Overall CD Rates Hold Steady For Week Ending August 19th, 2011

This past week we have seen the Dow move up and down, but ending the week down 450 points. Many banks have cut their CD rates but overall the top CD rate leaders have held steady. The biggest drops come from a major Credit Union – Melrose. Melrose has consistently kept their rates higher than any other major nationwide bank, but since August 8th they have cut their rates down by about a quarter percent.

Here are the current rates offered at Melrose Credit Union:

  • 12 month CD rates down to 1.05% from 1.31%
  • 24 month CD rates down to 1.31% from 1.56%
  • 36 month CD rates down to 1.81% from 2.07%
  • 48 month CD rates down to 2.07% from 2.32%
  • 60 month CD rates down to 2.57% from 2.83%

For the week ending August 19th 2011, the top CD rate holders have held steady:

  • 3 month CD’s – AloStar Bank of Commerce at 0.76%
  • 6 month CD’s – AloStar Bank of Commerce at 1.05%
  • 12 month CD’s – AloStar Bank of Commerce at 1.27%
  • 24 month CD’s – MainStreet Bank at 1.50%
  • 36 month CD’s – MainStreet Bank at 1.90%, DOWN from 2.00% from August 8th
  • 60 month CD’s – MainStreet Bank at 2.50%

Overall the best CD rates have held steady, but we suspect another drop is coming. Connexus Credit Union was also offering some of the highest CD rates, even higher than Melrose Credit Union but have since dropped their rates also.

Connexus Credit Union requires a minimum deposit of $10,000 to receive the higher rates:

  • 6 month CD rate of 1.25%
  • 12 month CD rate of 1.50%, which is down from 1.75% on August 10th.
  • 60 month CD rate of 2.50%, which is down from 3.00% on August 10th.

With these lowered rates, this puts Melrose back in the lead with the best CD rates you will find on the market. Even thought they are a Credit Union, anyone can join as long as you meet a few requirements such as opening an account and funding a savings account. They also have a minimum deposit of $5,000, which might be a little high for the average saver.

Be sure to check out our CD rates page for the most up to date rate information. CD rates can change at a moments notice so be sure to check with the financial institution about their current rates before investing.


24 Month CD Rates Stay At 1.75%

Salem Five BankOver the past few weeks, CD rates have changed quite a bit. Banks seem to be battling out for the top spots of most of the CD rate terms. This battle between banks isn’t much to write home about, but it’s a positive sign that CD rates might actually go up in 2011.

One of the most popular CD terms is the 24 month certificate of deposit which has not moved since Jan. 12, when Salem 5 Bank took over the spot from Melrose Credit Union. The Salem, Mass. based bank offers a rate of 1.75% APY on a minimum deposit of $10,000, kind of high for the average person.

These rates are much higher than what the large banks are offering and are much higher than the national average, which is currently sitting at 0.73% APY (24-month term). So if you want the best CD rates then you must look further than your local bank. Be sure you do your research to find the best CD rates, before signing anything at any bank.

Here are the next best 24-month rates:

If you find it hard to put $10,000 into a certificate of deposit then there are other great options. By putting extra money into a CD, you can usually get the best rates. Some banks offer lower minimums of $500, but you lose some of your interest. Usually the lost interest rates will not make much of a difference. 5 tenths of a percent will make very little difference. For example, if you put $5,000 into a 24 month CD at a rate of 1.60%, at the end of your term (24 months), you would have made $161.28 profit. Now if you placed the same amount of money into the same CD term, but lowered the rate to 1.55%, your profits would be about $156.20, a difference of $5.08 or 1 coffee! So if you cannot afford to meet the minimums of some of these CDs, then find the next best option, you probably aren’t missing out on much.

Be sure you get the best rates from your certificate of deposit by comparing CD rates from our up to date database.


Bank Of Internet Tops 2 Year CD Rates

Who would have ever thought that another bank could overtake Melrose Credit Union on any of the long term CDs. Melrose cut their rates across the board on Tuesday, causing a small ripple effect on the top CD rates charts. As soon as Melrose dropped their rate to 1.66% APY, Bank of Internet assumed the lead at 1.72% APY.

Bank of Internet is based out of San Diego, CA and is paying 1.72% APY on deposits over $1,000. This is a rate they have offered since the beginning of November.

To put things into perspective, this rate is three-quarters of a point less than what was offered for the 2 year certificate of deposit last December 2009.

