86%	7-month	Online
37	City National Bank	1.68%	12-month	Online
38	First National Bank of Ely	1.25%	12-month	595 Aultman St, Ely, NV 89301
39	Valley Bank of Nevada	1.00%	12-month	6385 Simmons St, North Las Vegas, NV 89031

Current CD Rates of Reno, Nevada

In Reno, Nevada, CD rates vary significantly among banks, reflecting a range of investment opportunities for savers.

Rates can range from as low as 0.05% APY for certain deposits to higher rates for more substantial investments for a $10,000 deposit. This diversity in rates underscores the importance of researching and comparing options to find the best return on investment for your savings.

6-Month CD Rates

These term rates are Ideal for short-term savers looking to earn more than a traditional savings account without a long commitment.

1. Mountain America Credit Union

Minimum Amount: $500

APY / Rate: 5.50%

Pros:

• Mountain America Credit Union offers competitive interest rates on its CDs.
• There are no monthly maintenance fees for Mountain America Credit Union CDs.
• Easy to open: You can open a Mountain America Credit Union CD online in just a few minutes.
• Mountain America Credit Union CDs are FDIC insured up to $250,000.
• Wide range of terms: Mountain America Credit Union offers a wide range of CD terms, from 3 months to 60 months.
• You can choose to add a rate bump option to your CD, which allows you to increase the interest rate once during the term of the CD.

Rules:

• To earn the advertised interest rate, you must keep your money in the CD until maturity.
• If you withdraw your money early, you may be subject to an early withdrawal penalty.
• The early withdrawal penalty is typically 6 months of interest on the amount you withdraw.

2. Greater Nevada Credit Union

Minimum Amount: $500

APY / Rate: 5.20% APY

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at GNCU is $500.
• The term of a CD at GNCU can range from 7 days to 60 months.
• There is an early withdrawal penalty for CDs at GNCU. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

3. First Tech Federal Credit Union

Minimum Amount: $500

APY / Rate: 4.85%

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• NCUA insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at FTFCU is $500.
• The term of a CD at FTFCU can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at FTFCU. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

1-Year CD Rates

It offers a sweet spot for individuals seeking better yields with a manageable one-year time frame.

1. Mountain America Credit Union

Minimum Amount: $500

APY / Rate: 5.25%

Pros:

• Mountain America Credit Union offers competitive interest rates on its CDs.
• There are no monthly maintenance fees for Mountain America Credit Union CDs.
• Easy to open: You can open a Mountain America Credit Union CD online in just a few minutes.
• Mountain America Credit Union CDs are FDIC insured up to $250,000.
• Wide range of terms: Mountain America Credit Union offers a wide range of CD terms, from 3 months to 60 months.
• You can choose to add a rate bump option to your CD, which allows you to increase the interest rate once during the term of the CD.

Rules:

• To earn the advertised interest rate, you must keep your money in the CD until maturity.
• If you withdraw your money early, you may be subject to an early withdrawal penalty.
• The early withdrawal penalty is typically 6 months of interest on the amount you withdraw.

2. Greater Nevada Credit Union

Minimum Amount: $500

APY / Rate: 5.20% APY

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at GNCU is $500.
• The term of a CD at GNCU can range from 7 days to 60 months.
• There is an early withdrawal penalty for CDs at GNCU. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

3. First Tech Federal Credit Union

Minimum Amount: $500

APY / Rate: 4.85%

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• NCUA insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at FTFCU is $500.
• The term of a CD at FTFCU can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at FTFCU. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

2-Year CD Rates

These Cd rates are proven to be a middle ground for those who can afford a bit more patience for a higher return on their investment.

1. Mountain America Credit Union

Minimum Amount: $500

APY / Rate: 5.50%

Pros:

• Mountain America Credit Union offers competitive interest rates on its CDs.
• There are no monthly maintenance fees for Mountain America Credit Union CDs.
• Easy to open: You can open a Mountain America Credit Union CD online in just a few minutes.
• Mountain America Credit Union CDs are FDIC insured up to $250,000.
• Wide range of terms: Mountain America Credit Union offers a wide range of CD terms, from 3 months to 60 months.
• You can choose to add a rate bump option to your CD, which allows you to increase the interest rate once during the term of the CD.

Rules:

• To earn the advertised interest rate, you must keep your money in the CD until maturity.
• If you withdraw your money early, you may be subject to an early withdrawal penalty.
• The early withdrawal penalty is typically 6 months of interest on the amount you withdraw.

