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 NameAPYTerm LengthAddress
1Mountain America Federal Credit Union5.25%6-month1141 Steamboat Pkwy Reno, NV 89521
2Mountain West Bank5.05%6-monthOnline
3Meadows Bank5.00%3-month6518 S McCarran Blvd Reno, NV 89509
4Meadows Bank4.88%6-month6518 S McCarran Blvd Reno, NV 89509
5City National Bank4.75%3-month5470 Kietzke Ln Reno, NV 89511
6City National Bank4.75%3-month5470 Kietzke Ln Reno, NV 89511
7Nevada State Bank4.75%6-month190 Damonte Ranch Pkwy Reno, NV 89521
8One Nevada Credit Union4.59%6-month200 Vista Knoll Pkwy Reno, NV 89506
9WestStar Credit Union4.50%6-month394 E Moana Ln Reno, NV 89502
10Wells Fargo Bank4.50%3-month87 Stadium Way Reno, NV 89557
11Nevada Community Bank4.50%18-monthOnline
12Nevada State Bank4.49%3-month190 Damonte Ranch Pkwy Reno, NV 89521
13Sterling Bank and Trust4.45%12-monthOnline
14Town & Country Bank4.01%12-monthOnline
15Professional Bank4.01%18-monthOnline
16The State Bank of Nevada4.00%6-monthOnline
17Nevada Heritage Bank4.00%36-monthOnline
18Security National Bank of Nevada4.00%18-monthOnline
19Bank of America, National Association3.93%3-month710 S Meadows Pkwy Reno, NV 89521
20Ruby Valley Bank3.93%12-month103 S Main St, Sheridan, MT 59749
21American First National Bank3.93%3-month6825 W Russell Rd, Las Vegas, NV 89118
22One Nevada Credit Union3.56%3-month200 Vista Knoll Pkwy Reno, NV 89506
23Great Basin Federal Credit Union3.55%6-month9770 S Virginia St Reno, NV 89511
24Heritage Bank of Nevada3.50%6-month2330 S Virginia St Reno, NV 89502
25Heritage Bank of Nevada3.50%3-month2330 S Virginia St Reno, NV 89502
26WestStar Credit Union3.50%3-month394 E Moana Ln Reno, NV 89502
27Reno City Employees Federal Credit Union3.15%6-month386 Holcomb Ave Reno, NV 89502
28Northern Trust Bank of Nevada3.02%24-monthOnline
29PenFed Credit Union3%6-monthOnline
30Gold Country Bank3.00%12-monthOnline
31Premier Bank of Nevada3.00%48-monthOnline
32Nevada Bank and Trust2.98%12-month210 Front St, Caliente, NV 89008
33Operating Engineers Local Union #3 Federal Credit Union2.50%6-month1290 Corporate Blvd Reno, NV 89502
34Wells Fargo Bank, National Association2.50%6-month87 Stadium Way Reno, NV 89557
35Republic Bank2.00%24-monthOnline
36Sunrise Bank of Nevada1.86%7-monthOnline
37City National Bank1.68%12-monthOnline
38First National Bank of Ely1.25%12-month595 Aultman St, Ely, NV 89301
39Valley Bank of Nevada1.00%12-month6385 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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 IndicatorStatistic
Population 280,294
Median Household Income $72,103
Median Value of Owner-Occupied Housing Units $462,100
Population Growth 5.79%
Major Economic SectorsAccommodation 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

Who has the best CD rates in Reno, Nevada?

Mountain West Bank offers a competitive CD rate of 5.05% for a 6-month term, positioning it as a strong option for those looking to invest their money for a short period.

What Credit Union has the Best CD rates in Reno, Nevada?

Mountain America Federal Credit Union stands out with a slightly higher CD rate of 5.25% for a 6-month term, making it the top choice for credit union members.