Here is a list of the best available 2 Year CD rates:

  • Melrose Credit Union from Queens, New York at 1.66% APY with a minimum deposit of $5,000.
  • Stonebridge Bank out of Philadelphia at a rate of 1.65% APY with a minimum deposit of $500.
  • Discover Bank, owned by the major credit card company at a rate of 1.60% APY with a minimum deposit of $2,500.
  • Colorado Federal Savings Bank from Colorado at a rate of 1.60% APY with a minimum deposit of $5,000.

We have posted these banks and credit unions because they allow anyone nationwide to open and invest in their CDs, either online, at the local branch or through the mail.

There are no requirements that would keep the average person from opening an account with these financial institutions. Unlike other credit unions, Melrose has no restrictions on who can open an account with the union. There is a $1 fee and the requirement of having a savings account funded with $25.

Be sure to compare these rates with the most up to date CD rates from our database of banks.


Best CD Rates For Week Of November 22, 2010

Tis the season to give thanks and in the realm of investing, there isn’t too much to give thanks for. Over the past year we have seen CD rates continue their downward fall, with a few bright spots like iGObanking, when they where offering the highest 2 year CD, which even beat the highest 3 year CDs. Even now as banks continue to cut rates, Melrose Credit Union continues to provide outstanding products. This small, single office in Queens New York is offering the best nationally available return on the 12-month, 24-month, 36-month and 60-month certificates of deposit.

The other two banks, Sanibel Captiva Community Bank from Florida and Bank of Internet based out of San Diego California offer the best 3 month and 6-month terms.

All of the major banks, such as Chase, Band of America, Wells Fargo, stopped offering competitive rates ever since the financial crisis started in 2008.

*TermBankNovember 22Last Week
3 Month CDSanibel Captiva0.95% APY0.95% APY
6 Month CDBank of Internet1.15% APY1.15% APY
12 Month CDMelrose Credit Union1.51% APY1.51% APY
24 Month CDMelrose Credit Union1.76% APY2.00% APY
36 Month CDMelrose Credit Union2.27% APY2.27% APY
60 Month CDMelrose Credit Union3.03% APY3.03% APY

CD rates can change at a moment’s notice so be sure to check our CD rates page for the most up to date information.

We list these banks and credit unions because they offer their rates to anyone nationwide.

Unlike most credit unions, Melrose is open to savers regardless of where they live and work. Anyone can open an account with Melrose for only a $1 joining fee and a minimum of $25 kept in a savings account.


iGObanking Drops Highest 24 Month CD Rate

I guess all good things come to an end, at least in this economy. iGObanking just lowered their 24 month CD rate from 2.25% to 2.00% APY, which is still over a quarter point higher than the next leading rate from Bank of Internet at 1.72% APY. Even though iGObanking dropped their 2 year CD rate to 2.00%, that rate is actually third best for the 3 year CDs.

iGObanking is an online division of Flushing Savings Bank in New York.

Here are the next best nationally available 2 year CD rates:

  • Melrose Credit Union at 1.76% with a minimum deposit of $5,000, based out of Queens, New York.
  • Bank of Internet at 1.72% with a minimum deposit of $1,000, based out of San Diego, California.
  • Discover Bank at 1.65% with a minimum deposit of $2,500, the online bank of the major credit card company.

All of these banks and credit unions allow anyone to purchase their certificates of deposit and impose no other restrictions.

Melrose Credit Union allows anyone, anywhere to join for only $1 and must keep at least $25 in a savings account.

Be sure to check out our best CD rates leader-board for the best CDs in your area.


Best CD Rates For Week Of October 25, 2010

We keep getting tips from our readers about iGObanking’s 24 month CD rate of 2.25% which is just slightly lower than the best 3 year CDs! The rate from iGObanking might not be around for too much longer as rates are constantly changing.

iGObanking ran a promotional 3 month CD back in the summer which boasted rates that were better than the 6 month averages.

iGObanking is looking better by the minute as they have a low $1,000 minimum deposit. Usually in exchange for a great rate you have to deposit a large sum of money, not with iGObanking.

*TermBankOctober 25Last Week
3 Month CDNexity Bank0.86%0.86% APY
6 Month CDBank of Internet1.15% APY1.15% APY
12 Month CDMelrose Credit Union1.51% APY1.51% APY
24 Month CDiGObanking2.25% APY1.79% APY
36 Month CDMelrose Credit Union2.27% APY2.27% APY
60 Month CDMelrose Credit Union3.03% APY3.03% APY

Be sure to check out our top CD rates from our CD rates board.