2. Greater Nevada Credit Union

Minimum Amount: $500

APY / Rate: 5.40% APY

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insuredWide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at GNCU is $500.
• The term of a CD at GNCU can range from 7 days to 60 months.
• There is an early withdrawal penalty for CDs at GNCU. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

3. First Tech Federal Credit Union

Minimum Amount: $500

APY / Rate: 5.15%

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• NCUA insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at FTFCU is $500.
• The term of a CD at FTFCU can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at FTFCU. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

5-Year CD Rates

5-year Cd rates provide the highest interest rates for retail investors willing to lock in their funds for an extended period, maximizing long-term savings growth.

1. Mountain America Credit Union

Minimum Amount: $500

APY / Rate: 5.85%

Pros:

• Mountain America Credit Union offers competitive interest rates on its CDs.
• There are no monthly maintenance fees for Mountain America Credit Union CDs.
• Easy to open: You can open a Mountain America Credit Union CD online in just a few minutes.
• Mountain America Credit Union CDs are FDIC insured up to $250,000.
• Wide range of terms: Mountain America Credit Union offers a wide range of CD terms, from 3 months to 60 months.
• You can choose to add a rate bump option to your CD, which allows you to increase the interest rate once during the term of the CD.

Rules:

• To earn the advertised interest rate, you must keep your money in the CD until maturity.
• If you withdraw your money early, you may be subject to an early withdrawal penalty.
• The early withdrawal penalty is typically 6 months of interest on the amount you withdraw.

2. Greater Nevada Credit Union

Minimum Amount: $500

APY / Rate: 5.60% APY

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• FDIC insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at GNCU is $500.
• The term of a CD at GNCU can range from 7 days to 60 months.
• There is an early withdrawal penalty for CDs at GNCU. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

3. First Tech Federal Credit Union

Minimum Amount: $500

APY / Rate: 5.45%

Pros:

• High interest rates on CDs
• No early withdrawal penalty on some CDs
• NCUA insured
• Wide range of terms
• Easy to open an account

Rules:

• The minimum deposit for a CD at FTFCU is $500.
• The term of a CD at FTFCU can range from 3 months to 60 months.
• There is an early withdrawal penalty for CDs at FTFCU. The penalty is 6 months’ interest if the CD is withdrawn before maturity.

Reno, Nevada Economic Statistics

Reno, Nevada, presents a dynamic landscape for investors and savers, underpinned by its diverse economy and robust population growth. As of 2023;

• The city boasted a population of approximately 280,294, reflecting a significant growth of 5.79% since the 2020 Census, which recorded a population of 264,965. This growth indicates a burgeoning market and potential for economic expansion​​.
• The median household income in Reno stands at $72,103, as reported for the period 2018-2022, offering insight into the financial well-being of its residents.
• This figure is complemented by the city’s housing market, where the median value of owner-occupied housing units is estimated at $462,100 for the same period.

Economic Indicator	Statistic
Population	280,294
Median Household Income	$72,103
Median Value of Owner-Occupied Housing Units	$462,100
Population Growth	5.79%
Major Economic Sectors	Accommodation and Food Services, Healthcare and Social Assistance, Transportation and Warehousing, Retail

Such economic indicators are vital for understanding the investment climate, particularly for those interested in the best CD rates and other saving opportunities​​​​.

How to Get Best CD Rates in Reno, Nevada?

To secure the best CD rates in Reno, Nevada, potential investors should adopt a multifaceted approach.

• Initially, conducting thorough research is paramount. This involves comparing rates from a broad spectrum of financial institutions, including both local banks and credit unions, as well as online banks which often offer competitive rates due to lower overhead costs.
• It is also advisable to review the terms associated with each CD, such as the minimum deposit required and the penalty for early withdrawal, as these can significantly impact the overall return on your investment.

Moreover, by engaging with financial advisors or using financial comparison tools available online can also provide insights into the most competitive rates and terms.

Subscribers to financial newsletters or alerts from reputable financial information websites can stay updated on rate changes, which is crucial in a fluctuating economic environment.

CD Rates Methodology

To evaluate the best CD rates, a comprehensive methodology involves reviewing CD rates from a significant number of banks to ensure a broad and inclusive analysis.

For instance, in the above stated review process, CD rates from 66 banks might be examined to capture a wide range of offerings available in the market. Out of these, only 39 banks might make the list, indicating that their CD rates are competitive enough to be considered among the best available options.

This selection process typically involves criteria such as the Annual Percentage Yield (APY), the terms and conditions associated with the CD such as early withdrawal penalties and minimum deposit requirements, and the financial stability of the institution offering the CD.

Conclusion

In summary, finding the best CD rates, underscores the importance of thorough research and comparison to ensure one’s savings not only grow but do so in a manner that aligns with their financial goals and timelines.

For those looking to maximize their savings in Reno, understanding these dynamics and the local economic indicators, such as population growth, median household income, and housing market trends, can provide a solid foundation for making informed investment decisions.

FAQs