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For the sweetest deals on certificates of deposit, consumers are typically steered to credit unions. But the competition is getting stiffer for the cooperatives.

According to 1,300 banks and credit unions tracked by Market Rates Insight, the premium paid on short-term CDs increased from 66.3% in January to 100.4% in September, an increase of 34.1%. Short-term CDs are defined as those with a one year or less term. Meanwhile, the premium paid on long-term CDs decreased from 48.4% in January to 46.3% in September, which only amounted to a decrease of 2.1%.

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