Federation Bank Offers 24 Month CD Rate at 1.71% APY

If you are into saving for the long haul then a certificate of deposit for no less than a 2 year term, might be for you. Longer term CD rates will pay the highest interest, which is still vastly lower than just a few years ago. A two year CD from Federation Bank is paying a rate of 1.71% APY.

The great aspect of this CD is the low minimum deposit of $500. Some certificates of deposit require a much higher minimum, forcing many people to look elsewhere.

Federation Bank is located in the great state of Iowa and branches can be found in Brighton, Wellman, Richman and two in Washington. In 2003 Washington Federal and Rubio Savings Bank merged to form Federation Bank, while Rubio Savings has been around since 1906. This is a bank that is well developed and offers other great services other than their excellent CD rates. Be sure to visit a branch location nearest you for other CD rate offers.


24 Month CD Rates Fall Below 2.00%

Can it be a sign of what is ahead in the game of CD rates? Finding the highest and most worthwhile investments is becoming more difficult than in times past. Is a 2 year CD under 2.00% APY really worth the time and money? Sure a certificate of deposit will be the safest place to store your cash, but for what you get back its almost better to put the cash into an investment like real estate or a high yielding savings account.

For the sake of making this simple and using an amount that is more achievable by the average American, a $1,000, 24 month CD at 2.00% will net you $40.78 AFTER 2 years! This is more than most savings accounts, but I bet you could find a car on Craigslist, fix it up and make a profit more than $40. In fact I bet you could do that a few times within the next 2 years. The point being, is it really worth sticking your money into a 2 year CD at 2.00%? That’s the question you have to ask yourself.

Here is a list of the highest paying 24-month certificate of deposits:

  • NewDominion Bank just cut their 24 month CD rate from 2.00% to 1.95%. They are still the highest paying 24-month CD and requires a minimum deposit of $3,000.
    • With a deposit of $3,000 @ 1.95%, this certificate of deposit will net you $119.21 in two years.
  • Bank of Internet which is an online bank based in San Diego is paying 1.89% APY with a minimum deposit of $1,000.
  • Acacia Federal Savings Bank, also an online bank owned by the Acacia Life Insurance Co. is paying 1.80% APY with a minimum deposit of $500.
  • Discover Bank, an online bank by the credit card company ‘Discover’ is paying 1.80% APY on a minimum deposit of $2,500.
  • Colorado Federal Savings Bank, also an online bank located in Greenwood Village, CO is paying 1.80% APY with a minimum deposit of $5,000.

Since these are all online banks they allow anyone from anywhere to open an account and deposit funds into their certificate of deposits.

Be sure to compare the best CD rates from our database of banks and financial institutions.


CD Rates Hold Firm For Week Of August 16, 2010

CD Rates Hold SteadyCD Rates are holding steady starting off this week. There have not been any moves from the 3 Month to 5 Year CDs as the economy continues its fall, rates will stay low. CD Rates are projected to stay low until early next year, 2011. If you do get into a long term CD, ask to see if they have a one-time rate bump available, so that if rates do increase you can gain the benefits and not be stuck in an under-performing certificate of deposit.

Here are the best CDs currently available to resident’s nation wide:

Melrose Credit Union is one Credit Union that allows any U.S. resident to join with a sign up fee of $1. This makes Melrose a great option since they also have some of the Nation’s best CD rates available.

*TermAugust 16thLast Week
3 Month CD1.35%1.35%
6 Month CD1.25%1.25%
12 Month CD1.76%1.76%
24 Month CD2.02%2.02%
36 Month CD2.52%2.52%
60 Month CD3.29%3.29%

You can always compare the best CD rates from our database of banks and institutions to find the best options for your money.


CD Rates For Week Of August 9, 2010

The best CD Rates in the nation for CDs between 3 months and 5 years are found here:

  • 3 Month CD – 1.35% APY at iGObanking with a minimum deposit of $500.
  • 6 Month CD – 1.25% APY at New Dominion Bank with a minimum deposit of $3,000.
  • 12 Month CD – 1.76% APY at Melrose Credit Union with a minimum deposit of $5,000.
  • 24 Month CD – 2.02% APY at Melrose Credit Union with a minimum deposit of $5,000.
  • 36 Month CD – 2.52% APY at Melrose Credit Union with a minimum deposit of $5,000.
  • 60 Month CD – 3.29% APY at Melrose Credit Union with a minimum deposit of $5,000.

These are the best places to find the highest paying CD Rates currently in the Nation. Most Credit Unions have many requirements to fulfill before you are allowed to become a member but Melrose Credit Union makes it possible for anyone to join. The cost of joining their Credit Union is $1.

You can find the most up to date CD rates from our CD Rates page.

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